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The terms depend on many variables: among them, the amounts, the rating of the bank and whether the company (or the individual) is already a customer of the bank.

Think about alternatives

The times to ask for a loan in Argentina for small and medium enterprises can sometimes become an endless experience. It may even be that, in spite of having all the papers in order, of having presented until the last balance sheet, that the financial institutions even end up rejecting the requirement. And then it will be time to think about alternatives to finance.

How long do banks usually take

But how long do banks usually take in Argentina to grant a loan? As always, it will depend on numerous variables. If companies are qualified by their usual operations (and are customers), they usually have the money available almost immediately. But if they do not have sufficient justification (as in most cases), what banks usually do is “qualify” to be able to grant a loan. This means knowing your risks and the possibilities you will have to face the payment of the fee. There is no way for a SME to be granted a financial loan if it is not qualified for that purpose.

Then, the company must present the last two balances, post balance sales, updated bank debts and not have pension debt in AFIP, among other things and depending on the entity. The qualification will be registered in a week. Then, in three more days they could have the money credited.

And what happens if the company does not have an account open at the bank? The delay will be even greater. We will have to add 30 to 60 more days until the account is opened. Then you have to add the qualification times.

For individuals the mechanics are quite similar. Again, if you are qualified for your usual operation (income, for example) you will have the money available at 48 hours. Otherwise, the client must not have debts in the financial system and present a salary receipt (last 3) with an amount necessary to access the requested amount. This operation can take an easy week, since it is sent to approve the centralized sector.

At the same times as SMEs, we must add if the individuals are not clients of the entity. And if it is not, it will be necessary to take into account that some financial entities require the contracting of additional products together with the loan (savings banks, checking accounts, credit cards), a cost that should be added to the fee.

Many steps and obstacles that in some cases make companies and individuals give up taking a bank loan. In Argentina , for example, seven out of ten SMEs (95% of the companies in the country) cannot access bank credit in Argentina , and are looking for other faster and more efficient forms of financing.

Less paperwork

Many companies choose less bureaucratic ways, with less paperwork that allow them to have more immediate money. The new forms of financing that already exist base the granting of loans in platforms that integrate technology and software in a web page to speed up the procedures and make the money available to those who need it in just 48 hours. No visits to a branch. And access can be made even from the cell phone. An extremely necessary resource for that 70% of small and medium enterprises that cannot, even if they have time, access a bank loan.

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