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Loans For People With Low Credit Score
Your journey from rejection to approval of loans begins here !
Credit Sudhaar Finance is an NBFC (Non-Banking Financial Company), which offers loans to people, who have low credit scores and are struggling to break a cycle of poor credit.
Taking a loan or other form of credit at some point of time in life is inevitable. Whether it is requirement for buying a house or to fund the education of child or any other exigency, the fact remains that it is practically impossible to survive without access to credit in today's time. The quantum of loan that you would be able to get basically depends upon the repayment capacity. But the other important factor that impacts the decision of the lending institution is your credit profile.Learn more
Your credit score has a huge impact on the actual amount you have to pay to a bank when you take a loan. This is because it affects the interest rate on loans and credit cards, and bad credit can make it difficult to get low interest rates that can lower your financial burden.Learn more
Whenever you apply for a loan, your credit score and credit history is reviewed by the lender. What they look for is a high score and a financial history that doesn't have any instance of loan default, late payments, or a huge debt. However, young professionals often get worried when they check their CIBIL report and realize that it's blank and there is no credit score either. This usually happens when they haven't taken any loan before or used a credit card.Learn more
Imagine yourself wanting to buy a house, or purchase a car for long. You managed to save and collect the downpayment it would require to get the loan. Now, you are going to the bank and applying for the loan. To the first bank, the loan gets rejected. You are in a shock. But you feel that's okay. It can happen. So with high hopes, you visit another bank. The story remains the same. Now, you are a little disappointed. You got to two other banks, and it is still the same. You feel devastated! Why did that happen? Why are your loan applications are getting rejected from everywhere?Learn more
Credit score seems to rule people's financial life. A bad credit history may seem like a big obstacle in one's life that one would need to cross at many stages. If you find yourself in such a situation you don't need to panic. There are ways in which one can survive bad credit. Let us see how to overcome situations where the credit score is used to evaluate your credit worthiness or win your trust. We have also highlighted some measures that you can take to improve your bad credit score.Learn more
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.
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.
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.
There are plenty of options on the market for people with limited credit history. Shop around to find the card with the lowest APR and fees you can qualify for. If you are having trouble being approved for cards, consider a secured credit card that requires a security deposit or ask a parent to add you as an authorized user on his or her card.
You can withdraw your credit report from any of the credit bureaus as many times as possible. This will not have any bearing on your credit score. However, the enquiries made by lenders can impact the credit score.
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.