That banking entities know how to sell personal loans is important, since it is a great strategy to attract new clients. Personal loans are a great way to make yourself known in the market and present your bank as open to customers.
People will always have unnecessary expenses or emergencies. That’s where they tend to turn to cards as a solution to help pay for remaining bills and pay later. However, that is not the best option, since the debts accumulate and end up paying a lot for a long time.
However, there is an alternative to be able to pay those bills that concern us and it is much more beneficial for people. I am talking about credits or personal loans, which are presented as an easier option to pay and more beneficial for customers.
So, as we can already understand, personal loans can be really favorable for both clients and banks. That is why in this article we will talk about what personal loans are and what types exist. In addition, we will see some strategies to know how to sell personal credits by phone.
Before you start, review what this article is going to be about.
- 1) What are personal loans?
- 2) Types of personal loans
- 3) How to sell personal loans by phone?
- 3.1) 1. Facilitates the process of acquiring a personal loan
- 3.2) 2. Sell them a positive scenario
- 3.3) 3. Generates feelings of need
- 3.4) 4. Prepare for the No’s
- 3.5) 5. Create a sales script
What are personal loans?
When people are in financial emergencies, it is very common for them to resort to bank loans. Basically they are operations through which financial institutions make a certain amount of money available to customers , which must be paid in a certain period of time and is included with interest.
Now, that’s the definition of a typical loan. On the other hand, personal loans are credits that a bank or a banking entity grants to natural persons to be used in anything they need to pay or buy. That is, when applying for the loan you do not have to justify what you will use it for, you can use them for different things such as:
- Pay bills, among others.
Mostly personal loans are not extravagant amounts of money, for the same reason that the use is not justified. In addition, these types of loans are given to be canceled in the medium term, adding the interest that has been agreed. Likewise, they do not require many paperwork or requirements, so they are easy to obtain.
Similarly, personal loans meet certain characteristics of this type of loan , such as the following:
- Mostly, personal loans are requested to purchase consumer goods or services such as cars , appliances, vacations, studies or home renovations. Although, they are also used to pay for emergency expenses, such as debts or medical expenses.
- Personal loans, unlike mortgage loans or car loans, do not require additional guarantees. That is, the lender is only guaranteed by the assets he owns.
- Normally, personal loans do not require a guarantee . In other words, they do not ask for any kind of guarantee.
- In order to apply for personal loans, the lender does not necessarily have to have a bank account.
- The costs of granting personal loans are 0, that is, zero.
- Compared to other types of loans, the processing of personal loans is much faster and in some banks it can be done completely online.
Although personal loans are easier to obtain, we must understand that there is still an evaluation involved . And what banks do to be able to assess a person’s financial situation is to use the credit scoring system. According to these results, they determine if they give the personal loan and the interest rates.
In addition, as well as a good credit history, there are other requirements that must be met in order to obtain a personal loan , these are:
- Be of age
- Have proof of your monthly income
- Support of your home such as an electricity or water bill
- original ID
- Have your credit history
In the same way, something that should be highlighted is that you should not have payment problems with any financial institution . This is something important, since this requirement is essential if you want to access personal credit. Since, if there is something that any financial institution repels, it is people who lend and do not pay, so they cannot take risks with one that has a bad history.
Now, apart from the banks, there are several types of financial entities that are authorized by the body of the Superintendence of Banking, Insurance and AFP (SBS) to be able to provide personal loans and these are:
- municipal boxes
- rural boxes
- Edpyme Entities
In summary, personal loans are not so high loans that are provided by different types of financial institutions . Which are easier to process and can be used for any reason that the lender needs. However, there are some factors that must be taken into account when processing a personal loan, as well as the need for a credit evaluation.
Selling over the phone is a great way to reduce costs, accelerate good business results and add value to the customer.
Types of personal loans
Personal loans are loans that have the purpose of being able to satisfy any type of need in a certain period of time. They can be used both in intangible goods such as a trip or vacation, as well as in tangible goods such as a car or an appliance.
So, we can say that the types of personal loans will be divided according to the purpose of their use. So, we have the following:
- Consumer Loan: This type of loan is acquired to be able to obtain goods such as TVs, appliances, etc.
- Travel Loan: As the name says, this type of personal credit is used in order to finance a trip.
