As a salaried or self-employed individual, you may have already organized your finances, including your investments, monthly expenses, immediate expenses, etc. But many situations catch us off-guard, and we require instant money to cater to our personal or family needs.
For such situations, you can get an instant loan from any neo-bank loan app. With minimal documentation, it is possible to get a small-ticket loan.
However, you may be wondering about your bad credit score, isn’t it?
You can get an instant loan even with a bad credit score, and in this post, we have discussed how.
What Does Inadequate Credit Score Mean?
The credit score is a rating offered by CIBIL (Credit Information Bureau India Limited) to measure the creditworthiness of individuals. It ranges from 300-900, but any score above 750 is considered a good credit score.
When your credit score is below this range, banks and lenders are averse to offering credit. But, you can still get an instant loan with low credit. Check how:
Get Instant Loan With Low Credit Score
You can apply with a neo-bank or loan app designed for salaried and self-employed professionals to get an instant loan with a low credit score. These app-based platforms offer instant lending options for up to INR 5,000 and more. While you don’t need collateral, you need to provide salary proof and KYC details to get a loan at a low credit score.
Benefits of using a loan app:
Small-ticket loans ranging up to INR 5,000-80,000
The low-interest-rate of up to 1.25%-3%
No unknown or hidden charges on repayment
Processing fees as low as 500 only
Repayment options, 3, 9, and 12 months
Documents required: KYC, salary account, details, and bank statements
How To Use A Loan App To Get Loan At Inadequate Credit Score?
To understand how you can apply for a personal loan on a loan app, find details below:
1. Research
The first is selecting the right lender. This ensures zero hidden charges, reliable dispatch, and sensitive document security.
Hence, check different loan apps and find a provider with market credibility. You can also analyze the RBI license. Any neo-bank or small-ticket loan app licensed by RBI will offer reliable transactions.
Lastly, don’t forget to check previous customer reviews and feedback related to different instant loan lenders.
2. Find Interest Rate
Other than reliable transactions, the interest rate is a crucial consideration. It decides how much you need to repay.
For a loan of INR 5,000-10,000, an interest rate of 1.25%-3% is optimum. If the interest is higher than that, then your repayment will become painful, and you may end up paying much more than the principal amount.
3. Evaluate Features
To finalize one loan app, evaluate different features. For example:
Get an instant loan of up to INR 5,000 in 5 minutes
Low-interest rates
Quick payment options
No hidden or prepayment charges
Simple documentation, such as KYC, bank documents, etc.
Online loan process and disbursal
Low processing fee
Flexible repayment options
Loan for different purposes, such as home renovation, credit payment, travel loan, etc.
One of the crucial features is online loan processing and dispatch. This feature helps you get an instant loan in minutes. Moreover, you can fill in details from the comfort of your home. In this pandemic, online loan processing is truly a blessing in disguise.
Get Instant Loan Now Even With Inadequate Credit Score
Get an instant loan even at an inadequate credit score from a neo-bank. Provide your salary proof, share KYC details, and quickly receive a loan of up to INR 80,000. Having income proof provides a foundation for loan dispatch. So, prepare your documents, scan KYC, and apply now to get an instant loan in 5 minutes.