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Finance

Low Credit Score? Don’t Worry, Follow These Strategies To Get Personal Loan

How to turn a Low Credit Score in your favour? Find out here!

How to turn a Low Credit Score in your favour? Find out here!

A low CIBIL score does not always mean that you will not get a personal loan. There are a few strategies you can adopt to make sure that a low credit score does not ruin your chances of a personal loan. 

1. Understand Your Credit Score and Report

Make sure to check your credit report to understand the factors impacting your score. Look for errors or discrepancies that could be affecting your score negatively.

2. Build a Positive Payment History

Ensure timely payments on existing debts, including credit cards, loans, and bills. Consistent on-time payments can gradually improve your credit score. This is the most important factor that impacts your credit score.

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4. Explore Loan Options

You can always look at local Banks as they might be more flexible in lending to individuals with lower credit scores, especially if you have a history with them.

These days, there are also many online lending platforms where you can get loans in an instant. 

5. Get a Co-Signer

Having someone with a good credit history co-sign the loan may increase your chances of approval and potentially get better terms.

6. Show Stable Income and Employment

Demonstrate a stable source of income that can support loan repayments. Employment stability can boost your credibility and give the banks a sense of security that you will repay the loans. 

7. Apply for Smaller Loan Amounts

Apply for a smaller loan amount that you can comfortably repay. Lower loan amounts might be more accessible with a lower credit score.

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8. Avoid Multiple Loan Applications

Multiple loan applications within a short period can negatively impact your credit score further. Apply selectively to prevent further damage to your credit.

9.Debt Reduction

Lower existing debts to improve your debt-to-income ratio, making you more attractive to lenders.

10.Budgeting and Savings

Showcase responsible financial behavior maintaining a budget and establishing savings habits.

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Harshita Bajaj

Harshita has a background in Psychology and Criminology and is currently pursuing her PhD in Criminology. She can be found reading crime thrillers (or any other book for that matter) or binge-watching shows on Netflix when she is not in hibernation.
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