- Auto Loan: Obviously these personal loans are intended to buy a vehicle or a car.
- Remodeling Loan: These personal loans are requested with the intention of being able to carry out reforms in a house.
- Student Loans: The amounts of these personal loans are used to finance university tuition, a master’s degree or a course.
- Salary advance: These personal loans cover between 30% and 40% of the monthly salary, for this you must have a payroll account.
- Cash loan with free availability: It is a personal credit intended for a general purpose, in other words, it is not intended for a specific use.
- Debt purchase: Also known as debt consolidation, these personal loans are aimed at consolidating all debts into one.
- Mortgage credit: These are personal loans aimed at acquiring land or property on credit and it is one of the most requested types.
So, as you can read, there are many types of personal loans, this is one of the reasons why they are so attractive to customers . Therefore, in the next section of this article we will see some strategies on how to sell personal loans by phone to have positive results .
How to sell personal loans by phone?
Telephone sales are a strategy widely used by banks and many businesses to be able to promote their products and services more directly to customers. In addition, selling over the phone is a great way to reduce costs, accelerate good business results, and add value to the customer.
So, knowing how to sell personal loans over the phone is essential for any financial institution. Because, as statistics show us, 80% of sales calls are redirected to voicemail and 90% of voicemails that are left for the first time are never answered.
So, so that this does not happen to us when it comes to selling personal loans by phone, it is essential to put some strategies into practice .
1. Facilitates the process of acquiring a personal loan
Something that any seller and company needs to keep in mind is that if the process is difficult for the client, they will give up doing it. So, even if you really need it, you will no longer want to purchase your personal loan with your bank , but will go to another that can make it easier for you. And, in the process of leaving, they may speak ill of your company.
Therefore, in this advice on how to sell personal loans, you must carry out the process in small steps and always give positive reinforcements. Try to simplify the entire operation as much as possible, now, I am not telling you to skip steps, but to use understandable language so that the client can understand everything and does not feel lost.
2. Sell them a positive scenario
To know how to sell personal loans by phone correctly, you need to sell a positive scenario along with it. I mean that you sell all those benefits that they can obtain when acquiring a personal loan , and I am talking about even the smallest advantageous thing that they can get from the whole process.
To do this, what you can do is first obtain the reason why they are requesting the personal loan . That is, find out if they want the credit to buy a car, fix their house, pay their bills, etc. Once you have this knowledge, build a whole context around it and sell it to them in the best possible way.
When you are going to write your sales script, you must make sure to write from the greeting you will give to how you will say goodbye to the client.
3. Generate feelings of need
Just as it is important to build positive scenarios around the acquisition of personal credit , it is also important that you generate feelings of need. Using feelings is a great strategy to sell personal loans, since they are the ones who are going to guide and influence people’s decisions.
So, what you can do here is develop this feeling of need in the client by letting go of little things with a certain negative connotation . In other words, like little predictions of what might happen if they don’t take out that personal loan.
4. Prepare for the No’s
When selling over the phone it is obvious that not everything is rosy, negative responses will always be obtained. Even from the beginning, clients will object to you and reject your proposals without letting you speak. But, we can prepare ourselves for it, so that when we get those no, we can use them in our favor and take advantage of them.
For this part on how to sell personal loans by phone, you can collect all the reasons why people refuse to acquire a personal loan and think of an answer for each of them. In this way, when customers start to put negative, you will already know how to turn it around.
5. Create a sales script
This strategy is essential to sell personal loans by phone , since having a sales script will be of great help to the seller. A speech can function as that roadmap on which you can base yourself so as not to skip any steps and, so that some piece of information that you have to obtain or give does not escape from your hand.
So, when you are going to write your sales script, you must make sure to write from the greeting you will give to how you will say goodbye to the client . Include all the important points that you should remember and the extra information that you think will help you. Remember to keep a not so formal tone.
Therefore, all these tips to know how to sell personal credits by phone can work very well separately , but my last advice for you is that for best results you use them all together. That way, you will be able to see better results in less time.
Lost causes are the only ones worth fighting for! No matter how many excuses or refusals customers give you, with all these tips on how to sell personal loans over the phone, I assure you that you will never see another case as impossible again.