One friend told me that low credit score customers can’t get any type of loan. Some part is true & some part is wrong. Low credit score customers can get a loan if the customer knows the right application.
As you know, the CIBIL score measures from numbers 300 to 900. This number will decide which is a good or bad credit score. A good CIBIL score holder can get a loan from every application.
But, what about bad credit score holders?
Here is the solution for you. We are covering 10+ best loan apps for low credit scores. You should check it out right now.
10+ Best Loan Apps for Low Credit Scores
|Apps||Interest Rate||Loan Amount|
|Money View||16% – 39% p.a.||Up to Rs. 5 Lakhs|
|mPokket||0% – 4% p.m.||Rs. 500 to Rs.30,000|
|LazyPay||16% – 32% p.a.||Up to Rs. 1 Lakhs|
|CASHe||2.25% p.m.||Rs. 1,000 to Rs. 4 lakh|
|KreditBee||Upto 29.95%||Up to Rs. 4 Lakhs|
|PaySense||16% – 36% p.a.||Rs. 5,000 – Rs 5 lakh|
|PayMeIndia||18% – 42% p.a.||Up to Rs. 2 Lakhs|
|Zest Money||0% – 21% p.a.||Up to Rs. 2 Lakhs|
|Prefr||18% – 36% p.a.||Rs. 10,000 – 3 lakh|
|Phocket||19% – 36% p.a.||Up to Rs. 2 Lakhs|
Benefits of Low Credit Score Loan Apps
Instant Disburse: This low CIBIL score loan application gives you instant loan disbursement. The money will credit within 30 minutes.
Fewer Documents: The document process is minimal. Your KYC documents will need at loan application time.
Loan Tenure: The loan application gives you flexible tenure.
High Amount: Some application gives you a higher loan amount of up to Rs. 5 lakhs.
Trusted Application: These loan applications are from registered NBFC companies. You can fully trust & apply for the loan without fear.
Interest Rate: Different application gives you different interest rate. The interest rate will depend on your credit score.
Eligibility Criteria of Loan Apps with Low Credit Scores
- Applicant should be Indian Citizenship
- The minimum age of 18 years required
- Applicant required source of income
- Aadhaar linked mobile number required
Documents Required for Low Credit Score Loan
- Address Proof (Aadhaar Card/ Voter Card / Passport/ Driving License)
- Identity Proof (Pan Card)
- Active Bank Account
- Applicant Selfie Image
Fees & Other Charges
|Interest rate||12% to 36% p.a.|
|Processing Fee||Up To 5% + GST|
|Late Payment Charge||Applicable|
How to Apply for Low Credit Score Loan Apps
Step 1: Check the eligibility criteria & download the loan application from Google Play Store.
Step 2: Register through a mobile number or Email id.
Step 3: Fill in the queries carefully.
Step 4: Now lender will check your credit score.
Step 5: Give your bank details for the e-mandate process.
Step 6: After all the process is done, you will get the loan offer.
Can I get a loan with a 550 credit score?
Some application gives you a loan with a 550 credit score. But the interest rate will be high.
How much loan can I get through low credit score loan apps?
You may get up to Rs. 5 lakhs instant loans through these loan apps.
Can I apply for a loan without a credit score?
Yes, you may apply for a loan without a credit score. Some application like Finnable, Kreditbee, UpWards, and LazyPay gives you a loan without a credit score.
Is a smartphone required to apply for an instant loan?
If you are going to apply for an instant loan, a smartphone will require.