icons

Login / Sign up

Zero Brokerage.

Thousands of new listings daily.

100 Cr+ Brokerage saved monthly.

Enter phone to continue

  • India (भारत)+91
  • United Arab Emirates (‫الإمارات العربية المتحدة‬‎)+971
  • Qatar (‫قطر‬‎)+974
  • United States+1
  • United Kingdom+44
  • Singapore+65
  • Australia+61
  • Afghanistan (‫افغانستان‬‎)+93
  • Albania (Shqipëri)+355
  • Algeria (‫الجزائر‬‎)+213
  • American Samoa+1
  • Andorra+376
  • Angola+244
  • Anguilla+1
  • Antigua and Barbuda+1
  • Argentina+54
  • Armenia (Հայաստան)+374
  • Aruba+297
  • Ascension Island+247
  • Australia+61
  • Austria (Österreich)+43
  • Azerbaijan (Azərbaycan)+994
  • Bahamas+1
  • Bahrain (‫البحرين‬‎)+973
  • Bangladesh (বাংলাদেশ)+880
  • Barbados+1
  • Belarus (Беларусь)+375
  • Belgium (België)+32
  • Belize+501
  • Benin (Bénin)+229
  • Bermuda+1
  • Bhutan (འབྲུག)+975
  • Bolivia+591
  • Bosnia and Herzegovina (Босна и Херцеговина)+387
  • Botswana+267
  • Brazil (Brasil)+55
  • British Indian Ocean Territory+246
  • British Virgin Islands+1
  • Brunei+673
  • Bulgaria (България)+359
  • Burkina Faso+226
  • Burundi (Uburundi)+257
  • Cambodia (កម្ពុជា)+855
  • Cameroon (Cameroun)+237
  • Canada+1
  • Cape Verde (Kabu Verdi)+238
  • Caribbean Netherlands+599
  • Cayman Islands+1
  • Central African Republic (République centrafricaine)+236
  • Chad (Tchad)+235
  • Chile+56
  • China (中国)+86
  • Christmas Island+61
  • Cocos (Keeling) Islands+61
  • Colombia+57
  • Comoros (‫جزر القمر‬‎)+269
  • Congo (DRC) (Jamhuri ya Kidemokrasia ya Kongo)+243
  • Congo (Republic) (Congo-Brazzaville)+242
  • Cook Islands+682
  • Costa Rica+506
  • Côte d’Ivoire+225
  • Croatia (Hrvatska)+385
  • Cuba+53
  • Curaçao+599
  • Cyprus (Κύπρος)+357
  • Czech Republic (Česká republika)+420
  • Denmark (Danmark)+45
  • Djibouti+253
  • Dominica+1
  • Dominican Republic (República Dominicana)+1
  • Ecuador+593
  • Egypt (‫مصر‬‎)+20
  • El Salvador+503
  • Equatorial Guinea (Guinea Ecuatorial)+240
  • Eritrea+291
  • Estonia (Eesti)+372
  • Eswatini+268
  • Ethiopia+251
  • Falkland Islands (Islas Malvinas)+500
  • Faroe Islands (Føroyar)+298
  • Fiji+679
  • Finland (Suomi)+358
  • France+33
  • French Guiana (Guyane française)+594
  • French Polynesia (Polynésie française)+689
  • Gabon+241
  • Gambia+220
  • Georgia (საქართველო)+995
  • Germany (Deutschland)+49
  • Ghana (Gaana)+233
  • Gibraltar+350
  • Greece (Ελλάδα)+30
  • Greenland (Kalaallit Nunaat)+299
  • Grenada+1
  • Guadeloupe+590
  • Guam+1
  • Guatemala+502
  • Guernsey+44
  • Guinea (Guinée)+224
  • Guinea-Bissau (Guiné Bissau)+245
  • Guyana+592
  • Haiti+509
  • Honduras+504
  • Hong Kong (香港)+852
  • Hungary (Magyarország)+36
  • Iceland (Ísland)+354
  • India (भारत)+91
  • Indonesia+62
  • Iran (‫ایران‬‎)+98
  • Iraq (‫العراق‬‎)+964
  • Ireland+353
  • Isle of Man+44
  • Israel (‫ישראל‬‎)+972
  • Italy (Italia)+39
  • Jamaica+1
  • Japan (日本)+81
  • Jersey+44
  • Jordan (‫الأردن‬‎)+962
  • Kazakhstan (Казахстан)+7
  • Kenya+254
  • Kiribati+686
  • Kosovo+383
  • Kuwait (‫الكويت‬‎)+965
  • Kyrgyzstan (Кыргызстан)+996
  • Laos (ລາວ)+856
  • Latvia (Latvija)+371
