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 life-long procedures, the economic crisis of recent years has had a significant impact on the credit granting procedure. As a result, it can be difficult to get a loan without a guarantee of payment, such as guarantees with properties, high income or the signal of a guarantee.
Loans between individuals: how to obtain the funds in a simpler way?
And what does that mean exactly?
Such loans between individuals are an old formula that was used years ago and is now experiencing its rebirth. Through this method, a natural person lends money to another, setting specific conditions, among which is the repayment period. Thanks to the fact that, in this method, the borrower is an individual and not a financial institution, 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 platforms for this purpose, such as those mentioned above. Therefore, it is necessary to specify a contract when lending the money to avoid future risks or problems.
What documents do I need to apply for a loan between individuals?
As we have already explained, unlike with banks, loan platforms do not require as much documentation when applying for a loan. It is enough to sign an agreement, however, there are a series of information, which you should prepare, among which are: place and date, personal data of the borrower and lender, loan amount, repayment period and the interest rate ( if applied).
Loans between individuals and the Treasury
The greatest risk in loans between individuals is that the Treasury considers it as a disguised 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 income statement for your taxation, thus it will be proven that there is a legal business, but exempt from taxes. For this, it would be necessary to present form 600 of the Tax on Patrimonial Transmissions and Documented Legal Acts (ITAJD), within which the "exempt" box should be marked to not owe anything to the Treasury.
Knowing all this, you are more than prepared to apply for a loan or make an agreement with your relatives ... and don't forget the necessary documentation to forget about the problems that may arise with loans between individuals and the Treasury !