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