How to get a loan for those with bad credit? Find out!

There are companies specialized in providing loan for people with bad credit, however this type of credit has different characteristics.

In the form of personal credit, interest rates are higher, given the risk of default.

To benefit from suitable interest rates, you can apply for secured or payroll loans.

Below, we will highlight all the features of these loans, as well as the best companies to apply for them.

Summary 

• Types of loans for those with bad credit;
• Where can I get a loan for those with bad credit?
• How to get a loan for people with bad credit step by step;
• Conclusion.

Types of loans for people with bad credit

As mentioned in the introduction, there are several credit options for individuals with credit restrictions. Below, understand the details of each modality:

Payroll Loan

First, we can talk about the payroll loan, which has as its main difference the discount of installments from an individual's payroll or benefit.

It can only commit 35% of the client's monthly income, with 30% being designated for the loan and 5% for the payroll card or withdrawal, in accordance with Law 10,820 (2003) and Law 13,172 (2015).

Therefore, financial institutions, insurance companies and banks offer this option, with a payment term of up to 96 months for federal public servants and 72 months for INSS pensioners and retirees.

Regarding interest rates, please note that they vary depending on the amount requested by the customer, as well as the term defined at the time of the simulation.

In general, this interest reaches up to 2,08% per month, but may also depend on the financial institution defined by the user.

In this modality of loan for people with bad credit, the Tax on Financial Transactions (IOF) is also charged.

Therefore, even before hiring, it is the company's obligation to inform the Total Effective Cost (CET), including all fees.

Finally, you must have the following documents on hand for the request:

• ID and CPF;
• Proof of residence;
• Pay stub or INSS benefit number.

Loan for those with bad credit secured by property 

Secondly, we can highlight the characteristics of Home Equity.

Through this method, the person who needs money uses their paid-off property as a guarantee of payment to the bank.

Therefore, the property becomes linked to the bank until all installments are paid.

Here the interest rates are lower and the payment term can be up to 15 years.

Furthermore, the loan amount is high, as some banks make up to R$1,400,000 available to be used as the customer prefers.

Regarding the documents required for the application, it is important to have the following on hand:

• Personal documents – birth or marriage certificate, ID, CPF, health declaration, updated proof of residence, completed and signed registration form;
• Property documents – property photos, property registration and property tax.

With car warranty 

This credit is also called “vehicle refinancing,” in which your car or motorcycle is offered to the bank to provide greater security.

Some banks offer 50% to 90% of the value of your car in loan format.

As with credit secured by real estate, your vehicle remains in trust until all installments have been paid.

It is essential that the vehicle is paid off and in your name to request the loan for people with bad credit.

Immediately after submitting your proposal, please be aware that your profile will be analyzed, just as your car will be subject to an inspection.

Some criteria are important for approval, such as the vehicle's condition, manufacture, mileage and market value.

Therefore, it is common for companies to not accept cars that are more than 15 years old and to offer lower interest rates for newer vehicles.

In general, during hiring, the company needs your personal documents, vehicle documents, and proof of residence.

Some financial institutions request other documents, such as bank statements and pay stubs, to prove your income.

Credit with FGTS 

Here we have two options:

The first is the advance payment of the anniversary withdrawal installments, which is made through a loan.

In this content, we clarify all the details of the modality.

Secondly, you can apply for a loan secured by FGTS.

When compared to personal loans, this modality has lower interest rates.

It works like a common loan, given that the installments are discounted automatically, but they would be from the FGTS account.

Another great advantage is its speed, as the request must be made online and, after approval, the amount is deposited into your account quickly.

Regarding the documents required to apply for a FGTS loan, it is worth highlighting:

• Identity document;
• Proof of income;
• FGTS account statement or work card.

Where can I get a loan for those with bad credit?

All of the credit lines mentioned above are available from most companies operating in our country.

Below, you can understand the conditions of the best banks:

Credits 

From this company, we decided to talk about their home-secured loan option.

It is the best alternative for those looking for lower interest rates (from 0.79% per month + IPCA) and a good payment term (240 months).

As collateral, it is possible to offer residential or commercial properties that are in the name of an individual.

For example, you can offer your apartment or house as collateral for payment.

Therefore, you can obtain up to 60% of the property value, with values ranging from R$$30 thousand to R$$3 million, depending on your credit profile and the city where the property is located.

For more information about this loan for people with bad credit, visit the company website.

