Loans for artists and designers: How to get funding to realise creative visions?

When pursuing a freelance career, one can sometimes face various obstacles regarding the financing of one’s ideas. However, the banking sector, and even more so the non-banking sector, does not close itself off to such clients. Each financial institution can define the freelance profession in its own way and create its own credit assessment policy. Where to get the best cash loans and loans from when you are an artist? How do you prepare for this? We suggest

Is it possible to get a loan for an art project?

Obtaining a cash loan for an artistic project is, of course, possible, but you must prepare carefully to present your vision to potential lenders. In addition, appropriate documentation must be submitted to prove the credibility of the project and our skills

Every artist and designer has his or her own individual creditworthiness, of course. Even with a very good idea in mind and a properly thought-out business plan, we will not get a cash loan or a cash advance if our creditworthiness is insufficient

When looking for financing for yourself, it is worth checking the cash loan ranking and using the cash loan calculator that is available on the lenders’ websites. Keep in mind that the instalment of the cash loan, or cash advance, should be adapted to the anticipated income from the project

What are the types of financing that can be used for any purpose?

The cash loans applied for by artists and designers do not always have to be for projects. Sometimes funds are simply needed for other purposes, such as renovating a flat. Is it possible to apply for a cash loan as a freelancer?

It all depends on whether our income is regular and what the amounts are. Being a freelancer or an artist does not exclude us from the group of potential bank customers. A cash loan is always granted on the basis of an analysis of the individual situation

If, for various reasons, we cannot use the bank’s offer, it is worth thinking about a cash loan. Non-banking companies do not usually scrutinise our situation on the labour market so much and do not require information on the purpose of the funds. The most important thing in this case will be a positive credit history in debt databases

In the case of loans to individual customers, you should always check the price list of the cash loan. Both the individual instalment and the total amount to be repaid are important. The annual percentage rate of charge should also be taken into account. It is also worth finding out the due date of the first instalment and whether the income from the creative project or other sources will actually allow it to be paid on time. Offers from non-bank companies vary widely, but many have preferential terms for new customers

Where is the easiest place to get a cash loan?

If you want to get a cash loan online or in a branch, it is advisable to contact the bank with which you have an account and to which you regularly receive income from projects and artistic work. If you have been a customer of the bank for a long time, it is easier to get a cash loan offer from the bank. At the time of signing the loan agreement, our creditworthiness will of course be examined on the basis of our history in the registers, BIK, BIG and KRD

There is also a cash loan offered by non-bank companies. If the value of the financing is significant and the expected payback time is foreseen for a longer period, it is best to consider a cash loan in instalment form

Proposals from companies and banks that provide such financing can be found, for example, on the Red Moneybox portal: Thanks to the ranking, we will not only choose the potentially cheapest loan, but we will also find out what the maximum interest rate is on the cash loan we are interested in. The ranking will also help us to estimate the cash loan instalment. In this way, we will be able to make a preliminary assessment of whether our application for a cash loan will have a chance of being successful

How do I prepare to apply for a loan?

For freelancers, it can be more difficult to obtain a loan than for a salaried person. This is because artists and designers often have irregular assignments. The amount of income varies from month to month too

If you want to take out a cash loan as an artist or designer, you should create a realistic budget that takes into account all the costs involved in the venture. Such a statement should include

  • equipment costs,
  • materials needed,
  • salaries for collaborators and subcontractors,
  • costs of promotion and advertising,
  • as well as many other components.

The maximum amount of a cash loan cannot be random. Every budget item should be thought through and justified

What else is worth bearing in mind?

An art project is very much a business, especially if it involves raising funds. It is therefore worth creating a professional business plan and looking for various sources of funding. These can be institutions supporting culture and the arts, art associations or private investors. Raising cash from outside will reduce the missing amount for the project and a cash loan from the bank will be more likely

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