Industry
Fintech - Loans
Fintech - Loans
Objection Handling

I have a low credit score; I may not qualify

Underlying Concerns:

  • The prospect may have been rejected for loans in the past due to a low credit score and assumes they won’t qualify this time either.
  • They might feel embarrassed or discouraged about their credit history, leading them to believe they won’t be eligible for financing.
  • The prospect could be concerned about undergoing a credit check that might negatively impact their score further if they don’t qualify.
  • They likely need reassurance that alternative criteria may be considered or that there is flexibility in the loan’s credit requirements.

How to Tackle the Objection:

  1. Acknowledge their concern about credit: Show empathy, recognizing that low credit scores can often be a barrier, but they don’t necessarily disqualify someone.
  2. Highlight flexible requirements: Reassure them that your platform considers a variety of factors beyond just credit score and works with people with different credit profiles.
  3. Introduce alternative assessment criteria: Explain that you may look at other financial indicators such as income, employment stability, or repayment history on other types of accounts.
  4. Offer a pre-qualification check: Suggest a soft credit check or pre-qualification process if available, so they can explore their options without impacting their score.

Sample Script (Detailed and Simple Language):

Prospect: "I have a low credit score; I may not qualify."

You: "I completely understand, [Prospect’s Name]. Many people feel that way, and low credit scores can sometimes be discouraging."

  • "One thing that sets us apart is that we look at a range of factors beyond just the credit score. We consider things like income, employment stability, and even recent repayment behavior to create a fairer picture of eligibility."

  • "In fact, many of our clients with lower credit scores have been able to qualify because we understand that credit scores don’t tell the whole story. Would you be open to a quick pre-qualification? It won’t affect your credit score, and it’ll give you a clearer idea of your options."


Probing Questions to Engage the Prospect:

  • "Have you tried other lenders in the past? We might be able to offer more flexibility based on additional factors beyond just credit."
  • "Would you be interested in learning more about how we assess eligibility? We’re not solely focused on credit scores, which helps us work with a range of credit backgrounds."
  • "Would a soft credit check or pre-qualification help you feel more comfortable? It won’t impact your score and will give you a good sense of where you stand."

Call to Action:

Invite them to undergo a pre-qualification process or a soft credit check to help them explore options without risking a negative impact on their score.

Example:
"Let’s go through a quick pre-qualification process. It’s fast, won’t affect your credit score, and will let us see if there’s a good fit for you. That way, you can feel confident about your options. Does that sound good?"


Key Points to Emphasize:

  1. Alternative Eligibility Criteria: Highlight that you look at factors beyond just credit score—such as income, employment stability, and recent payment history—offering a fairer assessment for people with low scores.

  2. Flexibility in Requirements: Reassure the prospect that your company is flexible with credit requirements and has experience working with people in similar situations.

  3. Soft Credit Check/Pre-Qualification: Emphasize that you offer a pre-qualification process or soft credit check option, allowing them to explore eligibility without affecting their score.

  4. Encouragement: Show empathy and encourage them, letting them know that many clients with lower scores have successfully qualified for loans with you, providing hope and support.

More scripts

Use For:
Warm Lead
Calling Outcome (your Goal):
Sales Pitch
Industry:
Fintech - Loans
Use For:
Cold Call
Calling Outcome (your Goal):
Sales Pitch
Industry:
Fintech - Loans
Use For:
Warm Lead
Calling Outcome (your Goal):
Sales Pitch
Industry:
Fintech - Loans
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