Nowadays, asking for a loan seems very easy: in the market there are different options that one can take advantage of. If everything is so simple, is it enough to go to any bank to receive the funds immediately?
If you have already tried to obtain a loan, you will know how complicated it can be to reach an agreement with the bank. Apart from the procedures of a lifetime, the economic crisis of recent years has had a significant impact on the procedure for granting loans. Thus, it can be difficult to get a loan without a guarantee of payment, such as guarantees with property, high income or the sign of a guarantee.
Loans between individuals: how to obtain funds in a simpler way?
Loan platforms, such as capitalcredit.es, Fine Bank or Agree Bank, have become very popular lately. These are sites that are based on the loan agreement between individuals.
And that, what exactly does it mean?
These loans between individuals are an old formula that was used years ago and now undergoes its rebirth. Through this method, a natural person lends money to another, putting specific conditions, among which is the return period. Thanks to the fact that, in this method, the borrower is a private individual and not a financial entity, it is based on trust between the two parties, if it is the case of family and friends.
However, these types of loans are also managed by the platforms intended for this purpose, such as those mentioned above. Therefore, it is necessary to specify a contract when lending money to avoid future risks or problems.
What documents do I need to apply for a loan between individuals?
As we have explained, unlike with banks, loan platforms do not require so much documentation when applying for a loan. Simply sign an agreement, however, there are a number of information, which you should prepare, including: place and date, personal data of the borrower and lender, loan amount, repayment term and interest rate (if applied).
Loans between individuals and the Treasury
The greatest risk in loans among individuals is that the Treasury considers it as a covert donation. To avoid this, the important thing is to sign a type of agreement or contract (rather between family and friends, since the platforms we are talking about always require it), where all the details are put.
In addition, this contract should be presented in the declaration of income for your taxation, so it will prove that there is a legal business, but exempt from taxes. To do this, model 600 of the Property Transfer Tax and Documented Legal Acts (ITAJD) should be presented, within which you should check the “ exempt ” box to owe nothing to the Treasury. Knowing all this, you are more than prepared to apply for a loan or make an agreement with your family … and do not forget the necessary documentation to forget about the problems that may arise with loans between individuals and the Treasury!