Loan with vehicle guarantee
A similar situation occurs in the loan with a vehicle guarantee , with the difference that the amount of credit is smaller, because in this modality the money borrowed also corresponds to a percentage of the value of the asset (from 50% to 90%). In this mode, you can also continue using the vehicle normally, without having to sell it.
The asset is also in fiduciary alienation, serving as a payment security and, consequently, reducing the risk of default for the financial institution. Depending on the lender’s options, the vehicle can be a motorcycle, a car or even a truck. It will undergo an evaluation, which will determine the value and its conditions.
In both the vehicle secured loan and the property secured loan, the asset must be paid off and in the name of the person requesting the credit. In both cases, it is also possible to refinance, using part of the loan amount to pay off the previous debt.
Loan with cell phone guarantee
Following the same idea of using an asset to ensure that the financial institution will receive the amount granted, we have the loan with a cell phone guarantee. Yes, nowadays, with the value that these items can reach, it is possible to use a cell phone to borrow. You just need to find the right bank for you, as this is a new modality!
The downside is that the amount of credit is usually not very high, with the maximum amount hovering around R$3,000 on average. Still, this can be an interesting option for anyone looking for a quick loan for a low credit score. The plus point is accessibility. After all, almost everyone owns a cell phone these days.
Of course, it needs to be in perfect working order and follow the specifications of the financial institution. The better and more expensive the device model, the higher the credit value tends to be. You will also be able to continue using the good normally. However, in case of default, it can be blocked.
Although we are not talking about placing an asset as security for the bank, this amount on consignment continues to work as a way for the financial institution to be sure that it will receive at least part of the borrowed money back. This is because the loan portion is deducted from the salary, retirement or benefit before it is deposited in the customer’s account.
That is, the financial institution will not fail to be paid, regardless of the consumer forgetting the installment or not being able to pay it on the due date. A considerable security compared to the credit score, isn’t it?
The payroll loan is also interesting because it offers advantages such as low interest rates and ease of contracting, as the financial institution already needs to have an agreement with those who pay the salary, retirement or benefit. But be careful: to prevent the consumer from committing all his income with debts, a rule determines that the payroll loan can only commit a certain part of it.
In 2022, the Government increased the margin of the payroll for retirees and pensioners of the National Institute of Social Security (INSS) to 40%. Overall, this percentage stands at 30%.
Unsecured Personal Loan
Finally, we bring a more traditional modality, but also a little more difficult to obtain for those people who have a low credit score. It is the unsecured personal loan. In this type, the financial institution will basically take into account your history as a consumer and proof of income.
You can understand why this modality is a challenge for those who have a lower credit score, right? But it may be one of your only options if you don’t have assets to pledge. What can count in your favor in this case is your source of income. If this is the type of loan you choose, be sure to gather your receipts.
On the other hand, the personal loan itself, with a low credit score or not, has disadvantages such as traditionally higher interest rates compared to credit secured by assets and payroll-deductible credit. The amount that the financial institution will release will also depend on your income and other points considered in the evaluation.
