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In the world that we live in today, maintaining a high credit score is of utmost importance. A good credit score is your ticket to a line of credit when you are in need of it. Maintaining a good score is no rocket science. All you need to do is follow basic financial discipline.Learn more
When you have low credit score, bringing forward a Guarantor’s recommendation enhances your eligibility for loan approval. For, a loan guarantor legally shares the loan risk. However the decision would straight away affect their credit report.Learn more
So you are one of those who have had a tough time financially in past. Owing to financial concerns you were unable to pay the lending institutions their due in time and the accounts went into default. Your credit report now has impairment and is becoming a challenge in your quest to have access to credit. You have tried explaining the banks that you are out of the difficult times and have the capacity to repay. Thus the loans and other credit facilities should be extended to you, however, even after pursuing them there seems to be little hope now. What will you do in such a situation?Learn more
In case you are one of those who is looking at building the credit score, whether to improve it further to derive maximum benefit out of it or trying to rebuild that credit profile that you lost on account of some circumstances that lead to non-payment of loan obligation, credit cards can come to your assistance in building credit faster.Learn more
Loan application can get declined for various reasons. The credit score or credit status is one of those. But borrower's credit score also happens to be the most important and dominant reason impacting the outcome of a loan application. The other reasons for decline could be failed verification, incomplete documentation apart from the credit policy of the bank.
While Credit Sudhaar Finance will review the past defaults, it would not be to reject the loan application but to weed out the intentional defaulters and lend to those who have not been able to pay for some exigency.
The low credit score generally leads to rejection of loan application. Credit Sudhaar Finance has introduced an innovative product that aims to extend loans to those who have low credit score. Irrespective of the reason for low credit score, including delinquent accounts, Credit Sudhaar Finance will evaluate the application and will lend if the borrower meets the laid down criteria.
Yes, getting a loan in individual capacity is definitely possible despite having a bad credit score. Credit Sudhaar Finance has introduced "Plus Loans" product for individuals who have stressed credit history owing to mistakes made in past.
There is no particular loan defaulter list. The underwriting is based on the data available on applicant's current and past accounts available on the credit bureau report.