Motocred utilizes a tailored data model to assess credit risk for underbanked workers in Brazil, enabling them to secure affordable financing for motorcycle purchases. By offering second-chance loans, the platform addresses the high denial rates from traditional banks, facilitating mobility and economic empowerment for individuals in social classes C, D, and E.
Funding
Funding not disclosed
Founders
Product
Problem
In Brazil, many underbanked workers in social classes C, D, and E face difficulty securing affordable financing for motorcycle purchases due to high denial rates from traditional banks. This lack of access to credit limits their mobility and economic opportunities.
Solution
Motocred utilizes a tailored data model to assess credit risk for this underserved population, enabling them to obtain financing for motorcycle purchases. The platform offers second-chance loans with simplified approval processes, even for individuals with low credit scores. Applicants can use their old motorcycle, funds from FGTS (Fundo de Garantia do Tempo de Serviço), or cash as a down payment. The entire process is digital, from application to approval, with analysis results provided within 24 hours.
Target Audience
The primary target audience is underbanked workers in Brazil, specifically individuals in social classes C, D, and E, seeking affordable financing for motorcycle purchases.
Features
- Personalized credit analysis for individuals with low credit scores
- Flexible down payment options, including trade-in of an old motorcycle, FGTS funds, or cash
- 100% digital application and approval process via mobile phone
- Credit analysis results provided within 24 hours