If you are typing ‘ very bad credit loans, no guarantor, no broker’ or ‘loans for bad credit, no guarantor’ on the internet, then we have the solution for you.

The need for credit can arise at any time for anyone and if your credit score is low then applying with a guarantor can help. 

But what if you are unable to find a broker or guarantor? While getting a loan in these kinds of situations may seem difficult, especially without a guarantor or co-applicant, there are always options.

Types of Loans Without Guarantor for People with Bad Credit

There are a number of loans available for borrowers with low credit that do not require a guarantor. These include -

Secured Loans

These loans come on the back of collateral or security that is pledged against the loan. 

Some of the generally accepted collateral could be property, gold, fixed deposits, or securities in the form of insurance policies, stocks or mutual funds units. 

But the value of the loan will be limited to around 60-80% of the value of the collateral provided.

Unsecured Loans from Banks

Banks and financial institutions provide unsecured loans without a guarantor. Even though the lending norms of banks and financial institutions have been relaxed over the years, they still insist on either a good credit score at least if not the best credit score of 750 and above. 

A high income and employment with a reputed employer are also some of the other requisites.

And if you do not meet the income and credit score criteria, you may have to settle for either a higher rate of interest, a lesser loan amount or lower tenure of the loan.

How to Avail Loans without Guarantor for People with Bad Credit

As mentioned previously, banks and other traditional lenders generally provide loans to those with high credit scores. But there are alternate lenders who provide loans online to even those with low credit scores. Not only are these loans disbursed within a few hours of application approval, a guarantor is not required either.

Apart from the above, there is also the option of availing a loan from a Peer-to-Peer Lending platform where common individuals can take on the role of lenders and lend to others who are in need of a loan without any checks on creditworthiness.

The important thing to remember is to select an option that is right for you based on your financial circumstances. All loans will have to be repaid on time, therefore choose an option that is most advantageous to you.

Money View Personal Loans without Guarantor

One of the top lenders in the country today, Money View provides advantageous instant personal loans to customers. Not only is the application process simple, the documentation requirements are also minimal. 

What’s more! As Money View uses a unique credit rating model, even those with relatively low credit scores can avail a personal loan. Check out Money View’s eligibility criteria and other requirements below.

Eligibility Criteria for Money View Personal Loans

In order to avail an instant personal loan without guarantor from Money View, you will have to fulfill the eligibility criteria given below -

  • Applicants must be between 21 years and 57 years

  • Applicants must receive an income of Rs. 13,500 or more*

  • Income must be credited directly to the applicants’ bank account

  • Credit score must be a minimum CIBIL score of 600 or minimum Experian score of 650

Given below is a city-wise breakdown of the income and credit score requirement -

Income and Credit Score Eligibility Criteria*


Salaried Individuals

Minimum In-Hand Income

Area of Residence

CIBIL Credit Score Requirement

Rs 13,500

Any

CIBIL Score of 600 /Experian Score of 650 and above

Rs 20,000

Mumbai/Thane or the NCR region (Delhi, Noida, Gurgaon, Ghaziabad, Faridabad, etc.)

New to Credit or

CIBIL Score of 600 /Experian Score of 650 and above

Rs 15,000

Metro City other than Mumbai and NCR

CIBIL Score of 600 /Experian Score of 650 and above

Self-Employed Individuals

Rs. 15,000

Any

CIBIL Score of 600 /Experian Score of 650 and above

Documents Required for Money View Personal Loan

In order to get a loan from Money View, you need only 3 key documents, as listed below -

Identity Proof

Address Proof

Income Proof

PAN Card - This is the primary ID proof required. However, if it is rejected due to image quality issues or other reasons, any 1 of the officially valid documents given below will suffice

  • Aadhaar Card

  • Valid Indian Passport

  • Valid Voter ID

  • Valid Driver’s License

Any 1 of the following - 

  • Aadhaar Card

  • Valid Indian Passport

  • Valid Voter ID

  • Valid Driver’s License

  • Utility Bills (Electricity, Water, Gas) dated within the last 60 days

Salaried Applicants - Last 3 months’ bank statements of your salary account in PDF format showing salary credits


OR


Self-Employed Applicants - Last 3 months’ bank statements in PDF format if you are self-employed

Fees and Charges for Money View Personal Loan

Money View’s personal loans come with competitive interest rates and have no hidden charges whatsoever. Our fees and charges are as follows -

Fees and Charges

Amount Chargeable

Interest Rate

Starting from 1.33% per month

Loan Processing Charges

Between 2% to 8% of the approved loan amount

Interest on Overdue EMIs

2% per month on the overdue EMI/Principal loan amount

Cheque Bounce

Rs.500/- each time

Loan Cancellation

  • No additional charges levied

  • The interest amount for the period between loan disbursement and loan cancellation will be payable.

  • Processing fees will also be retained.


In Conclusion

If you have a low credit score then availing a loan can become complicated. Most lenders only provide loans to those with credit scores above 750. Luckily, there are a number of options available for those with low credit scores as well.

If you wish to avail a personal loan without a guarantor that is disbursed within 24 hours of application approval, requires minimal documentation, and has a unique credit requirement, Money View is definitely an option to consider. Download the app or visit the website to apply today!

Loans without Guarantor - Related FAQs

Credit scores are assigned by the Credit Bureaus in the range of 300-900. Higher scores are preferred as they indicate better degrees of creditworthiness and lesser risk to the lender in lending. Generally, a CIBIL score of 750 and above is preferred by traditional lenders while lending.

Individuals with low credit scores do find it difficult to avail loans. Lenders may require the provision of a guarantor or collateral to release the loan or they may provide the loan on unfavorable terms like a higher rate of interest, a lower loan amount or a shorter tenure.

Money View is an online lender that lends personal loans to individuals without a guarantor. They are available even for those with a low credit score. Our minimum credit score requirement is a CIBIL Score of 600 or an Experian Score of 650.

  1. Given below are some of the advantages of availing a personal loan from Money View:

  • Your eligibility check takes just two minutes

  • You can avail a loan of any amount, starting from Rs. 5,000 up to Rs. 5 lakh

  • Enjoy flexible repayment plans of up to 5 years

  • Get the loan amount within 24 hours of approval

  • Highly competitive, low-interest rates starting at monthly charges of 1.33%

  • No paperwork as all our processes are carried out online

Banks and other popular financial institutions require a minimum CIBIL score of 750 or above to provide a loan. However, at Money View, we employ our own alternate credit scoring model taking into account various other data points. Therefore, we require our applicants to have a minimum CIBIL score of 600 and an Experian Score of 650 to be eligible for our personal loans.