reyansh8478Tips to Get a Personal Loan with Low Credit

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Tips to Get a Personal Loan with Low Credit
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• If youve ever borrowed a personal loan before,
  youll know exactly how important your credit
  score is for your personal loans approval. Your
  credit score is the gold standard against which
  all lenders across the country evaluate your loan
  approval. They use this to decide how risky it
  would be to sanction your loan. If you have a
  high credit score, youd be a low-risk applicant
  for your lender. If your credit score is low,
  youd most probably represent a high-risk
  proposition for your lender. Your credit score is
  a three-digit number that illustrates how
  financially responsible you are. It summarises
  how much credit youve availed of until now, your
  repayment behaviour, and your credit history. By
  now, you must be thinking that applicants with a
  low credit score cannot get a personal loan. But
  thats not true. Here are four tips you can try
  to get a personal loan despite a low credit
  score

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1. Prove That You Have Good Repayment Capacity

• When it comes to getting a low credit personal
  loan or any personal loan for that matter, whats
  most important to your lender is timely
  repayment. You must prove to your lender that
  your current income can support the EMI payments
  and that too on time. If youve received a salary
  hike or a bonus at work (however small), use that
  to your advantage. This may prompt your lender to
  consider your loan application. If you can prove
  that you have a steady job a regular source of
  income, your low credit personal loan may be
  approved, albeit at a higher interest rate.

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2. Start with a Smaller Loan Amount

• As you may know, a personal loan is already a
  risky proposition for any lender because of the
  lack of security or collateral. That means if you
  default on your loan EMIs, your lender doesnt
  have a security blanket to fall back on. So, if
  you have a low credit score on top of this,
  asking for a big loan amount is not advisable. If
  you do, its more a sign of you defaulting on
  your loan EMIs. Suppose you apply for a low
  credit personal loan with a smaller loan amount.
  In that case, your chances of loan approval are
  higher, as a smaller amount is always easier to
  repay. And if you repay it in full, your lender
  will feel more comfortable granting you a bigger
  personal loan in the future.

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3. Apply with a Guarantor

• Some of you may still feel shaky or unsure about
  applying for a personal loan with low credit
  score by yourself. In that case, you can involve
  a guarantor as well. A guarantor is someone who
  promises to pay off the debt in full, in case you
  default on the low credit personal loan. To
  achieve this, they pledge their own assets
  against the loan. Of course, it is not always
  easy to find an individual who agrees to be your
  guarantor. They need to provide their KYC
  documents and signatures as well. But if you do
  find one, it will increase your chances of
  getting a low credit personal loan.  

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Wrap Up

• If you have a low credit score and need to borrow
  a personal loan, we hope that you will try
  following the points as mentioned above. It will
  help you get a low credit personal loan easily.
  Just remember to repay all the loan EMIs on time,
  no matter what. Closing the loan successfully
  after servicing all your EMIs will build your
  case for higher loans in the future.

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Thanks For Visit.

• Address for Correspondence   
• KreditBee, 3rd floor, The Royal Stone Park, No.
  100, Above Honda Showroom, Sakshi Nagar, Pai
  Layout, Bennigana Halli, Karnataka 560016 
  Official Phone [phone]
• Website www.kreditbee.inOfficial Email
  Address help_at_kreditbee.in