Do you have a low CIBIL score but want an immediate loan app? Then this blog has a list of the 15 best low-credit score loan apps in India.
CIBIL score plays a vital role in your loan application. Especially when you want immediate money, a bad credit score can be a barrier and often limits your loan options. A Good CIBIL score can give you a desirable loan in just a few fingersnaps. But a bad CIBIL score not only rejects your loan application but is also detrimental to your future loan application approval.
However, several loan apps are available that approve your loan application even if you have a bad CIBIL score. For you, we have brought the top 15 bad CIBIL score loan apps that can give money in less than 7 days. But first, let’s get into details of the CIBIL score and the requirements for loan approval with low or zero credit score.
What is a CIBIL Score?
CIBIL (Credit Information Bureau India Limited) score is a 3-digit numeric number ranging between 300 and 900 representing your credit history, rating, and report. The higher your CIBIL score, the better your chances of getting a loan faster. Typically, 700 is considered as a good CIBIL score.
This is why the CIBIL score matters the most, especially in the lending business. But what if an individual has a bad or low credit score? In such conditions, there are things you keep in mind while applying for a loan with a bad CIBIL score.
- Stable Monthly income
If you are a salaried employee with a bad CIBIL score then you must show your last six-month salary slip to get a loan. Many loan applications are loans on the basis of fixed monthly salary. Mostly these kinds of loans are for employees, and college students who need quick or instant money to pay their expenses.
- Higher Interest rates
Another way to get a quick loan with a low credit score is to pay higher interest rates. You can explore your options in an app like PhonePe where many leaders have a different option with higher interest rates in case of a low CIBIL score.
- Collateral-based loans-
If you can’t go with the above two options. Then provide collateral to approve a loan. A collateral could be anything like a home, gold, shares, property, bonds, or fixed deposit.
- Co-applicant-
You can apply for a loan together with someone who has a good credit credit score which crosses out your bad credit score. You can apply for a loan with your spouse, partner, family member, or friend who has a better salary income.
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Top 15 Lowest CIBIL Score Loan Apps List 2024
The table below shows the best 15 low CIBIL Score loan apps list including interest rate, loan amount, and minimum CIBIL Score:
| App Name | Interest Rates | Loan Amount | Min. Cibil score |
|---|---|---|---|
| mPokket | 0% – 4% p.m. | Rs 500 to 30K | N/R |
| Prefr | 18% – 36% p.a. | Upto Rs 5 Lakh | N/R |
| Dhani | Upto 42% p.a. | Rs 1k to 50k (0% IR) | NR |
| Buddyloan | 11.99% p.a. | Rs 10k to 15 Lakh | 300 |
| Upwards | 12% to 22% p.a. | Upto 2 Lakh | 300 |
| MoneyTap | 13% p.a. | Upto Rs 5 Lakh | 300 |
| KreditBee | Upto 29.95% p.a. | Rs 1k to 5 Lakh | 500 |
| CASHe | Upto 30.42% p.a. | Rs 1k to 4 Lakh | 580 |
| LazyPay | 16% – 32% p.a. | Upto Rs 5 Lakh | 670 |
| Early Salary | 15% – 40% p.a. | Upto Rs 5 Lakh | 650 |
| NIRA | 24% – 36% p.a. | Rs 5k to 1 Lakh | 680 |
| PaySense | 16% p.a. | Rs 5k to 5 Lakh | 700 |
| Kissht | Starts from 17% p.a. | Rs 30k to 5 Lakh | 700 |
| Bajaj Finserv | 12% – 34% p.a. | Up to Rs 40 Lakh | 720 |
| Moneyview | 1.33% p.m. | Rs 3k to 10 Lakh | 730 |
Documents Requirements for Bad CIBIL score Loan apps
For a personal loan, you must need certain documents to apply for a bad CIBIL score loan app for proof and verification.
- Salary Employed – Aadhar Card, passport, address proof or driver’s license, bank statements for the past six months, and salary slips for the past six months.
- Self -Employed or Businessman – Aadhar Card, passport, address proof or driver’s license, bank statements for the past six months, company registration information, TIN/Service Tax registration proof, three years’ profit and loss statements, three years’ balance sheets, and income tax returns for the past three years.
Getting a personal loan without a CIBIL score or bad credit score is a challenging task to complete. However many low-credit-score loan apps are available that can give you an instant loan with zero or 300-700 credit score range.
FAQs
Q.1 How to get a loan with bad CIBIL?
Ans: Many low CIBIL score loan apps can give you an instant personal loan based on your fixed salary per month.
Q.2 What are fake loan apps?
Ans: Fake Loan apps are fraud and scam applications that scheme against the user and try to steal their information like bank details, credit card numbers, CVV, and OTP, to illegal transactions identified as bank theft.
Q.3 Can I get a personal loan with a 500 credit score?
Ans: Yes you can get a personal loan with a 500 credit score. Many low credit score apps like mPokket, Prefer, Dhani, and Buddyloan, can give you an instant personal loan with a zero or low credit score.
Q.4 Can you get a loan without a credit card?
Ans: Yes, you can get a loan without a credit score. If you have a fixed monthly income like a salary, own a business, or have an asset which you can collateral then you can get an instant loan without a credit score.