Banco Pan

On the other hand, we can talk about the Pan loan option, which is aimed at public servants, pensioners or INSS retirees.

The installment discount is made from your payroll and the maximum installment amount is defined according to the agreement stipulated between PAN and the paying source in which you are registered.

In addition, there are other conditions that vary depending on the paying source:

• INSS – term of up to 72 months and interest of 2.08%;
• SIAPE – up to 96 installments and rates of 2.05%;
• Government of São Paulo – 96 months and interest of 2.50%.

In addition, customers of this company get up to 25% discount at Drogaria São Paulo and Drogarias Pacheco.

With company approval, the credit amount is made available in your account within 2 business days, find out more here.

Good for credit 

This loan for people with bad credit It is offered in the form of credit with vehicle collateral.

Therefore, the company is different, as it is possible to compare across more than 30 financial institutions.

Considering that your car is under a lien, it is not possible to sell it until you pay off the debt.

However, don't worry!

You continue to own the vehicle, as it does not pass to the bank, only if you stop paying the installments.

To define the best conditions for your profile, you need to check the car's condition.

Therefore, interest rates start from 1.9% per month and more information can be obtained at company website.

BMG 

This bank offers a kind of extra money to help you get out of trouble.

However, this type of credit is only aimed at public servants, as well as INSS retirees and pensioners.

In this sense, it works as an emergency loan for those who have no margin on their payroll loan.

As an advantage, after approval, the amount is deposited into the account within 24 hours, and the payment term is up to 12 months.

Therefore, to request or check whether the company can provide credit for your profile, simply call the Relationship Center at 0800 724 3070 and speak to one of the consultants.

The company makes it clear that any individual, over 18 years old, who has a bank account, can obtain this loan for people with bad credit.

In this sense, if you have stability in monthly receipts in your account, the chances of approval are greater, visit the website and find out more.

Sicoob 

Regarding this company, we can talk about its payroll loan option, which is exclusive to federal (SIAPE), municipal and private sector public servants. 

Interest rates are lower and installments are deducted from payroll.

It is free to use, as it is a modality that can be requested to cover unforeseen events, daily expenses or to carry out your projects.

In fact, the term is up to 96 months, and you do not need a guarantor.

Just contact your cooperative and find out what agreements are available.

Therefore, the simulation must be done in the digital environment and if you accept the conditions, the request is made through digital channels, the Sicoob App and Internet Banking.

Please note that approval is subject to a credit and credit analysis, approval from your employer and the existence of available margin for deduction from your salary. learn more.

Losango Loan for those with bad credit 

This option is a loan, ideal for INSS retirees and pensioners.

Additionally, public servants can request.

Therefore, payment is made by debit from your account due on the date you receive your benefit/salary.

Values start from R$1,040,000 and the maximum installment is up to 12 installments.

As benefits, know that hiring is done entirely online, there is no bureaucracy involved, and all your data is protected.

Rates start from 16,49% per month and we recommend visiting the company website for more details.

How to get a loan for people with bad credit step by step

Below we will list 3 ways to apply for your loan, let's go:

First, to get the payroll loan, confirm whether your employer has an agreement with the bank that was previously defined.

To do this, contact your company/agency's HR department.

After that, it is essential that you choose the channel that is most convenient for you in order to request.

There are companies that allow you to request via app, website, Internet Banking and phone number.

As a result, you will need to simulate, check the conditions, submit your documents and sign the hiring forms.

The money will be made available in your account and the installment will be deducted directly from your payroll. 

On the other hand, the credit secured by real estate is requested as follows:

The customer must run a simulation to check all interest rates and the available amount, and must also submit the proposal.

The selected company will contact you to request documentation and will then analyze your profile.

Once your profile is approved, your property must be evaluated, and if everything goes well, the contract will be issued.

Finally, you register it at the notary's office and the amount is released.

Finally, to obtain the loan for people with bad credit in the format of vehicle warranty, send the proposal to the bank.

Your profile will be analyzed, as well as your vehicle, so please send your personal and vehicle documents.

The company sends a team to check the vehicle's condition and, upon approval, you simply sign the contract for the funds to be released.

Therefore, please keep in mind that the application process may change depending on the bank you choose.

Conclusion

Finally, note that there are several credit options for those with bad credit on the market.

Ideally, you should continue researching and comparing companies to find an option with lower fees, longer terms, and longer amounts.

One tip is to pay attention to the transaction's CET and simulate it in several companies.