Getting a loan with bad credit is challenging for borrowers. But it is not impossible. Various lenders provide personal loans for 5000 with bad credit scores. Receive the loan to your account within 30 minutes. Read eligibility criteria and other details for an instant 5000 loan.
What is Bad Credit Score?
Credit Score is the numerical value of an individual’s creditworthiness. A CIBIL score merges with the range of 300 to 900. The Credit Information Bureau (India) Limited (CIBIL) is the popular company that provides credit scores, although others like Experian and Equifax operate in India. This company defines a bad credit score as below 650.
Top Lenders for ₹5,000 Personal Loans in India
| Lenders | Interest Rate (p.a.) | Salary Per Month | |
| WeRize | 16% to 18% p.a. | Rs. 12,000 | Apply Now |
| MoneyView | 1.33% per month | Rs. 13,500 | Apply Now |
| InCred | 11.49% to 18% p.a. | Rs. 15,000 | Apply Now |
| Fibe | 24% to 30% p.a. | Rs. 15,000 | Apply Now |
| IIFL Finance | 12.75% to 33.75% p.a. | Rs. 15,000 | Apply Now |
| Prefr | 18% to 36% p.a. | Rs. 18,000 | Apply Now |
| Finnable | 16% to 22% p.a. | Rs. 15,000 | Apply Now |
| IDFC | 12.50% to 18% p.a. | Rs. 15,000 | Apply Now |
| PaySense | 1.4% to 2.3% per month | Rs. 18,000 | Apply Now |
| Upward | 9% to 32% p.a. | Rs. 18,000 | Apply Now |
| mPokket | 1% to 6% per month | Rs. 9,000 | Apply Now |
| Kreditbee | 1.02% per month | Rs. 10,000 | Apply Now |
4 Features Personal Loan for 5000 with Bad Credit
Hassle-free Loan Process: Obtain bad credit personal loans without hassle. It is quick and fast loan approval within 30 minutes.
Not Required High Income: A person with a Rs. 12,000 salary is eligible for a 5000 personal loan with a bad credit score.
Apply Digitally: Borrow 5000 loan with a 100% digital process. 24hrLoan keeps it a simple loan process which is available online.
Bad Credit Loan Available: Get a personal loan with a bad credit score. 24hrLoan connected with various lenders that offer loans at a 650 CIBIL score.
Also Read: 650 CIBIL Score Personal Loan
4 Factors Affecting Your Credit Score
Missed EMI: Sometimes we forget to pay the credit card bills or loans on time and miss the EMI date. This drastically lowers your credit score report.
Credit Utilization: A high credit utilization ratio negatively impacts on CIBIL score. You should use more than 30% of your total credit limit.
Multiple Application: Without knowing, borrowers apply for loans from multiple lenders. This is badly impact on your credit score because of hard inquiries.
Running Too Much Loan: If various loans running on your profile, your credit score can be affected. You must be aware of this.
Strategies to Secure a ₹5,000 Loan with Bad Credit
1. Apply Loan from NBFCs and Fintech Lenders
- NBFCs: You can opt for loans from Non-Banking Financial Companies (NBFCs) like WeRize, LendingKart, IIFL, and Bajaj Finserv offering loans without hard inquiry. These NBFC companies provide loans with bad credit scores.
- Fintech Lenders: Some Fintech companies such as MoneyTap, KreditBee, and CASHe are popular lenders that offer small loans with low CIBIL scores.
2. Consider Secured Loans
- Fixed Deposit Loan: Borrow a loan from your fixed deposit which is considered a secured loan. This loan is available with bad credit.
- Mortgage Loan: Obtain a mortgage loan that falls under the secured loan. You can pledge a loan of 70% to 80% of your property valuation.
- Gold Loan: You can use collateral such as gold and get a loan against your gold value. Get a loan within 48 hours at 8% to 12% interest rate.
3. Peer-to-Peer (P2P) Lending
- P2P lending companies like Faircent, and LenDenClub provide loans from individual investors. You can opt loan with a 650 credit score. But interest rates will be high compared to Banks & NBFCs.
Also Read: Instant 5000 Loan on Aadhaar Card
Conclusion
Getting a personal loan for 5000 with a bad credit score is challenging but not impossible. Use various methods such as secured loans, P2P lending, or add a guarantor. This method increases your loan chances. Also, it would be best to keep trying to improve your credit score. This will add extra benefit for you.
FAQs
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How much salary is required for a 5000 loan with bad credit?
Borrowing a 5000 loan with a bad credit score required Rs. 12K salary. Your income should go to directly bank account and your job must be 12 months old.
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Can I get a 5000 loan at a 650 credit score?
Some lenders such as WeRize, MoneyView, Kreditbee, and Cashe provide 5000 loans with 650 scores. But last 6 months DPD has not been accepted.
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Can I be eligible for a P2P loan with a bad credit score?
Peer-to-peer lending companies like Faircent provide loans at Rs. 25,000 salary. Also, self-employed persons are eligible for loans with 2-year Income Tax files and 6 months bank statements.