Do you already know the modality that is most suitable for you? Then it’s time to find the bank that offers a low-score loan. Here again, there is no definitive answer. Just remember the information given by the Central Bank: no financial institution is obliged to grant credit.
Therefore, even if a bank has made a loan with a low score for a person, this does not mean that it will grant the credit to another person with the same score. The reason is that financial institutions review requests on a case-by-case basis. In addition to the credit score, other factors can weigh in on the decision.
That way, if you are in doubt whether or not a bank makes a loan with a low score, just check if it has the chosen modality and request a proposal.
Loan with property guarantee for low score
At CashMe, for example, it is possible to take out a loan for a low score using the credit modality with a property guarantee. This means that your application will be reviewed if you have a property of your own. Is he not discharged? No problem, as long as part of the credit is used to pay off the asset and then place it in a new fiduciary alienation agreement.
The minimum amount granted is BRL 50,000 and the maximum amount is BRL 15 million, and the credit can reach up to 60% of the property’s appraised value. At CashMe, you also benefit from low interest rates: from 0.79% per month + IPCA! In addition to this feature of the loan with property guarantee, long payment terms are offered, with up to 240 months to pay off the debt.
Your credit score will be consulted with Serasa in the credit analysis stage, which also considers proof of income. The legal analysis of you and the property is also carried out and, finally, the analysis of the property, which is carried out by specialists with the objective of evaluating its quality and market value.
Throughout this process, you will receive a personalized consultation. Any obstacles are discussed and negotiated with the team. And the best: online to bring more convenience to your online maturity loan for low score.
Low score online loan
CashMe’s secured home loan already shows that it is possible to borrow online with a low score. In it, the simulation and the request are steps made over the internet, from the comfort of home. The other modalities presented here in this article can also be done online.
For this, it is always interesting to look for fintechs like CashMe. The term fintech is the combination of two words in English: Financial (financial in Portuguese translation) and Technology (technology in Portuguese translation).
These institutions are known for using technology to resolve financial matters such as opening an account, applying for a credit card and, of course, applying for a loan. All this in a simple way, with as little bureaucracy as possible and as much innovation as the area allows, never leaving aside the security of a financial transaction.
Step by step to apply for a low score loan
Whether online or in person, to take out a low-score loan, you will follow the same steps as a traditional credit application. We recommend leaving all documentation prepared and updated. Showing organization can count in your favor and will certainly speed up the entire process.
It is important to remember that the steps may vary depending on the financial institution and type of loan chosen. However, in general, you are expected to go through the following steps when applying for a low-score loan:
- Simulation: the simulation can be done online or in person. In it you will, basically, inform the desired amount and check initial interest conditions and payment term.
- Request: in some institutions, you provide your contact details during the simulation. Often, the bank’s team already gets in touch offering a proposal. If this is not the case, you should proceed to requesting a loan proposal if you believe that the simulation is within the expected conditions.
- Delivery of documentation: the bank will then provide the necessary documentation for the application and for the credit and legal analysis. Attention, it is at this time that you must deliver the updated documents with complete information. Many financial institutions, such as fintechs , accept the delivery of these scanned documents over the internet.
- Credit and legal review: The documentation and you will undergo a review to verify that everything is within the institution’s legal and credit requirements.
- Proposal: with the information from the credit and legal analysis, the financial institution will verify if its consumer profile matches the requirements, determining or not the release of credit. The data is also used to propose the interest rate, maximum amount and other conditions. All of this is passed on to you in a proposal.
- Signing the contract: after carefully analyzing the financial institution’s proposal, you must deliver any documents that are requested later and, finally, sign the contract.
- Cash Release: The money is then released to the designated account. The deadline for releasing the credit follows the policy of the financial institution, but is usually made available within 24 hours.