Blogger(home improvement) | Posted on | Share-Market-Finance
Where can you get a small loan if you have bad credit?
Project Manager at The Economic Times | Posted on
My dear friend, long story short, loan is not supposed to be given to somebody who cannot give it back. Bad credit score indicates that you have been a defaulter in the past, hence it’s not very easy to get a loan from banks and NBFCs.
Loan is a one of the major businesses for lenders, hence they can take risk. But there are some institutions who are willing to disburse small amount of loan to anybody basis on your ability to repay.
Caution: Such loans are very expensive. To give you an idea about the heavy interest rates you end up paying for such loans would be between 18% and 40%.
Here’s a list of sources you still can get loan at high prices
P2P Lending:- It is a crowd-funding model, which is largely online. This is a platform where people invest their money with people who want to borrow without any interference of any financial institution.
Loan from friend: Kyoki har ek friend zarrori hota hai. If you are in a dire need of money. Request your friends, if you are lucky and a trustworthy individual, your chances are high to get money you need.
Loan against collateral: If you are ready to keep some of your valuables with the lender as collateral, you have fairly good chances that a small loan can be taken. In such cases, the lender will lend because there is no risk involved, if you do not repay they can sell off your collateral to recover the amount you have lend. Remember, you get nearly half of the price of your total collateral as loan.
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Employee | Posted on
Hi, there are different options available to avail a bad credit loan like a payday loan, instant cash loan, same day loan, etc. Depend on the requirement look for the best company which is authorized by any government identity who can offer the loan for low-interest rate even for bad credit score and apply for it.
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Financial Consultant | Posted on
Some online lenders offers great options for small loans with bad credit. You just have to compare the rates. Check it out here.
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Blogger | Posted on
Yes, you can get a loan with bad credit. The approval of the loan terms depend on your current history. And the purpose of the loan also matters such as if you want loan for car then you can easily get but, when it comes to Bad Credit Home Loans then it becomes difficult sometimes.
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