If you have a negative credit history and want to take out a loan now, you can apply without worrying about checks with SPC and Serasa (Brazilian credit bureaus).
It is very common for banks to check credit history with credit bureaus when applying for a loan; however, Bradesco and Santander banks are offering a type of loan called a "consignado" (payroll loan), which does not require checking if the person has a negative credit history.
How will this no-credit-check loan work?
They are offering a payroll loan that you can apply for even if you have a negative credit history.
A payroll loan automatically deducts the installment amount from your paycheck, which is why this type of loan has much lower interest rates compared to other types of loans, and also offers a longer repayment term.
But how does this type of payroll loan work?
A payroll loan is a type of loan available to INSS pensioners, retirees, and state, federal, and municipal employees.
However, there are financial institutions that also accept people who work in the private sector.
Since the invoice is collected and paid at the time the customer receives their paycheck, this type of loan does not require the bank to check the customer's default status.
However, the credit limit for a payroll loan cannot exceed 35% of the client's monthly income.
Bradesco's Payroll Loan
Bradesco's payroll loan is a loan that does not require a credit check and can be granted to INSS pensioners, public servants, employees of private companies that have an agreement with the bank, and retirees.
You can request this type of service online through the Bradesco app itself.
You will need to present some documents to apply for the payroll loan.
- You will need proof of residence;
- From your payslip or a copy of your bank statement.
- And also a photo ID;
Santander's payroll loan
Santander's payroll loan can be approved for people with a negative credit history and at a very low interest rate; they call it Olé Consignado . This type of loan is available to retirees, public servants, and INSS pensioners.
You can apply for a payroll loan through the official Santander website or their free app.
When you apply for a payroll loan, you will need some documents.
- You will need proof of income or a bank statement.
- You will also need proof of address
- And the photo identification document