Loans for Bad Credit

Unsecured Bad Credit Loans

Urgent Loan with Bad Credit in India

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.

Features and Benefits of Bad Credit Loans through Moneyview

Disbursal

Fast Disbursal

The loan amount is disbursed to your bank account within 24 hours of approval

Collateral Free

Collateral Free Loans

You can get a personal loan through Moneyview without having to vow any asset or arrange for a guarantor

Loan amount

Attractive Loan Amount

Get loans from Rs.5,000 to Rs.10 Lakh based on your eligibility

Affordable Interest Rates

Affordable Interest Rates

You can check your eligibility on the moneyview website or app in just 2 minutes.

Need Urgent Funds?

Collateral Free Personal Loans up to ₹10 Lakh

Personal Loan

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

  • 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.

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-

  • Aadhaar Card

  • Valid Indian Passport

  • Valid Voter ID

  • Valid Driver’s License

Please upload any one of the following documents- 

  • Aadhaar Card

  • Valid Indian Passport

  • Valid Voter ID

  • Valid Driver’s License

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

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.

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

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

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