Loan for free professions



Loan for free professions can be offered on much more favorable terms than a classic cash loan. Freelancers are “exemplary consumers” for banks.

All financial institutions, in particular banks of each client are treated individually. Representatives of specific industries and professions can sometimes count on special treatment and access to more attractive financial products. One example is a loan for liberal professions, ie cash loan for doctors. Who exactly is entitled to apply for such a loan? Are loans dedicated to free professions really very profitable? We will try to answer this question in today’s article.

Loan for freelancers – who exactly can get it?

Loan for freelancers - who exactly can get it?

It is worth knowing that in law there is no exact definition of a “liberal profession”. However, this concept is often used in everyday life and in professional contacts. Freelancers are those who can boast of high qualifications and are self-employed, ie self-employed.

There are also those who equate free professions with professions of public trust. In this sense, all professions that have professional self-government in accordance with law are free profession. The common denominator of all professions of public trust is of great importance for the public interest of the country.

Which professions can be included in the group of free professions? Here are the most popular freelancers:

  • Legal Counsel,

  • judge,

  • lawyer,

  • notary,

  • vet,

  • tax advisor,

  • bailiff,

  • doctor,

  • probation officer,

  • nurse,

  • midwife,

  • the auditor,

  • architect,

  • laboratory diagnostician,

  • Civil Engineer,

  • programmer,

  • IT specialist,

  • farmer.

What are the benefits of applying for a liberal profession loan?

What are the benefits of applying for a liberal profession loan?

The rules for applying for a loan for professional professions are usually very similar in all banks and institutions except for us. Here are the most important benefits of applying for a liberal profession loan:

  • possibility of negotiating loan terms,

  • larger loan amount and longer repayment period,

  • severely reduced number of mandatory formalities – no need to provide security or look for guarantors,

  • reduced or zero commission,

  • reduced margin and interest rate on the loan,

  • discounts on other products, for example a smaller fee for keeping an  account or an offer for attractive car leasing.

Most borrowers pay most attention to the final cost when making a financial commitment. The vast majority of banks propose loans with reduced commission and interest rates to professionals. It is also permissible to conduct additional negotiations, thanks to which it is possible to further reduce the cost of taking a loan. APRC for loans to professional services is usually from 9 to a maximum of 15 percent.

Loan for professional services – requirements for a natural person

Loan for professional services - requirements for a natural person

If a natural person who does not run his own business is applying for a liberal profession loan, he must meet a number of requirements. They are as follows:

  • presenting income statement – the statement will be sufficient when we have been using the services of a given bank for some time and has insight into our income. If this is your first time using a bank, you’ll need to provide a bank statement,

  • account statement – this requirement applies to new bank customers who have so far kept an  account at another institution,

  • income certificate – such income and employment certificate is filled in by the employer,

  • documents confirming professional qualifications and other qualifications – diplomas and licenses that will confirm that we have permission to practice a specific profession.

Persons employed under an employment contract, mandate contract or other employment relationship must have a minimum employment period of 3 months in the enterprise concerned. If it is shorter, the bank may refuse to grant us a loan for liberal professions.

Loan for liberal professions – requirements for companies

If we decide to choose a loan for a free profession for a company, then the most important requirement set by the bank is a sufficiently long time of doing business. Depending on the institution, profession and loan amount, the minimum period of running a business can be from 6 to 24 months.

In the case of applying for a loan for liberal professions while running our own business, we must also provide a set of documents. It is about:

  • income statement – such a statement will be sufficient only if the person applying for the loan already had a account in the given bank,

  • account statement – it must be presented by all persons who have previously had an account with another institution. Most banks require this statement to include data from the last six months;

  • certificates and attestations confirming qualifications to practice a given profession,

  • all relevant financial documents related to running a business – among the important documents are primarily PIT36 or PIT36L together with confirmation of submission to the tax office and a list of all costs and revenues.

Loan for liberal professions – is it profitable to take it?

Many freelancers are wondering if it pays to use dedicated loans. “Loan loan uneven” – it all depends on what are the requirements set by a particular institution . We encourage you to compare the offers from different banks first before taking any loan for professional services. For example, it may turn out that one of the banks will offer financing to us on much more favorable terms.

If a natural person who does not run his own business is applying for a loan for professional services, then the number of formalities awaiting him is practically the same as when applying for a classic cash loan. It will not be possible to obtain funds via the internet without leaving your home. We will not avoid visiting a bank branch – both when we apply as a natural person and when we have a business activity.

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