Bad credit loans app is a term that refers to applications that offer loans to people who have low or no credit scores. These apps can help people who need urgent funds or want to improve their credit history.
Bad Credit loans may also have some drawbacks, such as higher interest rates, lower loan amounts, shorter repayment terms, and stricter eligibility criteria.
Therefore, it is important to compare different options and choose the best one for your situation. Here, we will give you information about the Best Bad Credit Loans app, which provides Urgent loans for bad credit scores with few documents.
Bad Credit Loans App Review
|Article Topic||Bad Credit Loans App|
|Interest Rate||Competitive interest rates start at 16% per annum.|
|Loan Amount||Rs 5,000 to Rs 5 lakhs|
|Age||Minimum Age 21 Years|
What is a Bad Credit Loan?
Bad credit loans are a type of personal loan designed for people who have poor credit history or no credit history. A bad credit loan can help you cover an emergency or consolidation loan, but it may have higher interest rates and fees than a regular personal loan.
To get a Bad Credit Loan, you may need to provide collateral, a co-signer, or proof of income. You may also need to shop around and compare multiple offers from different lenders to find the best deal for your situation.
There are many options for bad credit loans in India, such as Loans Against Property, Gold Loans, top-up home loans, and loans against securities.
These loans can help you meet your immediate financial needs or consolidate your debt. It would help if you tried to improve your credit score by paying your bills on time, reducing your debt-to-income ratio, and checking your credit reports for errors.
Types of Bad Credit Loans
Bad credit loans are a boon for those who can get loans to meet their financial needs despite having bad credit. Some examples of low-credit loans are given below:
Loan against property: Due to Low Credit Scores, most people face difficulty taking loans. Banks and NBFCs do not give these loans, but if a customer is ready to mortgage his property for a Personal Loan, then he can get the loan. The loan amount and interest rate depend on your property value and repayment capacity.
Gold Loan: Gold loan is a very popular and smoothly available loan. To take this loan, you have to pledge the gold you have with a bank or NBFC, and the loan is provided to you according to the current price of gold. The Gold Loan Amount is decided per gram of gold value and its purity, and you get a gold loan.
Loan against securities: It is a secured loan for which you pledge your shares, mutual funds, bonds, etc., with the bank. Most of the business people take this loan, they pledge some percentage of the shares of their company in the bank and take a loan from them. For this, a CIBIL score is not required much, and a loan is also available.
If you fail to repay the loan, the bank recovers its money by selling your shares in the market.
5 Best Bad Credit Loans App (Urgent Loans with Bad Credit)
If you have bad credit, you may find it hard to get a loan from traditional lenders like banks and credit unions. Some apps can help you borrow money fast, even with a low credit score.
Money View Personal Loan App
Moneyview is a registered NBFC that provides instant personal loans to the citizens of India to meet their financial needs. Here, you get a personal loan of up to Rs 5 lakh on a 650+ credit score. If you repay the loan on time, Moneyview sends your credit report to the CIBIL company, which helps in improving your CIBIL score.
- Collateral-free loans
- 100% Paperless application process
- Interest rates starting from 1.33% per month (16% annually)
- Processing fee – Starting from 2% of the approved loan amount
- Loan repayment tenure up to 60 months
Upwards Personal Loan
With Upwards Personal Loan app, you get instant cash loans ranging from Rs 25,000 to Rs 5 lakhs. Due to a lack of money, most people need a personal loan. In such a situation, the Upwords Quick Instant Loan app can be helpful to you. Here, you get travel loans, student loans, marriage loans, mobile loans, laptop loans, medical emergency loans, home loans, etc. You will also get loans against low CIBIL scores here.
- Loan amount from 25000 to 5 lakhs
- 100% digital & paperless process
- Processing Fee – Starting from 5% of the approved loan amount
- The minimum CIBIL Score required for a Personal Loan is 650+
Privo Instant Personal Loan
Privo is a trusted lending platform backed by a Technology-Led Neo-Lending Conglomerate with a Global MNC Parent. It provides financial solutions to customers with no documentation that accommodates their requirements. The amount of credit you can get with the Privo Instant credit line app depends on your income and CIBIL Score. The maximum Credit limit is Rs 2 lakhs.
- Credit line amount ranging from Rs 20,000 to Rs 2 lakhs
- Flexible repayment ranging from 3 months to 60 months
- Interest Starting from 13.49% per annum.
- Pay interest only for the amount that you borrow
- Minimum CIBIL Score: 670+
KreditBee Personal Loan App
KreditBee is a famous NBFC registered application that provides facilities like Personal Loan, Credit Card, Shopping Cards etc. It is easy to apply for a loan here. You can apply for an online loan on this application with the help of your PAN or Aadhar Card and other documents. But how much loan you will get depends on your credit profile and CIBIL score. In case of a low CIBIL score, you may be charged a higher interest rate, and the amount received as a loan may also be less.
- Loan amount ranging from Rs 1000 to Rs 3 lakhs
- The entire application process is online
- Interest rates range from 15% to 29.95% per annum.
- Minimum CIBIL Score: 680+
InCred Finance is a new-age financial services platform that leverages technology and data science to make lending quick and easy. It offers a variety of loan products for personal, educational, business, and merchant purposes. It also provides financial wellness and investment solutions for its customers. It has over 900 employees and serves more than 500,000 borrowers across India.
- Loan amount ranging from Rs 50,000 to Rs 10 lakhs
- Enjoy the interest rate between 16% – 36% per annum.
- Minimum Credit Score of 650 or more
- Be between the ages of 21 and 55 years.
How to Apply for a Loan on Bad Credit Loans App?
Many apps offer loans for people with bad credit, but the process of applying for a loan may vary depending on the app. Here are some general steps that you can follow to apply for a loan on a bad credit loans app:
- First, you need to download the app from the Google Play Store or App Store and install it on your smartphone.
- Next, you need to create an account on the app by providing your basic information like name, phone number, email address, etc.
- You have to verify your identity using your Aadhar Card, PAN Card, or other documents.
- Next, you need to provide relevant details about your employment, income, and credit history.
- Some documents like bank statements, salary slips, or tax returns need to be uploaded to prove your income and repayment capacity.
- After giving all the information you can apply for the loan. You can choose the loan amount and repayment tenure to suit your needs and budget. You can also view the interest rate, processing fee, and other charges applicable to your loan.
- Once you submit your loan application, the app will review it and check your eligibility and creditworthiness.
- You may get instant approval or conditional approval depending on the app’s criteria and policies.
- If your loan gets approved, the app will disburse the loan amount to your bank account within a few hours or days.
FAQs Related to Bad Credit Loans App
Which loan is easiest to get with bad credit?
Most lenders shy away from giving loans on low credit scores, but the gold loan is such a loan that you can get easily, it does not require a high CIBIL score, and some lenders do not even check your credit report to give a gold loan. Let’s do it. The loan amount you get depends on the weight and purity of your gold.
How Can I get a loan with bad credit?
Many apps offer loans for people with bad credit, but the process of applying for a loan may vary depending on the app. To get a Bad Credit Loan, you must provide collateral, a co-signer, or proof of income. You need to shop around and compare multiple offers from different lenders to find the best deal for your situation. There are many options for bad credit loans in India, such as loans against property, gold loans, top-up home loans, and loans against securities.
Can I get a loan with a credit score of 580?
It is in the hands of the lenders to give loans against low credit scores. If you assure the lender that you will repay the loan on time and you provide your income proof, bank details, and required documents, the lender can give you a loan on a CIBIL score of 580. However, higher interest rates may be charged on loans obtained on this score.