Why Choose Moneyview Loans for Bad Credit
Flexible Loan Amount
Depending on your eligibility you can choose any loan amount of up to Rs. 10 lakhs
Quick Eligibility Check
Your loan will be credited within a day or so after your loan application has been approved
Collateral Free Loans
There is no need for a guarantor or collateral to get personal loans from Moneyview
Affordable Interest Rates
We understand how important interest rates are as they determine the EMI amount to be paid. At Moneyview, the interest rate starts at just 14% per annum
Personal loans can be incredibly helpful. These unsecured loans are versatile and usually disbursed quickly and are versatile. But if you have a low or bad credit score wherein your credit score is lower than 700 then getting a loan might be harder.
But every problem has a solution and in this case, personal loans through Moneyview is your answer.
What are Bad Credit Loans?
When someone with a low credit score takes out a loan, it is referred to as a bad credit loan. In order to easily get, one must have a credit score of 750 or more. But this may not be possible for everybody.
The good news is that digital lending platforms such as Moneyview give access to loans to even those with low credit. So, if you’re looking at loans for bad credit, you know where to apply.
Eligibility Criteria for Bad Credit Loans Online
If you have a low credit score, you can still avail of a personal loan through Moneyview if you fulfill the eligibility criteria given below -
-
Applicants must be between 21 years and 57 years
-
Applicants must receive an income of Rs. 25,000 or more
-
Income must be credited directly to the applicant's bank account
-
Must have a minimum CIBIL score of 650
Fees and Charges for Bad Credit Loans through Moneyview
Personal loans through Moneyview for bad credit come with competitive interest rates and have no hidden charges whatsoever. Our lending partners' fees and charges are -
| Fees and Charges | Amount Chargeable |
|---|---|
|
Interest Rate |
Starting from 14% per annum |
|
Loan Processing Charges |
Starting from 2% of the approved loan amount |
|
Penal charges on Overdue EMI |
24% per annum plus applicable taxes, if any |
|
NACH Bounce |
Rs.500/- each time |
|
Loan Cancellation |
|
Documents Required for Bad Credit Loans Online
Our partner lenders generally don't require additional documentation. However, if there was any change in your income in the recent past, you may have to provide income verification.
| Identity Proof | Address Proof | Income Proof |
|---|---|---|
|
Please upload a copy of any one of the following documents-
|
Please upload any one of the following documents-
|
Our lending partners may require proof of income based on your eligibility and credit rating. If requested, the following documents will suffice - For Salaried Applicants Last 3 months’ bank statements in PDF format showing salary credits Last 3 months' salary slips with important details For Self-Employed Applicants Last 3 months’ bank statements in PDF format |
Tips on Managing a Loan With a Bad Credit Score
Managing a loan when you have a bad credit score can be challenging but can be handled with strategic planning and financial discipline. Here are some tips:
Choose Affordable EMI Options: Select a loan with a repayment tenure that lets you pay smaller, more manageable EMIs.
Prioritize Timely Payments: Set up reminders, calendar alerts, or automatic payments to make sure you never miss an EMI.
Consolidate Your Debts: If you have multiple loans you can consider consolidating them into a single loan with better terms or lower interest rates.
Monitor Your Credit Score: Check your credit report regularly to see if there are any errors that might affect your credit score. You can report inaccuracies to credit bureaus to repair your credit score.
How to Apply for An Instant Personal Loan for Bad Credit
Check Eligibility
Visit the Moneyview website or download the app. Provide all necessary details and in 2 minutes we will let you know your eligibility
Select Loan Tenure
Select the loan amount and repayment term of your choice based on your eligibility
Upload Documents
Easily upload all the documents online
Amount Disbursed
After your documents are verified and loan agreement is submitted, the loan amount will be credited to your bank account within 24 hours
Conclusion
Individuals can end up with a bad credit score due to a number of reasons that are beyond their control. And improving one's credit score can take a long time. However, the need for credit could come up at any time.
If you have a low credit score then do not worry, with personal loans through Moneyview, you can still get a loan for bad credit. Thanks to our lending partners' unique credit rating model, we require applicants to only have a CIBIL score of 650 or more.
Frequently Asked Questions (FAQs)
Technically speaking, a bad credit loan refers to loans that are provided to those who have low credit scores. In order to easily avail loans, one must have a credit score of 750 or more. But this may not be possible for everybody. Therefore, certain digital lending platforms such as Moneyview provide loans to even those with credit scores as low as a CIBIL score of 650. So, if you’re looking at loans for bad credit, you know where to apply.
One could end up with a bad credit score due to a lot of reasons which can vary from one person to another. However, the most common reasons due to which individuals might land up with bad credit are -
- Defaults in repayment of old and existing loans or credit cards
- High credit card utilization or a high number of hard inquiries
- Those who do not have a credit score as they are new to credit. (Never availed credit earlier)
Secured loans are those that are provided against collateral such as home loans, auto loans, gold loans, etc. Unsecured loans are those that do not require collateral such as personal loans. Personal loans from Moneyview for bad credit are unsecured loans and do not require any collateral or security.
If you have a low credit score and but have some form of collateral, you can avail the following loans -
- Gold Loans -You can avail a loan by using the gold that you own (bonds, coins, jewellery) as collateral
- Loan Against Property - An existing property can be given as a security to avail a loan. A Loan to Value Ratio of anywhere between 50-75% is allowed depending upon the age, condition and title documents of the property
- Securities and Fixed Deposits - Investments in securities, mutual funds or fixed deposits can also be used as collateral for availing loans.
When bad credit loans are availed against collateral, the amount of the loan will always be tied to the value of the asset allowed as collateral. However, with low credit scores, even with collateral, your interest rate will be on the higher side.
Loans for bad credit are loans that are provided to individuals with low credit scores. As the lenders take on more risk when lending to less creditworthy individuals, they tend to compensate for it by altering certain terms and conditions of the loan as given below -
- These loans are often provided at higher rates of interest
- Sometimes, these loans are only provided as secured loans, i.e., require collateral
- These loans may have short repayment terms
Yes, you can. Thanks to Moneyview’s lending plartners' alternate credit rating model, as long as your CIBIL score is above 650, you can get a personal loan from us.