This article was translated from our Spanish edition. Opinions expressed by Contractor the contributors are theirs. This article was updated on September 19, 2021
Proof of income is a document that confirms the salary or income received by an employee or a service provider, whether it is a company or a public body. In Mexico, people normally employed or not, need one of these vouchers to obtain A credit card Where bank loans , auto credit plans , the rental of real estate and, in some cases, as a requirement to process scholarships or other benefits such as insurance.
This is to demonstrate to the credit institution that you have the financial solvency face payments month after month, explains Bernardo Prum, director of Coru.com . When you are an employee, your salary payment receipt serves as proof, but what happens when you have your own business, are self-employed or are self-employed? “Most likely, you will not generate this type of document, so it will be difficult to officially prove the income you receive, regardless of the amount,” he adds.
5 ways to officially prove your income
In order to guide people who do not have conventional proof of income, financial services comparator Coru.com, explains the following alternatives which may also work to cover this requirement before most banks and finance companies in Mexico.
1. Payroll receipt
It is the payment receipt that the company in which she works, whether public or private, issues detailing the salary, benefits, tax deductions and other concepts that are dealt with.
2. Bank account statements
Another good way to check a stable income is with the bank account statements where our money is managed. It is ideal to make frequent deposits into this account, so in addition to showing that there is constant income, the amount to be verified may even be greater than what a payroll receipt might indicate.
3. If you receive cash payments or if your professional activity is not registered in the SAT
In this case, it is better to open a basic savings account and deposit all your income, so the statement from this account will serve as proof. If you choose this option, keep in mind that the same amount of money must be deposited for at least three months in order to verify that you have a fixed income.
4. Annual tax declaration
For entrepreneurs or owners of their own business, traders or self-employed persons who carry out a professional activity registered with the SAT, the income can be verified with the annual tax return. Remember that the declaration must be made digitally.
5. Credit card statements
If you have a bank or departmental credit card, the statement that arrives month after month serves as proof to show that you have the capacity to pay and that you have constant cash flow. Keeping your payments up to date is important to maintaining a good credit history.
For some types of business credit, the business inventory report may be sufficient support for a financial institution to consider approving the loan product. Another financing alternative is the low demand online loan. In these cases, it is best to first verify that it is a company approved by the Financial Entities Bureau. Remember, you should never donate money to apply for a loan, as these types of requirements are a sign of fraud.