The cell phone becomes a guarantee for applying for a loan; see how it works – The Clare People


Some people end up in need of borrowing in times of financial crisis, but the person does not always have enough assets to justify the request. Recently, companies in the sector have started offering the customer’s personal cell phone as collateral to offer a loan.

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According to a survey carried out in July by FinanZero, one of the companies in the field, interest in Google in lending smartphones as collateral increased by 500% from January to July of this year, compared to the same period in 503,175 The demand is justifiable, because almost every Brazilian now owns a smartphone: there are 55 million, to be more precise, according to the Getúlio Vargas Foundation. So when the going gets tough it can be a part of helping you get the extra cash.

Who offers the loan?

SuperSim provides this service under certain conditions, such as being over 12 years old, having your own checking account and having a device with Internet access. It lends independently, but also with partners such as Serasa eCred or FinanZero itself. In the latter, the requirements increase a little: you must be over 18 and have a minimum income of a minimum wage (1.47 BRL), in addition to the bank account.

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How much does the loan pay by cell phone?

The amounts obtained on the loan may also change. In Serasa eCred, they range from R $ 400 to R $ 2,500, with payment in 18 installments. SuperSim pays from BRL 380 to BRL 2,600. FinanZero and another company, Bom Pra Crédito, release much larger amounts, R $ 10,000 or more, depending on the client’s income. Either way, the customer suggests how much they want and there will be a business scan to close the quote.

Can you use any cell phone as loan collateral?

Not. These are usually Android phones. Some companies specify even more: Samsung models only.

What happens to the cell phone?

The company approving the loan asks the customer to install their own application. In the event of a fault, the mobile phone will be blocked, with access only to emergency calls. After payment of the installment debt, the cell phone is automatically unlocked.

Image: Julia M. Cameron / Pexels

It depends on the company. At Bom Pra Crédito, it is not possible for a customer in debt on the market to get money. At Serasa or FinanZero, yes. But it’s worth remembering: it’s important that you analyze your current financial situation so that you don’t get into debt that you won’t be able to pay later.

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