Low credit score? You can still get a personal loan with our alternate credit model
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.
Fast Disbursal
The loan amount is disbursed to your bank account within 24 hours of approval
Collateral Free Loans
You can get a personal loan through Moneyview without having to vow any asset or arrange for a guarantor
Attractive Loan Amount
Get loans from Rs.5,000 to Rs.10 Lakh based on your eligibility
Affordable Interest Rates
You can check your eligibility on the moneyview website or app in just 2 minutes.
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.
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
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 |
|
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 |
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.
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.
What are Bad Credit Loans?
What Can Cause Low Credit Scores?
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 -
What is the Difference Between Secured and Unsecured Loans?
Are There Secured Loans for Bad Credit Available?
If you have a low credit score and but have some form of collateral, you can avail the following 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.
What are the Disadvantages of Availing a Loan for Bad Credit?
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 -
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