Bad Cibil loan App List: 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: 70+ Best RBI Approved Loan Apps In India
List of Low Credit Score loan apps (Bad Cibil loan App List)
Here is a Low credit score Loan Apps List:
| Bad Cibil loan App List | Interest Rate |
| mPokket | 0% – 4% p.m. |
| LazyPay | 16% – 32% p.a. |
| Money View | 16% – 39% p.a. |
| Bajaj Finserv | 12% – 34% p.a. |
| Home Credit | 18% – 56% p.a. |
| SmartCoin | Upto 30% |
| CASHe | Upto 30.42% |
| NIRA | 24% – 36% |
| KreditBee | Upto 29.95% |
| PaySense | 16% – 36% p.a. |
| MoneyTap | 13% p.a. |
| PayMeIndia | 18% – 36% p.a. |
| Dhani | Upto 42% p.a. |
| Early Salary | 15% – 40% p.a. |
| India Lends | 10.25% – 25% p.a. |
| Paytm Pay Later | 10.5% – 485 p.a. |
| Zest Money | 3% – 36% p.a. |
| DigiMoney | 19% – 34% p.a. |
| IndusMobile: Digital Banking | 18% – 39% p.a. |
| Mystro Loans & Neo Banking App | 15% – 36% p.a. |
| Kissht | 18% p.a. onwards |
| Prefr | 18% – 36% p.a. |
| Fair Money | 12% – 36% p.a. |
| Pay With Ring | 14% – 28% p.a. |
| Bueno Loans | 20% – 52% p.a. |
| Pocketly | 14% – 39% p.a. |
| Bajaj Markets | 14% – 52% p.a. |
| Indialends | 10.25% – 25% p.a. |
You can Also Read: List of fake loan companies that you should avoid at any cost.
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.
Suggested Read: What are Loan Resource Apps: Benefits and Comparison & How to Apply
Fees and Charges of Low CIBIL Score 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.
Suggested Read: Smart Ways to Increase CIBIL Score from 600 to 750
Benefit of Low credit 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 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.
Read Latest Web-story on Rbi Approved loan apps in India
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
Q1. 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.
Q2. 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.
Q3. 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.
Q4. 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.
Q5. 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.
Q6. 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.
Q7. 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.
Q8. Is DMI Finance RBI approved?
Yes, DMI Finance is regulated by the Reserve Bank of India .
