A Low Score can make a loan application difficult, as the Score carries a lot of leverage for credit amounts to be approved for a person. Therefore, those who have a low score face greater complexity when looking for an institution that approves their application.
However, getting a loan with a Low Score is not impossible. Several banks and finance companies work with a line of credit especially for people in this situation.
Find out which banks and finance companies offer credit to those with a low score.
What this article covers:
What is Low Score?
When a person has a Low Score, it means that their score in the bodies responsible for credit protection is less than 300 points. Because of this, it is defined as having a high risk of default, which makes it difficult to approve loans and even credit cards.
The Score is a very important score for financial companies. It is through this score that it is possible to find out how the financial health of a future customer is going and, thus, calculate the risks of granting credit.
According to Serasa, the score is defined from 0 to 1,000 points. As bills are paid on time, this Score remains at a level that poses no risk to financial companies. However, if the customer has delayed payments or carries debts on their behalf, the score will be low.
A Low Score is defined if the customer has 0 to 300 points. People who have a score of 301 to 500, the Score is considered regular. As for the customers most likely to obtain credit, they are those who remain with a score of 501 to 700 (good) and 701 to 1,000 (Excellent).
In addition to being a good payer, people who want to leave this status should also take other actions, such as updating their personal data and better controlling their expenses.
As it is a criterion widely used by banks and financial institutions, Low Score can indeed get in the way when receiving loan approval. On the other hand, there are companies that specialize in granting credit to people who have a low score.
However, it is necessary for the customer to be aware of these loan modalities. To extend credit to low scorers, some companies tend to raise interest rates, which can be a bad deal if you’re trying to get out of debt.
Ideally, the interested party should look for more affordable modalities. Many institutions accept vehicles and other goods as a guarantee of payment, which makes the fees not so absurd even for individuals with a Low Score.
Which banks or finance companies offer a loan for Low Score?
So that people with a Low Score also have loan options, we have separated the best banks and finance companies that are famous for granting credit even in these cases. Check out the top 4:
Creditas is an ideal finance company for all customer profiles, including those with a Low Score. Through it, it is possible to obtain loans and use a vehicle as payment guarantee. Because of this, their rates are quite attractive.
With Creditas, customers can apply for loans ranging from R$5,000 to R$150,000, with a payment period of up to 60 months. Its great differential is that the value is released in less than a week. Ideal for those who want quick cash.
Loan Sim is an option that offers a loan for those who have a Low Score. In it, customers get loan offers according to their financial profile. It is ideal for those who want to compare all the available options and request the one that best identifies them.
In other words, the Sim Loan operates as a credit marketplace in partnership with other institutions. Everything is done online and the user can request from R$150 to R$30 thousand reais.
Super Sim also works with modalities for people with Low Score. With it, it is possible to obtain loans in 100% online format and with release in a few minutes. According to the platform, you can get values between R$250 to R$2,500.
Finally, we have FinanZero, an institution that also specializes in recommending solutions for each customer profile. With it, people with a Low Score are directed to companies that offer the best credit benefits. The service is free and everything is done in a completely online format. Through FinanZerocustomers obtain credit from R$500 to R$50 thousand.
With these financial options, people with a Low Score are able to achieve the long-awaited credit approval. However, the advice is never to put the score aside and adopt practices to increase the Score so that the next loan is even easier to get.