Your credit score may be a number, but it holds a significant weight in determining your financial well-being. A strong credit score means endless borrowing options, but what about a bad credit score? A low credit/CIBIL score can make it hard to get approved for loans and credit cards, making it challenging to achieve your personal or business goals.
You don’t need to worry; this article will explore best loan apps for low credit score. But first; let’s see what credit score means.
What is a Credit Score?
A credit Score measures your credit health and repayment history. Generally, we use the CIBIL score, a 3-digit number ranging from 300 to 900. A high CIBIL score above 750 is considered good and can help you to qualify for loans or credit cards.
CIBIL score is obtained by the Credit Information Bureau considering a variety of factors. Lending institutions prefer borrowers with credit scores of 750 or above. That doesn’t mean you can’t get a loan if your score ranges below 750; if someone gives you a loan, he will charge you higher interest rates.
Suggested Read: 20+ Best RBI Approved Loan Apps In India
List of Low Credit Score loan apps (Bad Cibil loan App List)
Here is the list of top 25 Low credit score Loan Apps in India:
| Bad CIBIL Loan App List | Interest Rate | Click Here to Apply |
|---|---|---|
| mPokket | 2% – 4% p.m. | Apply Now |
| LazyPay | Starting 15% p.a. | Apply Now |
| MoneyView | Starting 16% p.a. | Apply Now |
| Bajaj Finserv | 10% – 31% p.a. | Apply Now |
| HomeCredit | 1.6% p.m. | Apply Now |
| SmartCoin(olyv) | Up to 30% p.a. | Apply Now |
| CASHe | 2.25% p.m. | Apply Now |
| NIRA | 24% – 36% | Apply Now |
| KreditBee | 17% – 29.95% | Apply Now |
| PaySense | 1.4% – 2.3% p.a. | Apply Now |
| MoneyTap | Starting 13% p.a. | Apply Now |
| PayMe | 1.5% p.m. | Apply Now |
| Dhani | 13.99% p.a. | Apply Now |
| Fibe (Early Salary) | Starting 16% p.a. | Apply Now |
| IndiaLends | 10.25% – 29.99% p.a. | Apply Now |
| ZestMoney | Starting 14% p.a. | Apply Now |
| DigiMoney | 10% – 24% p.a. | Apply Now |
| IndusMobile: Digital Banking | 10.49% p.a. | Apply Now |
| Kissht | 3.8% p.m. | Apply Now |
| No broker | 12.99% – 34% p.a. | Apply Now |
| Pay With Ring | 3.8% p.m. | Apply Now |
| True Balance | 2.40% p.m. | Apply Now |
| Pocketly | 2% p.m. | Apply Now |
| Bajaj Markets | Starting 9.99% p.a. | Apply Now |
| Stashfin | 11.99% p.a | Apply Now |
You can Also Read: List of fake loan companies that you should avoid at any cost.
1. LazyPay
LazyPay is an affordable personal loan application that provides straightforward, low-documentation, fast personal loans for salaried employees and freelancers.
Major Highlights:
- Loans from ₹3,000 to ₹5 Lakh
- Interest rate starting from 15% p.a.
- Repayment Tenures ranging from 3 to 60 months
- Buy now pay later options
- App rating: 4.4 (Play Store), 4.8 (App Store)
2. mPokket
Created for students and young professionals, mPokket offers small personal loans starting at ₹500. The app’s fast approval process and minimal verification criteria particularly attract consumers new to credit.
Major Highlights:
- Loan amount starting from ₹500 up to ₹30,000
- Interest rate from 2% to 4% per month
- Repayment Tenures ranges from 61 days – 120 days
- College students can also avail a loan just by providing their college student ID, marksheet or admission as proof
- App Rating: 4.4 (Google Play Store)
3. MoneyView
Moneyview’s personal loan application ensures a quick, simple, flexible, and paperless borrowing process. Providing loan sums ranging from ₹5,000 to ₹10 lakh with a repayment duration of up to 5 years.
Major Highlights:
- Very Minimal Documentation
- Loan amount ranging from ₹5,000 to ₹10 Lakh
- Interest rate starting from 16% p.a.