  • Lebanon (‫لبنان‬‎)+961
  • Lesotho+266
  • Liberia+231
  • Libya (‫ليبيا‬‎)+218
  • Liechtenstein+423
  • Lithuania (Lietuva)+370
  • Luxembourg+352
  • Macau (澳門)+853
  • Madagascar (Madagasikara)+261
  • Malawi+265
  • Malaysia+60
  • Maldives+960
  • Mali+223
  • Malta+356
  • Marshall Islands+692
  • Martinique+596
  • Mauritania (‫موريتانيا‬‎)+222
  • Mauritius (Moris)+230
  • Mayotte+262
  • Mexico (México)+52
  • Micronesia+691
  • Moldova (Republica Moldova)+373
  • Monaco+377
  • Mongolia (Монгол)+976
  • Montenegro (Crna Gora)+382
  • Montserrat+1
  • Morocco (‫المغرب‬‎)+212
  • Mozambique (Moçambique)+258
  • Myanmar (Burma) (မြန်မာ)+95
  • Namibia (Namibië)+264
  • Nauru+674
  • Nepal (नेपाल)+977
  • Netherlands (Nederland)+31
  • New Caledonia (Nouvelle-Calédonie)+687
  • New Zealand+64
  • Nicaragua+505
  • Niger (Nijar)+227
  • Nigeria+234
  • Niue+683
  • Norfolk Island+672
  • North Korea (조선 민주주의 인민 공화국)+850
  • North Macedonia (Северна Македонија)+389
  • Northern Mariana Islands+1
  • Norway (Norge)+47
  • Oman (‫عُمان‬‎)+968
  • Pakistan (‫پاکستان‬‎)+92
  • Palau+680
  • Palestine (‫فلسطين‬‎)+970
  • Panama (Panamá)+507
  • Papua New Guinea+675
  • Paraguay+595
  • Peru (Perú)+51
  • Philippines+63
  • Poland (Polska)+48
  • Portugal+351
  • Puerto Rico+1
  • Qatar (‫قطر‬‎)+974
  • Réunion (La Réunion)+262
  • Romania (România)+40
  • Russia (Россия)+7
  • Rwanda+250
  • Saint Barthélemy+590
  • Saint Helena+290
  • Saint Kitts and Nevis+1
  • Saint Lucia+1
  • Saint Martin (Saint-Martin (partie française))+590
  • Saint Pierre and Miquelon (Saint-Pierre-et-Miquelon)+508
  • Saint Vincent and the Grenadines+1
  • Samoa+685
  • San Marino+378
  • São Tomé and Príncipe (São Tomé e Príncipe)+239
  • Saudi Arabia (‫المملكة العربية السعودية‬‎)+966
  • Senegal (Sénégal)+221
  • Serbia (Србија)+381
  • Seychelles+248
  • Sierra Leone+232
  • Singapore+65
  • Sint Maarten+1
  • Slovakia (Slovensko)+421
  • Slovenia (Slovenija)+386
  • Solomon Islands+677
  • Somalia (Soomaaliya)+252
  • South Africa+27
  • South Korea (대한민국)+82
  • South Sudan (‫جنوب السودان‬‎)+211
  • Spain (España)+34
  • Sri Lanka (ශ්‍රී ලංකාව)+94
  • Sudan (‫السودان‬‎)+249
  • Suriname+597
  • Svalbard and Jan Mayen+47
  • Sweden (Sverige)+46
  • Switzerland (Schweiz)+41
  • Syria (‫سوريا‬‎)+963
  • Taiwan (台灣)+886
  • Tajikistan+992
  • Tanzania+255
  • Thailand (ไทย)+66
  • Timor-Leste+670
  • Togo+228
  • Tokelau+690
  • Tonga+676
  • Trinidad and Tobago+1
  • Tunisia (‫تونس‬‎)+216
  • Turkey (Türkiye)+90
  • Turkmenistan+993
  • Turks and Caicos Islands+1
  • Tuvalu+688
  • U.S. Virgin Islands+1
  • Uganda+256
  • Ukraine (Україна)+380
  • United Arab Emirates (‫الإمارات العربية المتحدة‬‎)+971
  • United Kingdom+44
  • United States+1
  • Uruguay+598
  • Uzbekistan (Oʻzbekiston)+998
  • Vanuatu+678
  • Vatican City (Città del Vaticano)+39
  • Venezuela+58
  • Vietnam (Việt Nam)+84
  • Wallis and Futuna (Wallis-et-Futuna)+681
  • Western Sahara (‫الصحراء الغربية‬‎)+212
  • Yemen (‫اليمن‬‎)+967
  • Zambia+260
  • Zimbabwe+263
  • Åland Islands+358
Change Phone
Get updates on WhatsApp

Experience The NoBrokerHood Difference!

