Personal Loans for Bad Credit, Urgent Loans for Bad Credit

Q: 1. What Are Bad Credit Loans?

Ans: Technically speaking, a bad credit loan refers to loans that are provided to those that 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 loan providers such as Money View provide loans to even those with credit scores as low as a CIBIL score 600 or Experian score of 650. So, if you’re looking at loans for bad credit, you know where to apply.

Q: 2. What Can Cause Low Credit Scores?

Ans: 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)

Q: 3. What is The Difference Between Secured And Unsecured Loans?

Ans: 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. Money View personal loans for bad credit are unsecured loans and do not require any collateral or security.

Q: 4. Are There Secured Loans For Bad Credit Available?

Ans: 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.

Q: 5. What Are The Disadvantages Of Availing A Loan For Bad Credit?

Ans: 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

Q: 6. My CIBIL Score Is 620 And I’m From Jharkhand. Can I Still Get A Personal Loan From Money View?

Ans: Yes, you can. Thanks to Money View’s alternate credit rating model, as long as your CIBIL score is above 600, you can get a personal loan from us.

Top Features and Benefits of Personal Loan

Flexible Loan Amount

Money View offers personal loans of up to Rs. 5 lakhs based on your requirements

Quick Eligibility Check

Visit the Money View website or download the loan app provide all the necessary details, and we will let you know your eligibility in just 2 minutes

Collateral Free Loans

To apply for a personal loan through Money View, you don’t have to pledge any asset or arrange for a guarantor

Affordable Interest Rates

We understand how important interest rates are as they determine the EMI amount to be paid. At Money View, the interest rate starts at just 1.33% per month

Completely Paperless

Right from application to loan disbursement, the entire process of availing a loan from Money View is completely paperless and digital.

Flexible Repayment Term

Applicants can enjoy flexible repayment tenures of up to 5 years or 60 months

Loans on Low Credit Score

The minimum score required is a CIBIL score of 600 or Experian score of 650.

24 Hour Disbursal

The loan amount is disbursed to your account in 24 HOURS of approval.

Eligibility Criteria for Bad Credit Loans Online

If you have a low credit score, you can still avail a personal loan from Money View if you 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 Bad Credit Loans Online

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

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 Bad Credit Loans Online

Money view’s personal loans for bad credit come with competitive interest rates and have no hidden charges whatsoever. Our fees and charges are -

Fees & 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/hidden charges levied The interest amount for the period between loan disbursement and loan cancellation will be payable. Processing fees will also be retained

Fees & 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/hidden charges levied
The interest amount for the period between loan disbursement and loan cancellation will be payable.
Processing fees will also be retained

How to Apply for An Instant Personal Loan for Bad Credit

Check Eligibility

Provide the required details and find out if you’re eligible for a loan in just 2 minutes.

Select Loan Tenure

Choose the loan amount and repayment term of your choice based on the options provided.

Upload Documents

You’ll have to upload all the relevant documents after which they will be verified

Amount Disbursed

Post verification and submission of loan agreement, the loan amount will be credited to your account within 24 hours

Frequently Asked Questions (FAQs)

1. What Are Bad Credit Loans?

Ans: Technically speaking, a bad credit loan refers to loans that are provided to those that 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 loan providers such as Money View provide loans to even those with credit scores as low as a CIBIL score 600 or Experian score of 650. So, if you’re looking at loans for bad credit, you know where to apply.

2. What Can Cause Low Credit Scores?

Ans: 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)

3. What is The Difference Between Secured And Unsecured Loans?

Ans: 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. Money View personal loans for bad credit are unsecured loans and do not require any collateral or security.

4. Are There Secured Loans For Bad Credit Available?

Ans: 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.

5. What Are The Disadvantages Of Availing A Loan For Bad Credit?

Ans: 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

6. My CIBIL Score Is 620 And I’m From Jharkhand. Can I Still Get A Personal Loan From Money View?

Ans: Yes, you can. Thanks to Money View’s alternate credit rating model, as long as your CIBIL score is above 600, you can get a personal loan from us.

Loans for Bad Credit

Low credit score? You can still get a personal loan with our alternate credit model