Ways To Get A Loan With Bad Credit - The Basics - PowerPoint PPT Presentation

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Ways To Get A Loan With Bad Credit - The Basics

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Title: Ways To Get A Loan With Bad Credit - The Basics


1
  • Ways To Get A Loan With Bad Credit - The Basics
  • We all have come across some situations where we
    desperately needed to get a loan, but our credit
    rating was terrible with a low CIBIL score, which
    would not qualify us to get a loan sanctioned.
  • Transunion CIBIL is Indias first company that
    keeps track of all the payments and transactions
    a person has done, with regards to loan and
    credit card. According to history, they rate the
    person out of a score range of 300 to 900. Now,
    there are quite many reasons for getting a bad
    credit rating, some of which are listed below.
  • When you fail to make the repayment within the
    stipulated period after borrowing money.
  • When you extensively look to get a business loan
    in Delhi but get rejected often.
  • When you have never taken a home loan in Delhi
    and have no credit history to your name.
  • In some cases, having more number of credit
    applications, often changing your address, not
    having your name on the electoral roll can also
    contribute to a low credit rating.
  • A co-signer is one who signs along with you while
    you take a loan. The loan applicant will also be
    responsible for repaying the loan within the time
    limit. Appealing to a co-signer will help you
    get a loan more manageable, but it will pose a
    high risk to the co-signer. If you do not repay
    the loan in time, the co-signer will have to
    bear the brunt and risk having to repay the loan
    himself and also losing his credit rating.
  • Credit unions are typically non-profit
    organizations that give loans to members at a
    lower interest rate, and at the same time
    providing quality customer service. These would
    be a safe choice to take a loan if your credit
    score is meager. You can also try for a loan
    against property with a property that has a
    higher value.

2
You can put your home as equity and take a loan,
regardless of your credit score. Although this
puts you in danger of losing the house if you do
not repay, if you are sincere and regular in
repaying the loan money, there will not be a
problem at all of losing the house. These are the
methods by which you can get a loan quickly, even
with bad credit. Even then, it always helps to
try to repay the loan without any delay and
negligence, so that your credit score also
ultimately improves.
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