Set up a demo for the entire community

Thank You For Submitting The Form
Q.

How to get a personal loan with bad credit?

view 2.7k Views

2

1 Year

Comment

whatsapp [#222222128] Created with Sketch. Send
0 2024-03-15T09:03:07+00:00

During a visit to the bank, I asked the loan executive what to do if I need a personal loan with bad credit. The official suggested several ways to get a personal loan even with a bad credit score. Some of them were proving that I can pay the EMIs on time, applying with a co-applicant, asking for a lower personal loan amount and others. There are more ways so let me share them here.

How Do You Get a Personal Loan With Bad Credit?

With a bad or poor credit score, you can still apply for a personal loan. Here is how:

  • Prove that you can pay the EMIs on time:

Lenders believe that you are short on funds and hence have a poor credit score but that might not be the reason. Make them believe that you can pay the EMIs on time by showing them your income proof. This can help you get a personal loan even with a bad credit score.

  • Ask for a lower personal loan amount:

If you ask for a very high amount of money with a low credit score, the lender will feel it is risky and deny the approval. You should apply for a small amount so that the lender can also be sure and get comfortable approving your loan

  • Apply with a co-applicant:

Another suggestion on how get a personal loan with bad credit is to apply with a co-applicant. 

If your CIBIL credit score is low, it is best to involve a co-applicant or guarantor to repay the loan on time. This will assure the lender that they will get their money back and approve your loan easily.

These were some suggestions I received on asking the loan executive how can I get a personal loan with bad credit. If you still have doubts, visit the bank and ask for their help. I hope this answers your query: I need a personal loan with bad credit.

Get Your Personal Loan Approved with Minimal Documentation via NoBroker Read More:

Which Bank Gives Home Loans with bad credit in India?

Securing a personal loan with bad credit may seem like a daunting task, but it's not impossible. I've been in your shoes and successfully navigated how to get a personal loan with bad credit. Here's a structured guide to help you:

How To Get Small Personal Loan With Bad Credit

  1. Assess Your Credit Situation:

Start by checking your credit report. Understand your credit score and the specific factors that contribute to your bad credit. This insight will guide your approach.

  1. Explore Loan Options:

Research different types of personal loans. Some lenders specialise in bad credit loans, while others offer secured loans that require collateral.

  1. Find a Co-signer:

A co-signer with good credit can significantly improve your chances of loan approval. Be sure to choose someone you trust, as they'll share responsibility for the loan.

  1. Improve Your Credit Profile:

Before applying for a loan, work on repairing your credit. Pay down existing debts, correct errors on your credit report, and ensure your financial stability.

  1. Compare Lenders:

Look for lenders that are known to work with individuals with bad credit. Compare interest rates, terms, and fees. Be cautious of predatory lenders.

  1. Gather Necessary Documentation:

Prepare your financial documents, including proof of income, employment history, and personal identification. A well-organized application can make a difference.

  1. Apply Strategically:

Don't submit numerous loan applications simultaneously, as this can negatively impact your credit. Instead, apply selectively, focusing on the most promising options.

  1. Use Collateral:

Secured personal loans, backed by collateral like a vehicle or savings account, can be easier to obtain with bad credit.

  1. Online Lenders and Credit Unions:

Consider alternative lenders, including online lenders and credit unions. They may have more lenient criteria than traditional banks and thus be the best place to get a personal loan with poor credit.

  1. Be Prepared to Explain:

During the application process, be ready to explain the circumstances behind your bad credit. Lenders appreciate honesty and responsible financial behavior.

Remember, obtaining a personal loan with bad credit often comes with higher interest rates. Be cautious and ensure the loan terms are manageable for your financial situation.

Get instant personal loan from NoBroker. Click here

Read More:

Which bank is best for personal loan with low interest?

How to Convert Personal Loan to Home Loan in ICICI?

NoBroker Instant Cash Loan
Get upto ₹10 Lacs Instantly in your bank account