How to Get an Urgent Loan Even with a Bad Credit Score?
All lenders, including banks and non-banking financial companies (NBFCs), assess the credit score of the applicant before granting them a loan. Lenders believe poor credit means high risk, causing them to reject your loan application. While getting an urgent loan with bad credit in India i s certainly a bit difficult, it is not impossible. There are certain strategies and approaches you can follow to get a loan even with bad credit. However, before getting into that, you must understand what exactly a bad credit score is . What Is a Bad Credit Score, and What Causes It? The credit scores are a direct indicator of one’s creditworthiness. Lenders typically prefer a credit score or CIBIL score of 750 and above. Hence, you should try your best to keep this score high. A low or bad credit score is anything below 550, and may hurt your ability to secure a loan. Bad CIBIL Score : 300-550 (high possibility of loan rejection) Average CIBIL Score : 550-650 (you would have better acces...