10+ Best Loan Apps for Low Credit Scores

One friend told me that low-credit-score customers can’t get any type of loan. Some parts are true & some parts are wrong. Low-credit-score customers can get a loan if the customer knows the right application.

As you know, the CIBIL score measures from 300 to 900. This number will decide whether a score is a good or a bad credit score. A good CIBIL score holder can get a loan from every lender.

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 Disbursement: This low CIBIL score loan application gives you instant loan disbursement. The money will be credited within 30 minutes.

Fewer Documents:  The document process is minimal. Your KYC documents will be needed at the time of the loan application.

Loan Tenure: The loan application gives you flexible tenure.

High Amount: Some applications give 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 applications give you different interest rates. The interest rate will depend on your credit score.

Also Read: Instant Personal Loan at 12,000 Salary in India

Eligibility Criteria of Loan Apps with Low Credit Scores

• Applicant should be an Indian Citizenship
• The minimum age of 18 years is required
• Applicant required a source of income
• Aadhaar-linked mobile number required

Documents Required for a 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
Bounce Charge	Applicable
Late Payment Charge	Applicable

Also Read: 3 tips to improve your personal loan eligibility

How to Apply for Low Credit Score Loan Apps

Step 1: Check the eligibility criteria & download the loan application from the Google Play Store.

Step 2: Register through a mobile number or email ID.

Step 3: Fill in the queries carefully.

Step 4: Now the 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.

Also Read: Top 7 Credit Cards for Low Credit Score in India

How to Improve Loan Approval

Apply for Smaller Loans

Without applying for a 1 lakh loan, just try with a 30,000 or 40,000 loan, which is easier to approve.

Avoid Multiple Loan Applications

Don’t apply for too many loans at the same time. This can be harmful to your credit profile.

Pay Existing EMIs

Must pay your existing loan EMI on time. This one thing can increase your loan eligibility.

Maintain Good Banking Habits

You should maintain an average bank balance for better loan eligibility.

Update Your Credit Report

Check your credit score for errors and dispute inaccuracies.

FAQs