Financial crises may appear in unimaginable times and sizes. Perhaps you need urgent medical credit, or your car just broke; in such circumstances, your saving might not be enough to save your back. Or you probably have experienced a loss of employment, a sickness, a death, or another unforeseen event. Getting a loan for an emergency can help you manage your finances if you need money right away.
Emergencies can be extremely stressful; however, it can be impossible to receive an emergency loan if you have a bad credit score. Thankfully, that isn’t the case. Even if you have credit issues, there may still be emergency loan alternatives available to you. Several online lenders make emergency loans for bad credit effortless for people in need.
Bad Credit Loans in a Nutshell
A bad credit loan is a financial product that a person obtains with a low credit score. A bad credit loan is a financial product that a person gets with a low credit score.
An individual needs a credit score of 750 or more to receive a readily acquire the loan. However, not everyone has such a good credit score.
The best part is that some lending companies will grant loans to borrowers with bad credit. Therefore, if you’re looking for emergency loans with poor credit, you must keep looking for a reputable lender.
Online Bad Credit Loan Eligibility Criteria
If you fulfil the requirements listed below, you may be eligible for an emergency loan from lenders even with a poor credit score.
- There must be a minimum age of 21 and a maximum age of 57 for applicants.
- The applicant’s annual income must be a minimum of Rs. 13,500.
- Direct deposit of income into the applicants’ bank accounts is obligatory.
- A minimum CIBIL credit score of 600 or a credit score of 650 is mandatory.
If you’re looking for emergency loans with bad credit, the following are the 3 documents you need.
- PAN Card: This is the primary form of identification that is necessary.
However, any of the displayed officially valid documents listed below will do if it is denied for inferior image quality or a different reason.
- Aadhaar Card
- Legit Indian Passport
- A valid voter ID
- Valid Driver’s License
Fees and Charges
In this cut-throat marketplace, there are numerous lenders and finance lending organizations that offer diverse and competitive interest rates. They eventually have no hidden charges whatsoever. However, the following are some common fees to give you an idea.
- Interest Rates– Starting at 1.33%
- Loan Processing Charges– From 2% to 8% of the approved loan amount
- Interest on Overdue EMIs– 2% of the overdue EMI/principal loan amount per month
- Cheque Bounce –Depending on the lender’s policies.
Once you meet all the requirements and benchmarks, you need to visit a lender’s website to obtain emergency loans for bad credit. You can find various online lending firms that deliver all critical information in minutes and notify you about your eligibility. Moreover, you can select the loan amount and repayment term applicable based on your eligibility.