Did you know that urgent loans to people with poor credit are possible? If you’ve got a bad credit score, but you need personal loans, we at Bridge Payday offer loans to people who have credit scores as low as 600 or a CIBIL score that is 600 or more or an Experian score of 600.
Why should people choose the bridge payday loan for people with poor credit?
Thanks to Bridge Payday’s exclusive credit model, credit scores, and credit model even when you have a low credit score, you can still be eligible to be approved for a loan. If you’re in the market for an instant loan with bad credit in India There’s a place to go.
Loans for those with Poor Credit Score
Individuals with fewer credit scores can avail of personal loans with no difficulty if they have a CIBIL score in the range of 600 and an Experian score of 700
Instant Check to Determine if you are eligible
Verify your eligibility through the Bridge Payday website or download the application in less than two minutes
Flex loan funding
Based on your eligibility depending on your eligibility, you can apply for any amount of loan in excess of Rs. 5 lakhs
Flexible Time for Repayment
The applicants are able to take advantage of repayment terms that are flexible and can run until 60 days
100% Paperless
The entire process from applying to payment is quick and simple.
Minimum Documentation
All you need to supply is three pieces of proof including an ID document as well as proof of address. the proof of income
24 hours a day, 7 days a week.
This loan is due the next business day after the day you had your loan application accepted
How to apply in order to receive the NBFC Personal loan to those with people with low credit
If you’re looking to borrow from a well-known private finance firm such as Bridge Payday, you will have to follow the instructions below.
Check Your Eligibility
Visit the Bridge Payday website or download the application. Complete all of the required details and we’ll let know if you’re eligible in less than two minutes.
Pick Your Plan
You are able to choose the amount of loan and timeframe that you want according to your financial capabilities
documents that must be needed
Upload all documents needed online, quickly and effortlessly
Direct Loan Payment
After the documents have been checked and the loan agreement has been signed, the amount of the loan will be transferred to your bank balance within 24 hours.
Note to self
- Once your documents have been checked, you will be issued an NACH form that needs to be signed, printed , and scanned and then delivered to us.
- This will permit the automatic debit feature into your banking account which allows customers to pay their EMIs at any time you need without having to manually intervene.
- Once you have received the NACH application, you’ll need to go through the loan agreement that is included in the application. You must submit your application after having read all the terms and conditions thoroughly.
Eligibility requirements to be qualified to apply for Bad Credit Loans Online
If you’ve had a bad score in the credit report, you could obtain a loan for yourself via Bridge Payday if you fulfill the eligibility criteria which are listed below.
- The applicants must be between 21 21 and 57.
- The applicant has to have a source of income of at minimum Rs. 13500 or above. *
- The earnings must be credited directly to the account of the applicant’s bank.
- Credit score should be at the very least at a CIBIL score of 600 . or the Experian score in the range of 600.
The following is an overview of cities of the income requirement as well as credit score requirements.
| The eligibility criteria for credit scores and income Requirements * | |||
|---|---|---|---|
| Salaried Individuals | The minimum income in-hand | The Areas of Residency | CIBIL The requirements to score credit |
| Rs 13,500 | Any | CIBIL score of 600 points or higher. A score of 650 points or higher | |
| Rs 20,000 | Mumbai/Thane, or in the NCR region (Delhi, Noida, Gurgaon, Ghaziabad, Faridabad, etc.) | A new creditor has a CIBIL Score of 600 or more or an Experian score of 650 or higher | |
| Rs 15,000 | Metro City other than Mumbai and NCR | CIBIL score of 600, or an Experian score of 700 or higher | |
| Employed Individuals who are Self-employed | Rs 15,000 | Any | CIBIL scores of at least 600 and higher. A score of 650 points or higher |
Documents needed to be submitted in Bad Credit Loans Online
Below is an overview for each city of the income requirement as well as criteria for credit score.
| ID Verification | Address evidence | Revenue Evidence |
|---|---|---|
| PAN Card PAN Card PAN Card is considered to be the main ID document required. If it is denied because of problems with image quality or another reason, any of the documents that are listed in the following list will suffice)Aadhaar Cards Valid Indian Passport Valid Visa ID Driver’s License | Any of the following -Aadhaar Card in good standing Indian PassportValid Driving License utility bill (Electricity Gas, Water Electricity) which were issued within the last 60 days. | Salaried Applicants – Last 3 months’ bank statements of your salary account in PDF format showing salary creditsORSelf-Employed Applicants – Last 3 months’ bank statements in PDF format if you are self-employed |
Fees and Charges related the Bad Credit Loans Online
The personal loans offered by Bridge Payday for those with poor credit are offered with low-interest rates, and there are no hidden fees at all. The charges and fees we charge are as the following:
| Fees and Charges | The amount that will be the amount to be |
|---|---|
| Rate of Interest | Starting at 1.33 percent per month. |
| Charges for processing loans | Between 2 and 8percent of the amount of the loan |
| Interest on late EMIs | 2 percent monthly on the principal loan or EMI that is in arrears |
| Cheque Bounce | Rs.500/- – per transaction |
| Loan Cancellation | There aren’t any extra or hidden costs. The amount of the interest during the period between the date of the loan’s disbursement and the time it is canceled is payable. Processing costs will be deducted. |
In the final
There are people who have a low credit score for many reasons. The transition from a low credit score to an excellent credit score can require time.
However, having paying for credit may happen at any given moment. If you’re not in the majority with regard to credit score, don’t fret because with Bridge Payday personal loans you may still be eligible for a loan even if you don’t have the best credit. Our unique credit score model will require applicants to possess a CIBIL score of 600 or higher or scores from Experian that are at least 650.
Personal loans are accessible to people with Bad Credit – Related FAQs
What are bad credit Loans?
The technical definition of a low credit line is a form of loan that is offered to those who have poor credit scores. To be eligible to receive loans you have to have a credit score of 700. This isn’t a feasible option for all. Some loan providers such as Bridge Payday provide loans to individuals with credit scores as low as 600 or a CIBIL score of 600 or an Experian Score of 700. If you’re thinking about loans for poor credit, you’ve come to the best location to apply.
What are the drawbacks of taking out a loan even with poor Credit?
Credit for people with poor credit is a type of loan that is offered to people with weak credit scores. Since lenders are more liable when lending to those who have less creditworthiness, they tend to compensate for this by altering certain conditions and terms of the loan. As follows:
- The loans are generally available with higher rates of interest.
- Sometimes, the loans are provided as secured loans, i.e. need collateral
- The loans may have more flexible term repayments.