- Flexible repayment tenures of up to 60 months
- App Rating: 4.8 (Play store), 4.8 (App Store)
4. Bajaj Finserv
Bajaj Finserv provides personal loans that are approved and disbursed instantly within 24 hours. Designed for particular groups, these loans without collateral offer ease and adaptability in borrowing.
Major highlights:
- Affordable Interest Rate ranging from 10% – 31% p.a.
- Tenures up to 96 months
- Avail loans up to ₹40 Lakh
- Quick loan approval process for time-sensitive needs
- App Rating: 4.8 (Play Store), 4.6 (App Store)
5. HomeCredit
Providing loans with minimal documentation, HomeCredit is a quick personal loan application that caters to individuals with low credit scores.
Major Highlights:
- Interest rates start from 1.6% p.m.
- Tenures can be 12 – 48 months, based on your convenience
- You can take a loan of up to ₹5 lakh
- It is present in more than 150 Indian cities
- App Rating: 4.4 (Play Store), 4.8 (App Store)
6. SmartCoin (Olyv)
SmartCoin is a user-friendly lending application designed for individuals seeking short-term loans. Employees and entrepreneurs can access loans through this app.
Major Highlights:
- Interest Rate up to 30% p.a.
- Loans ranging from ₹1,000 to ₹5 lakh
- Repayment Tenures from 2 – 24 months
- All documentation is in online process
- App Rating: 4.6 (Play Store)
7. CASHe
Created for salaried employees, CASHe offers rapid approval and distribution of short-term loans and is among the top loan apps for those with low CIBIL scores.
Major Highlights:
- Loan interest rate: 2.25% per month onwards
- Repayment Terms vary from 3 to 18 months
- The platform ensures swift approval and disbursement, meeting urgent financial needs
- No collateral is required in the loan process
- App Rating: 4.5 (Play Store), 4.3 (App Store)
8. NIRA
Targeting middle-class users, NIRA is an immediate loan application for low CIBIL scores that provides small loans for urgent requirements. The Nira loan app offers attractive interest rates and personalized financial options.
Major Highlights:
- Repayment period from 91 days to 24 months
- Loan amount ranging from ₹5,000 to ₹1 lakh
- Interest rate depend on the borrowed amount and repayment timing
- Once your documents and application are submitted, you can find out your credit limit in just 3 minutes.
- App Rating: 4.2 (Play Store)
9. KreditBee
KreditBee provides various personal loan options, including flexi loans and loans for both salaried and self-employed individuals. Flexi personal loans are ideal for emergencies or minor expenses, being small-amount loans.
Major Highlights:
- The interest rate ranges from 17.00% – 29.95% p.a. and can vary based on the borrower’s credit history and other factors
- The repayment tenure starts at 3 months and can go up to 10 months, 24 months, and 36 months for flexi loans, personal loans for self-employed, and personal loans for salaried, respectively.
- The entire loan application process from start to finish is done online.
- Borrowers can get a loan amount between ₹1,000 to ₹5 lakh.
- App Rating: 3.8 (Play Store), 4.4 (App Store)
10. PaySense
PaySense is a quick money application that provides personal loans online with fast approvals, no paperwork, and budget-friendly EMI options.
Major Highlights:
- Interest rate for personal loan from 1.4% to 2.3% per month
- Loan amount ranging from ₹5,000 to ₹5 lakh
- Repayment Tenure can be between 3 to 60 months
- The amount gets disbursed within 4 days of approval
- App Rating: 3.1 (Play Store)
11. MoneyTap
MoneyTap is transforming personal loans in India. The distinctive no-usage-no-interest option guarantees affordability, since users pay interest solely on the amount used.
Major Highlights:
- MoneyTap personal loans start at an interest rate of 13% p.a.
- Repayment Tenure up to 3 years
- The no-usage-no-interest feature ensures that one pays interest only on the amount used and not the entire amount availed.
- Online approval of loan in 4 minutes with minimal documentation
- App Rating: 4.0 (Play Store), 4.3 (App Store)
12. PayMe
PayMe, a cutting-edge FinTech application, provides immediate payday loans, salary advance loans, and short-term cash loans to those with salaries.
