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Can You Get a Personal Loan with A Low Credit Score

Can You Get a Personal Loan with A Low Credit Score

The loan is a necessity that an individual requires without having any complicated terms and conditions. Not every borrower is aware of what is a credit score. It rings like an alarm when you are informed that the credit score is low and the loan is rejected. When you have a low credit score, loan approval becomes difficult as financers are not sure about your ability to repay the loan. However, there are some lenders who approve of personal loans even with a low credit score, only by charging a higher rate of interest.

On the other hand, maintaining a good credit score reflects that you have been consistent in paying off the EMIs timely. A good credit score is an advantage for loan seekers wherein they can also negotiate to hold a high score.

Research thoroughly on the lender’s credibility before applying for aloan with a low credit score. Don’t fall prey to fraudsters who cheat, capture your data and never disburse the loan. Some scammers may lure with attractive terms and conditions, but they will end up disappointing you with no loan in hand. Hence, stay updated about loan-related aspects such as credit score, interest rate, eligibility criteria etc. before applying for a loan.


What can you do to improve your credit score?

If there is no urgency in taking a loan, step back and work on improving your credit score. It will not let you face repeated rejections while applying for a loan. Improve your credit score with:
 
  • Clearing outstanding bills and balance amounts. Paying-off only the minimum due keeps piling up the amount that is never paid in the next month.
-Cease your credit card expenditures till you have cleared your bill in full.

- Avoid using multiple credit cards. Use cards of the same bank as you will have an advantage of transferring the credit limit to one card.

- Repeatedly applying for loans and getting rejected also affects the credit score negatively. Give some gap between loan applications to sustain a good credit score.

A low or high credit scoreis maintained and scrutinised by the credit information agencies. The credit agenciesare engaged in maintaining and analysing the records of credit-related activities for corporates as well as individuals. As per guidelines, a month’s negligence in personal loan payment can reduce your credit score by lot ofcredit points.

Work on a good credit score to ensure your loan application always gets approved in no time.

Download Simply Cash, the latest instant personal loan app introduced by a recognized financial firm in India, HeroFinCorp! Avail instant loan ranging from 50,000 to 1,50,000 and improve your low credit score. The app is easy to use and approves loan with paperless documentation.
 
 
 

SimplyCash

SimplyCash powered by Hero FinCorp is an instant personal loan app providing cash loans of upto INR 1,50,000 for both salaried and self-employed individuals. Driven by technology and fuelled by innovation, SimplyCash solves instant cash requirements of customers in just a few simple clicks without any physical documentation or meeting. The mobile app is available to users through all popular Android play stores like Google play store, Samsung store, Xiaomi store etc. With one of the most widespread presence, SimplyCash currently offers its services in over 90 major locations in India. Known for a seamless process, instant loan disbursal and transparent pricing - SimplyCash truly lives upto the expectations of being a 'Hero' product.  

Note: SimplyCash is a duly registered trademark and is a loan product offered, managed and operated by Hero FinCorp. Hero FinCorp Limited is a Non-Banking Financial Company registered under the provisions of Reserve Bank of India ("RBI") and is in the business of finance and lending.

Accepted Banks:

ICICI BANK LTD HDFC BANK LTD IDBI BANK STATE BANK OF INDIA PUNJAB NATIONAL BANK YES BANK INDUSIND BANK KOTAK MAHINDRA BANK LTD

IDFC FIRST BANK LTD AXIS BANK BANK OF BARODA TAMILNAD MERCANTILE BANK LTD INDIAN OVERSEAS BANK INDIAN BANK RBL BANK LTD DEUTSCHE BANK AG CITY UNION BANK LTD FEDERAL BANK SOUTH INDIAN BANK STANDARD CHARTERED BANK CANARA BANK KARNATAKA BANK LTD CITI BANK BANDHAN BANK UNION BANK OF INDIA DCB BANK LTD DBS BANK INDIA LTD THE HONGKONG AND SHANGHAI BANKING CORPORATION LTD DEUTSCHE BANK UCO BANK

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