Step-by-step guide on how to apply for a loan with a bad credit history!

Step-by-step guide to applying for a loan with a bad credit history.

1. Run an online simulation.
Access digital banks or financial institutions that offer loans to people with negative credit history and run a simulation by providing the desired amount, monthly income, and repayment term.

2. Choose the best option.
Choose between online personal loans, payroll loans, vehicle-secured loans, or loans for self-employed individuals, which usually have a higher chance of approval even with credit restrictions.

3. Send your documents.
Typically, you will be asked for your ID, CPF (Brazilian tax identification number), proof of income, and proof of residence. The documents are submitted digitally through the app or website.

4. Await credit analysis.
The institution assesses your current ability to pay, bank transactions, and income, not just your history with SPC/Serasa (credit bureaus).

5. Sign the digital contract.
After approval, review the interest rates, APR (Annual Percentage Rate), and installments, sign electronically, and finalize the contract.

6. Receive the money in the account.
In many cases, the funds for a quick online loan are released within a few hours or even 24 hours after approval.