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.