24hr Loan experience one-third of customers have bad credit scores. NBFCs and Banks do not provide loans with poor credit scores; we know you are worried about getting the loan. Sometimes unintentionally we mistake on-time payment. This impacts your credit score and your CIBIL goes down. So, we found an alternative route to apply for a loan with bad credit online.
What are the reasons for bad credit scores?
Your credit score may be down for many reasons. The following reasons may be one of the reasons for you.
- Too much log in for a loan
- You just missed the due date
- You are the grantor of the applicant & he or she missed the repayment date.
- You have too many multiple loans at a time.
4 Alternative Way for Bad Credit Loans
24hr Loan search an alternative way to get the loan with bad credit. It will help you to get rid of the financial crisis.
1. Loan Against Gold
If you are Indian, definitely you have some gold in your locker. Now, it’s time to take the benefits of gold. Take a loan against gold that is a Gold loan. This is a secure loan and it will be available with bad credit also. Lenders will give you a 75% loan against gold with 8% to 12% p.a. Build your bad CIBIL score to pay the gold loan repayment plans.
2. Loan Against Bond
Now Banks will give you loans against bonds. You will get the loan based on bond market value. A bond is another secure loan and you take a loan of 95% of the bond’s value. If you repay the loan on time, you will get back the bond.
3. Property Loan
The popular loan on the market is LAP (Loan Against Property). The owner of residential or commercial may also opt for a property loan. Usually, LAP gives 15 to 20 years of repayment tenure. Available 60% to 75% loan of your property value. A CIBIL score of 650 to 690 may take the property loan.
4. Top-up Loan
If you have an existing property or home loan, you should take a top-up loan facility. It will only happen if you are paying a previous loan on time. The bad credit score owner may build the credit score through a top-up loan.
Get a Personal Loan for Bad Credit
NBFC companies and Peer-to-Peer Lending (P2P) provides personal loan for bad credit score. But the rate of interest is slightly higher compared to Banks. Take a look at the below list for bad credit personal loans.
|Lenders||Credit Score||Loan Amount||Net Salary|
|PaySense||680 – 700||Up To 7.5 Lakh||Rs. 18,000||Apply Now|
|Upward||675 – 700||Up To 5 Lakh||Rs. 18,000||Apply Now|
|Piramal Finance||670 – 700||Up To 10 Lakh||Rs. 28,000||Apply Now|
|Faircent||680 – 710||Up To 10 Lakh||Rs. 25,000||Apply Now|
|MoneyWide||675 – 700||Up to 3 Lakh||Rs. 20,000||Apply Now|
You should check the lender’s criteria before applying for a bad credit loan. Eligibility criteria will deferent lender to lender.