How to Get an Instant Personal Loan with Bad Credit

Posted by gurusone on November 24th, 2020

A personal loan is one of the most sought-after options when you need money instantly. If you have bad credit, then it may be tough for you to get a loan. But there are a few lenders who can provide you with a loan even if you have bad credit. Research well and find lenders who can offer you a loan even if you have a low credit score or low income.

If your instant personal loan is rejected by banks, do not worry as you can still apply with Non-banking Financial Companies (NBFCs).

NBFCs usually approve your loan quickly. There are many top NBFCs where you can get money on the same day you have applied for a loan. Vivifi India is one such NBFC which offers loans to individuals through its loan offering product called FlexSalary. You can get a loan with FlexSalary even if you have bad credit.

Can we get an instant personal loan?

You can get a personal loan instantly if no credit check is carried out. Because credit check takes some time, and it could delay your loan approval. The lender checks if can repay the loan that you borrow on time. If your instant personal loan is approved instantly, then the lender might give you the loan at a higher interest rate with stringent terms and conditions. So, research well and find the best lender that meets your needs.

Satisfying the Criteria

Don’t worry even if you have a bad credit score because if you satisfy the lender’s eligibility criteria, you may get approved for an instant personal loan. The lender will check if you can repay the loan on time and you have a reliable source of income.

Moreover, a lender will not just check how much you are earning, your debt-to-income ratio is also considered to approve your loan. Debt-to-income ratio is the gross monthly income you earn which goes towards your debts.

You should not have more than 40% debt-to-income ratio in order to get loan approval easily. If the ratio is more, there are higher chances of loan getting rejected.

Selecting the best lender

When applying for an instant personal loan with bad credit, there will be many terms and conditions. So, always read the fine print carefully. Research well and select a lender who can approve your loan with bad credit.

Mostly, it is better you find a lender who provides you with an online loan application form so that you can complete everything online right from form filling to uploading documents and submitting your loan application.

Also, make sure you find a lender with flexible repayment schedules so that it will be easy for you to make payments without burdening yourself. These lenders also offer a loan with no credit check, making it even more accessible to get a personal loan instantly.

Takeaway

Hope you consider the above-mentioned tips. Make sure you approach lenders who are familiar so that you will be approved instantly. If you are looking for suggestions, FlexSalary is the best lender to get an instant personal loan even with bad credit.