Major Highlights:
- Interest rate for personal loan start at 1.5% per month
- Loans can be taken for 3 to 24 months
- PayMe offers loans ranging from ₹500 to ₹5 lakh
- The total loan procedure can be completed on the app
- App Rating: 3.5 (Play Store), 2.5 (App Store)
13. Dhani
Dhani provides credit line solutions and quick personal loans with straightforward repayment conditions. The Dhani app serves as your all-in-one solution for managing your everyday financial needs.
Major Highlights:
- Interest Rate starts at 13.99% p.a.
- The loan amount can be up to ₹15 lakhs
- The tenure can be up to 24 months
- Avail unsecured loans with no physical documentation
- App Rating: 3.3 (Play Store), 4.1 (App Store)
14. Fibe (Previously EarlySalary)
Fibe, previously known as EarlySalary, provides appealing personal loans, financial independence, and options to its clients. It takes pride in being inclusive and offers immediate cash loans to individuals without a credit score.
Major Highlights:
- Personal loans with interest rates starting 16% p.a.
- Repay the loan in easy installments that span up to 24 months
- Eliminating the need for collateral, streamlining the borrowing process for users.
- Loan amount ranging from ₹5,000 to ₹5 lakh based on your eligibility
- App Rating: 4.5 (Play Store)
15. IndiaLends
Functioning as an aggregator, IndiaLends connects borrowers with lenders for loans suitable for low CIBIL scores. IndiaLends is the most reliable online platform in India for personal loan deals from more than 70 banks and NBFCs that have RBI approval.
Major Highlights:
- Offering personal loans with interest rates starting at 10.25% and up to 29.99% p.a.
- Loan disbursal within 24 hours
- Up to ₹50 lakhs can be availed as an instant loan
- Repay the loan amount through easy EMIs ranging from 1 year
- App Rating: 3.9 (Play Store), 4.5 (App Store)
16. ZestMoney
ZestMoney, a unique finance platform, makes digital finance affordable and accessible.
Major Highlights:
- Offers personal loans with interest rate starting at 14% p.a.
- Flexibility to close EMI without the need for additional documents
- Repayment tenures ranging from 3 – 36 months
- It can used to shop online in easy EMIs
- App Rating: 4.4 (Play Store), 3.3 (App Store)
17. DigiMoney
DigiMoney provides the quickest method to obtain Instant Loans in just 30 minutes. You can receive a loan straight in your bank account and pay it back through EMI options at reasonable interest rates.
Major Highlights:
- Loan amount ranging from ₹10,000 to ₹1 lakh
- Repayment Tenure ranging from 3 months to 12 months
- Interest rate: 10% to 24% p.a. Depending upon the results of credit risk assessment.
- Processing fee: ₹500 (Flat)
- App Rating: 4.1 (Play store)
18. IndusMobile
Utilize high-end features and tailored services such as scan-and-pay, convenient personal loans, recharges & bill payments, no fees on transactions, and additional options. Additionally, you have the option to open a completely digital savings account, fully protected by the latest technology.
Major Highlights:
- Get funds up to ₹5 lakh instantly
- Pay interest only on the withdrawn amount
- Flexible repayment tenure between 1 to 36 months
- Leverage the auto-sweep feature to get dual benefits of liquidity and high-returns.
- App Rating: 4.3 (Play Store), 4.5 (App Store)
19. Kissht
Kissht is a reliable quick loan application in India, providing online instant loans, business loans, and a smooth user experience. Whether you require money for unforeseen costs or business expansion, the Kissht advance loan app offers you prompt financial support.
Major Highlights:
- Interest Rates starting at 3.8% per month
- Repayment tenure of up to 36 months
- Instant loan from ₹10,000 to ₹5 lakh within minutes
- Complete digitised process.
- App Rating: 4.5 (Play Store)
20. NoBroker
Prioritizing income stability over credit ratings, NoBroker is a loan app for low CIBIL scores that offers fast personal loans at competitive interest rates. NoBroker InstaCash is among the fastest instant loan apps, serving as a reliable and efficient ally for those requiring urgent funds.
Major Highlights:
- Interest rate ranging between 12.99% – 24% p.a.
- Loan disbursement within 24 hours
- Quick process and no collateral required
- Loan amount range from ₹10,000 to ₹10 lakhs
- App Rating: 2.2 (Play Store)
21. Pay with Ring
Access larger pre-approved loans through prompt repayment. Through Ring UPI, you can easily transfer funds to any mobile number or bank account.
