Personal Loans for low credit are an option for people whose credit reflects some financial missteps or people who haven’t had time to build a credit history. Bad/Low credit refers to a low credit score or a short credit history. Things like late payments or maxed-out credit cards can lower your credit score. Many lenders are hesitant to lend to people who have a low credit score as there is a higher risk of them defaulting on the payments. A low credit score is an indication of the low repayment capacity of individuals and hence, these individuals find it challenging to find a lender who will offer them a loan.
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2. Credy Personal Loan
A personal loan is a loan which is transferred directly to your bank account. A personal loan can be used for any purpose you want. You can use it for refinancing your debt, medical emergency, expenses, credit card bill payments, two-wheelers or four wheeler financing, buying electronics, renovating your home, or any other reason you want to spend the cash on. Since you get the loan amount directly credited in your bank account, you can choose to do what you want to do with the loan amount. Credy does loan disbursal directly to your bank account via IMPS.
A personal loan can be both secured or unsecured. A secured personal takes some form of collateral against the loan. This collateral offers security to the lender so no credit check payday loans Waterville OH that if a borrower fails to make payments, they can make good of their losses in partial or full via the collateral. However, in an unsecured personal loan there is no collateral, and hence is less hassle for the borrower. At Credy we offer a convenient paperless unsecured personal loan to salaried people. To be eligible for the loan you have to be employed at any private or government sector company.
3. IndusInd Bank
Self-employed professionals like doctors, chartered accountants, engineers, company secretaries, MBA consultants, and architects and self-employed individuals like directors, sole proprietors, and partners can apply for this loan, provided they are above the age of 25 years. The lender has simplified the personal loan application process, with applicants having to submit minimum documentation when applying for a loan from IndusInd Bank.
4. Fullerton India
Fullerton India Personal Loan is the most popular personal loan in India given its low interest rates, quick approval, and online process. Fullerton India Personal Loan interest rate starts from %. The processing fee charged on Fullerton personal loan is 2%. Fullerton also offers pre-approved personal loans at low rates for customers with strong credit history and those with an existing account with the bank.
5. Bajaj Finserv
Bajaj Finserv offers collateral-free loans which can be easily availed online with minimal documentation and be repaid over a flexible tenure. FundsTiger has partnered with Bajaj Finserv to provide these loans quickly, often with 24 hours of approval of your loan application. Read on to know more about various key details relating to Bajaj Finserv personal loans such as its eligibility criteria, documentation requirement, key fees and charges and much more. Flexi loan is a personal line of credit where Bajaj Finserv approves a loan limit for applicants on the basis of their credit score and other factors. As opposed to a regular personal loan, the applicant is free to withdraw the amount needed from the account instead of the approved total limit.