Struggling with a low credit score? Discover the top 5 expert-approved ways to get a loan even with poor CIBIL history. Full details inside for smart borrowing.
When CIBIL Score Plays Hardball
Your CIBIL score between 300 and 900 will make or break the loan application you are doing. Where a high score makes things easy for you and a bad one, literally slams the door in your face. However, the truth most people do not want you to know is ‘low credit does not mean NO credit. Just dont get disheartened if your fingerprint history is not clean. There are awesome methods to access funds when you need it the most anyway.
A Joint Loan Can Be Your Golden Ticket
A quick way to overcome the low scores is by taking help of joint loan application from someone who have strong CIBIL for you. be it your spouse, sibling or friend- since their credibility speaks on you, you will be getting more approvals for the loan. Also you are paying half, think doubling the advantage. Just make sure your co-applicant has a good score, and you are in the clear
NBFCs Don’t Judge Too Harshly
Not all lenders are stringent. Smaller NBFCs [Non Banking Financial Companies] are more flexible than the bigger ones. They lend to people with bad credit, but at a higher rate. If it’s an emergency and you know what repayment they require, this might be your ace in the hole. As they say, read the small print – always.
Go the Secured Way and Pledge What You Own
Gold, property and any other valuable asset: Banks will almost never say no to a secured loan. Bank are not going to decline you any secured loan because these are secured by collateral, banks believe in you even with low score. Whether you are taking gold loan or property based personal loan, this is a technique of converting your asset into financial lifeline.
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Start Small and Build Trust Again
Small you want on a loan, in fact that your credit report is little sus I know lenders are going to approve of small amounts anyway. You can think of it as giving it a whirl—you are able to show responsible behaviour and in the future you will get an improved credit score, and more loan options. This is a good, efficient and calculated place to start.
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Show Them the Money (Flow)
If you have income, Wear it like a badge of honor. Sustainable income income shows lenders you are okay about paying back the loan. Despite a tenuous past, a verifiable income pattern establishes credibility and increases your likelihood of approval. Keep in mind, banks will not only judgements on the past but your present this well.
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