Major Highlights:
- Get instant loans with no hidden charges or collateral requirements
- Avail loans up to ₹5 lakh within minutes.
- Interest rates starting at just 3.8% per month
- Repayment tenures from 3 months to 36 months
- App Rating: 4.6 (Play Store)
22. Pocketly
The Pocketly app is accessible to users of both Android and iOS, offering small immediate loans with a brief repayment period.
Major Highlights:
- Interest rate starting from 2% per month
- Loan tenure ranges from 1 to 6 months
- It has eligibility criteria with an income requirement of ₹15,000
- Both salaried and self-employed individuals can avail this loan
- App Rating: 4.1 (Play Store), 3.9 (App Store)
23. Bajaj Markets
The Bajaj Markets App by Bajaj Finserv Direct Ltd. serves as a comprehensive solution for all financial requirements. This online lending application provides over 100 financial products from more than 80 leading financial institutions in India.
Major Highlights:
- Interest rate starting from 9.99% p.a.
- Loan amount up to ₹50 lakhs
- Repayment tenure up to 96 months
- Easy application process with quick approval and minimal documentation
- App Rating: 4.3 (Play Store), 4.7 (App Store)
24. Stashfin
For individuals with low CIBIL scores, StashFin offers a personal credit line that enables adaptable borrowing and repayment options. Stashfin functions in more than 30 locations across India.
Major Highlights:
- Personal loan interest rates start from 11.99% p.a.
- Nominal processing charges
- Credit line ranging from ₹1,000 to ₹5 lakh
- Tenure ranging from 3 months to 36 months
- App Rating: 3.8 (Play Store), 4.1 (App Store)
25. True Balance
True Balance is a mobile application that mainly serves as a digital lending platform, providing fast loans to users in India via its collaboration with an RBI-registered NBFC.
Major Highlights:
- They offer credit access 24 hours a day.
- The monthly interest rates begin at 2.40%.
- You can take a loan of any amount from Rs.5,000 to Rs.1.25 Lakh.
- Repay the sum at your convenience with terms ranging from 3 to 12 months.
- App Rating: 3.5 (Play Store)
Also Read: Best Instant Loan Apps in India
Eligibility criteria for Low Credit Score Loan Apps
- You must be an Indian citizen
- You must be above the age of 21
- Your Income proof
- Minimum monthly salary of Rs.15,000 – Rs.18,000 (based on Metro or non-Metro cities)
How To Apply For Personal Loans On Low Credit Score Loan Apps
- Step 1: Download the mobile application of the lender, directly from the Google Play Store or App Store.
- Step 2: Register for a new user. After the process, you will provide the information such as name, address, id proof and email.
- Step 3: This step sets the credit limit.
- Step 4: Once completed, upload your KYC paperwork for the personal loan agreement.
- Step 5: Then enter your bank details to get a personal loan. Then fill out an application form.
- Step 6: The money will be sent to your specific bank account immediately after the approval.
Check Your Credit Score in Free.
Fees and Charges for Bad Cibil Loan Apps
- Interest: You may have to pay interest up to 36% p.a; on personal loans taken from these low (<650) CIBIL score loan app.
- Processing Fees: You may have to pay up to a 5% of processing fee on the principal amount.
- Platform Fees: Sometimes, you have to pay platform/ agent fees for using these low CIBIL score loan apps.
- Penalty: If your loan is not repaid on time, you might face daily fees or penalties.
- GST: An 18% GST tax applies to all fees and costs.
Benefit of Low CIBIL Score Loan Apps
- You can apply for a loan from anytime, anywhere in India.
- These loan applications with low CIBIL scores are lodged by NBFC and are approved by the RBI.
- These personal loans are available for anyone from any profession.
- With these low credit score loans, you can obtain unsecured personal loans without providing collateral or guarantee.
- Your KYC credentials (Aadhaar Card and Pan Card) are mostly accepted as collateral for these personal loans.
- You can get a maximum loan amount of Rs 5,00,000.
- Applying for one of these loans won’t take more than five minutes.
- These loans are just one click away without any hassle, and from the comfort of your home by just doing KYC.
