Financial Blog

Acquire Personal Loan even if you don’t have a Credit Score !!

posted on 2019-10-03 11:40:28 by Admin

A personal loan, which is an unsecured funding option. This category of funding can easily be accessed for managing various expenses such as education, wedding, medical bills, and various other personal requirements. However, as it is a kind of unsecured funding, the loan providers would like being completely satisfied with your payback ability. Keep this in mind that in case you have acquired a loan earlier in life, then it is mandatory for you to have a good credit score. This score will provide a clear picture to the loan providers about your credit value.   

On the other hand, there is a possibility that you might not know much about the credit world. Does that disqualify you from getting a personal loan? Well, have a look at the given tips through which you can easily get hold of a personal loan even if you have no credit history. Let’s go through the following points.

Collateral

Personal loans are mostly provided without enquiring much about the applicant to show up security. In case when a person with no credit record and unstable income, loan providers can inquire about the security to approve the credit request and augment the protection of funds offered by them. The safety of funds is ensured as the funding is provided at the value of almost 80%-90% of the security presented. In case the applicants fail to pay on time then, the lender can literally put up the collateral for sale, when it feels suitable, to recover the remaining loan amount to be paid back by the borrower. You can decide from options like a life insurance policy, fixed deposit, and national savings certificate as a security to obtain the required funds.

Savings account

Individuals who have a savings account with the bank for an extended duration can easily apply for a personal loan. The financial institute would, though, demand for the relationship worth to be considered so that it can serve you with funding without any fear of default. The salary account holders have an obvious benefit here as the financial institutes get a clear understanding of their income. Therefore, it is not a surprise when these account holders obtain pre-approval offers through an email or call from the lender.  

Instant personal loan online

The money lending options like non-banking finance companies and Banks set up strict credit terms and conditions. A number of applicants are unable to match up the required terms and therefore experience rejection for their loan request. But, in an age where the technical progressions are taking place at a fast speed, the immediate loan approval with the help of online funding apps is getting more and more known to the world. But, it is always better to apply for the loan through some trusted and reputed lending options and financial institutes.
All you need to do is just make sure that you match up to the eligibility terms and conditions required to get a personal loan approved with ease and in a hassle-free manner.