Getting a personal loan on low credit score can be challenging, especially if you have a low credit score. However, there are several apps that offer personal loans even if your credit score is below 700. In this blog post, we’ll explore five such apps and provide real-life examples to help you understand the process better.
Piramal Finance
Piramal Finance Personal loan is a popular app that offers personal loans to individuals with low credit scores. The app features a user-friendly interface and a quick application process. To be eligible for a personal loan on low credit score, you must be a salaried individual with a minimum monthly income of ₹25,000 and a credit score of at least 600.
Real-life example:
Ravi, a 32-year-old IT professional, had a credit score of 650 and needed a personal loan of ₹50,000 to cover unexpected medical expenses. He downloaded the Piramal Finance app and applied for the loan. Within 24 hours, his loan was approved, and the money was credited to his bank account. Ravi’s interest rate was 12.5% per annum, and he opted for a 24-month repayment tenure.
FIBE
FIBE Personal Loan is another app that provides personal loans to individuals with low credit scores. The app offers a hassle-free application process and quick disbursal of funds. To be eligible for personal loan on low credit score, you must be a salaried individual with a minimum monthly income of ₹20,000 and a credit score of at least 550.
Real-life example: Neha, a 28-year-old marketing executive, had a credit score of 580 and needed a personal loan of ₹50,000 to finance her wedding expenses. She downloaded the FIBE app and applied for the loan. Within 48 hours, her loan was approved, and the money was credited to her bank account. Neha’s interest rate was 14% per annum, and she opted for a 18-month repayment tenure.
Lenditt
Lenditt is a fintech app that offers personal loans to individuals with low credit scores. The app features a user-friendly interface and a quick application process. To be eligible for a personal loan on low credit score, you must be a salaried individual with a minimum monthly income of ₹18,000 and a credit score of at least 600.
Real-life example: Aditya, a 25-year-old software engineer, had a credit score of 620 and needed a personal loan of ₹50,000 to purchase a new laptop for his job. He downloaded the Lendiit app and applied for the loan. Within 12 hours, his loan was approved, and the money was credited to his bank account. Aditya’s interest rate was 13% per annum, and he opted for a 12-month repayment tenure.
Money Tap
Money Tap is a fintech app that offers personal loans to individuals with low credit scores. The app features a user-friendly interface and a quick application process. To be eligible for a personal loan on low credit score, you must be a salaried individual with a minimum monthly income of ₹25,000 and a credit score of at least 650.
Real-life example: Priya, a 30-year-old HR manager, had a credit score of 670 and needed a personal loan of ₹50,000 to finance a family vacation. She downloaded the Money Tap app and applied for the loan. Within 24 hours, her loan was approved, and the money was credited to her bank account. Priya’s interest rate was 11.5% per annum, and she opted for a 18-month repayment tenure.
Cred Cash
Cred Cash is a fintech app that offers personal loans to individuals with low credit scores. The app features a user-friendly interface and a quick application process. To be eligible for a personal loan on low credit score, you must be a salaried individual with a minimum monthly income of ₹30,000 and a credit score of at least 700.
Real-life example: Rohan, a 35-year-old marketing manager, had a credit score of 720 and needed a personal loan of ₹50,000 to finance a home renovation project. He downloaded the Cred Cash app and applied for the loan. Within 24 hours, his loan was approved, and the money was credited to his bank account. Rohan’s interest rate was 10% per annum, and he opted for a 24-month repayment tenure.
Comparison of the Five Apps
| App | Interest Rate | Loan Amount | Processing Time | Eligibility Criteria |
|---|---|---|---|---|
| Piramal Finance | 16-24% p.a. | ₹50,000 | 24 hours | Salaried, ₹25,000 monthly income, 600+ credit score |
| FIBE | 24-30% p.a. | ₹50,000 | 48 hours | Salaried, ₹20,000 monthly income, 550+ credit score |
| LendIT | 18-24% p.a. | ₹50,000 | 12 hours | Salaried, ₹18,000 monthly income, 600+ credit score |
| Money Tap | 24-28% p.a. | ₹50,000 | 24 hours | Salaried, ₹25,000 monthly income, 650+ credit score |
| Cred Cash | 14-16% p.a. | ₹50,000 | 24 hours | Salaried, ₹30,000 monthly income, 700+ credit score |
Tips for Improving Your Chances of Approval
- Check your credit score: Before applying for a loan, check your credit score to ensure that you meet the minimum eligibility criteria.
- Provide accurate information: When applying for a loan, make sure to provide accurate and complete information to avoid delays in the approval process.
- Maintain a stable income: Lenders prefer borrowers with a stable income source, so make sure to have a steady job or business.
- Reduce your debt: If you have outstanding debts, try to pay them off or reduce them to improve your chances of loan approval.
- Build a good credit history: Make timely payments on your existing loans and credit cards to build a good credit history.
Conclusion
Getting a personal loan on low credit score can be challenging, but with the right app and preparation, it’s possible. The five apps featured in this blog post offer personal loans to individuals with low credit scores, making it easier to access funds for various purposes. Remember to compare the interest rates, loan amounts, and eligibility criteria before choosing an app that best suits your needs.
FAQs
- What is the minimum credit score required to get a personal loan?
The minimum credit score required varies among the different apps, but generally, a credit score of 550 or above is preferred. - Can I get a personal loan without a job?
Most apps require you to be a salaried individual with a minimum monthly income to be eligible for a personal loan on low credit score. Self-employed individuals may have limited options. - How long does it take to get a personal loan approved?
The approval time varies among the different apps, but most offer quick disbursal of funds, ranging from 12 to 48 hours. - Can I get a personal loan with a credit score below 550?
While some apps may consider applicants with credit scores below 550, they may charge higher interest rates or have stricter eligibility criteria. - Do I need to provide collateral for a personal loan?
Personal loans are typically unsecured, meaning you don’t need to provide any collateral to get approved.