Also Read: Smart Ways to Increase CIBIL Score from 600 to 750
Conclusion
Bad Cibil loan App List: It’s no longer a pipe dream for applicants with low CIBIL scores to be eligible for loans. You may now get faster loan approval from Low Credit Score Loan Apps at reasonable rates, with little paperwork. With extra bonuses, if you have a CIBIL score of at least 600.
OneNDF is committed to equipping you with all sorts of financial knowledge for your overall financial independence and well-being.
FAQs Related to Low Credit Score Loan App
Q.1 Is there any way I can get an emergency loan in India with bad credit?
Indeed, even individuals with bad credit can take out instant loans with the help of some loan apps in India that offer such services. Such applications like SmartCoin and mPokket are intended in providing loans to most of the people with lower CIBIL scores.
Q.2 Are there any loan apps in India which provide 7 day loans to people with low CIBIL scores?
Yes, money lending applications like LazyPay and Fibe could provide such loans in a span of 7 days loan with lower cibil scores. Although the tenor of such loans is very short, the cost of borrowing might be high as the CIBIL score is low.
Q.3 Can I apply for a loan if I have a bad credit score?
Sure, you may apply for a loan even with a bad credit score. A lot of Non-Banking Financial Companies (NBFCs) and Fintech organizations in India provide loans to people with a poor CIBIL score. However, be prepared to have high interest rates and other extra charges. Be sure to conduct a valuable assessment and pick the best lender as you would want to avoid unpleasant conditions.
Q.4 Can I get a loan without a credit score?
There are chances that one can obtain a loan even without a credit score, mostly a first-time borrower. Some institutions extend such loans to less preoccupied NBFCs and Fintech companies as benefits are offered based on other aspects such as income, employment history, and alternative data.. However, the loan amount and terms might be limited compared to those offered to borrowers with established credit scores.
Q.5 Which loan app can I use with a 600 CIBIL score?
A list of apps that can be used with a CIBIL score of 600 include KreditBee, MoneyTap, and CASHe. These apps provide lending facilities to people with a negative or fair credit score.
Q.6 Which app gives loans with low CIBIL score?
SmartCoin provides fast loans safely and securely. While examining the application, the credit score is examined against the CIBIL scores.
Q.7 Can I get a loan if my CIBIL score is low?
If your CIBIL rating is low, you may get a loan from another person if you can provide your own guarantor. Of course, your other applicant must be informed before you ask for approval.
Q.8 Which app is best for a low credit score?
- Alpha Money
- mPokket
- Dhani
- Buddy loan
- Navi
- NIRA
- CASHe
- KreditBee
- Paysense
- Fibe (Early Salary)
Q.9 Can one get a personal loan with a 500 credit score?
Credit rating: 500 is considered a poor credit score.
Borrow options: Almost all borrowings are available. However, the rates may not be attractive.
Q.10 What credit score is too low for a loan?
A credit score is said to be deficient for the purposes of acquiring a loan when a potential borrower’s range is lower than 580. Most lenders consider it as high risk and therefore it will be difficult to take a loan. However, some NBFCs and Fintech companies may still provide loans but at very high interest and strict conditions.
Q.11 How to increase cibil score from 500 to 750
Here are a few tips on how to increase your cibil from 500 to 750:
- Pay your bills on time
- Reduce your Credit Card balance
- Diversify your credit mix
- Analyse your previous debts
- Check your credit report regularly
Q.12 Can I get a loan with a low credit score?
Although it is proving difficult with a low CIBIL score, it is still possible to borrow money. Many emerging NBFCs and Fintech companies are offering loans but sometimes require high fees.
Q.13 Can I get an instant personal loan with a low credit score?
A lower score by CIBIL merely means that a personal loan is unlikely. The only way borrowers can improve their CIBIL scores will be to gain lenders’ confidence in EMI approval. This won’t prevent you from getting rejected in the first place when applying.
Q.14 How can I check my credit score for free?
Visit the OneNDF website for details of your scores. Scroll down to get more information. You must then provide your personal information and you can check your credit score for free.
Q.15 What is cashe loan app review?
Cashe is a legitimate lending source. Cashe is powered by an RBI registered NBFC, Bhanix Finance and Investment Ltd.
Q.16 Is DMI Finance RBI approved?
Yes, DMI Finance is regulated by the Reserve Bank of India .
