LOAN WITH LOW CIBIL SCORE LOAN WITH BAD CIBIL SCORE FINANCING WITH POOR CIBIL SCORE BELOW 750 LOAN WITHOUT CIBIL CHECK HOW TO GET A LOAN WITH NO CIBIL BUSINESS HOME EDUCATION LOANS
A loan with bad CIBIL score is by definition a financing facility provided by a lending company in favor of an Indian borrower whose Credit Information Bureau India Limited (CIBIL) credit score is low and who is facing difficulties in having their loan application file approved by conventional banks.
The loan with bad CIBIL score is dedicated to cover the financial needs of Indian borrowers whose score is below 750, noting that this score ranges between 300 and 900 with the latter being the highest and best score to obtain loan approval.
A loan with poor CIBIL score is often the only option that remains with borrowers who have a bad credit rating due to default on existing debts and who are looking at alternatives to overcome their poor CIBIL score that has been determined by level of indebtedness, timely repayment of debts and bill paying habits.
The loan without CIBIL check is ideal for Indian consumer with credit scores ranging between 300 and 750 and who are struggling to obtain approval for their loan application, give that financial institutions always check CIBIL prior approving any financing.
Financing with bad CIBIL score or without CIBIL check at all is available through alternative lending solutions that are generally no-banking solutions given that the Indian loan market has meanwhile developed quite flexible borrowing avenues.
HOW TO GET A LOAN WITHOUT CIBIL? SOLUTIONS FOR BORROWERS WITH POOR SCORE
To get a loan from Indian lenders without CIBIL, solutions are existing fortunately thanks to the evolution of the Indian finance sector to provide financing options, even in the most difficult cases, by granting the following types of loan:
- The payday loan.
- P2P lending involving private lenders.
- Participatory financing on the basis of crowdfunding.
- Pawnbroker loan.
- Reversed mortgage for home owners.
- Loans from abroad using foreign banks that have no access to CIBIL.
TYPES OF BAD CIBIL SCORE LOANS
A few lending organizations offer many types of financing to borrowers facing a poor CIBIL situation:
- Business loan with no CIBIL check.
- Home loan for low CIBIL score.
- Education loan with bad CIBIL score.
ADVANTAGES OF THE BAD CIBIL SCORE LOAN
A loan facility with low CIBIL score present some advantages to an Indian borrowers as they get fresh cash despite being black listed:
- Access to a loan when traditional banks refuse it.
- Loan application simplified to a minimum of documentation sometimes without document.
- Flexible repayment.
- Communication between lender and borrower without tension.
DISADVANTAGES OF POOR CIBIL SCORE LOAN
A credit facility with poor CIBIL score has negative sides as well:
- Interest rates applied well above those of the normal borrowing market.
- Danger of over-indebtedness in the event of late repayment affected by accrual interests.
- Lack of transparency in terms and conditions applied in loans.
- Lending organization often with an unclear legal status.