# **10 Best Loan Apps for Low Credit Scores**

A low CIBIL score can make accessing traditional loans challenging, but modern loan apps have transformed the lending landscape. These apps provide accessible options for individuals with poor or no credit history, ensuring financial support without the conventional constraints. By leveraging technology and flexible criteria, they make borrowing simpler and faster for a wide range of users. 

## **What is the CIBIL Score?**

CIBIL score is a numerical representation of your creditworthiness in India. A CIBIL score ranges from 300 to 900\. It is assigned by TransUnion CIBIL, one of the country’s leading credit bureaus. This score is derived from factors such as repayment history, credit use, outstanding debt, and credit mix. 

Lenders rely on this score to assess the risk involved in lending money, with higher scores reflecting better credit reliability. A score above 750 is generally considered excellent. It enhances the likelihood of loan approval and favourable terms. 

## **Features of Apps for Loans with Low CIBIL Score**

Apps for low credit score loans offer unique features that make borrowing accessible:

* **Eligibility without high credit scores:** These apps allow users to apply for loans even with poor or no credit history. This eases access to financial aid. 

* **Nominal processing fees:** A processing fee of 1%% to 3% (plus GST) is deducted from the disbursed loan amount. This makes the application process smooth and transparent.

* **Credit limit increases:** New borrowers who repay on time often qualify for higher loan limits, reaching up to Rs. 5 lakhs. 

* **Quick disbursement:** Loans are usually processed and credited to the applicant’s bank account within a short time. This caters to any urgent financial need. 

* **High interest rates:** If you have low credit scores, interest rates typically range between 20% to 36% annually. However, repaying on time can help reduce rates over time. 

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## **Top Low Credit Score Loan Apps**

When financial needs arise, individuals with low credit scores may face challenges in securing loans. Thankfully, these personal loan apps without CIBIL scores provide options tailored to such requirements. 

**Indiagold**  
Indiagold is considered the best instant loan app in India without CIBIL. It offers secure and affordable gold loans at competitive rates. It is an excellent option for those looking to leverage their gold assets without visiting a branch. 

* **Interest rates:** Starting at 0.77% per month or 9.24% per annum.   
* **Features:**   
  * Provides doorstep gold loan services with insurance coverage for pledged gold.  
  * Loan amounts are credited within 30 minutes of approval.  
  * Transparent terms and a secure process enhance borrower confidence. 

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**Money View**  
Money View delivers financial solutions for individuals needing instant liquidity. It has gained trust for its swift approval and disbursal system.

* **Interest rate:** 16% to 39% per annum.   
* **Features:**   
  * Useful for handling medical emergencies, unplanned travel, or other urgent expenses.  
  * The app offers customisable loan amounts and repayment terms.  
  * A simple and efficient application process designed to minimise delays.

**Bajaj Finserv**  
Bajaj Finserv provides versatile loan products with flexible repayment options. It is a preferred choice for individuals seeking financial aid for household or personal needs.

* **Interest rate:** 12% to 34% per annum.  
* **Features:**  
  * Suitable for purchasing gadgets, home appliances, or even large consumer durables.  
  * Offers higher loan limits for eligible borrowers despite low credit scores.   
  * A trusted name with an extensive presence across India, ensuring reliability. 

**Bueno Loans**  
Bueno Loans is a viable option for individuals in urgent need of financial assistance despite their low credit ratings. 

* **Interest rate:** 20% to 52% per annum.  
* **Features:**  
  * Provides quick access to loans for emergency medical expenses, home repairs, or educational fees.  
  * Designed specifically for individuals with low credit scores.   
  * Offers flexible repayment options to suit the borrower’s financial situation. 

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**KreditBee**  
KreditBee is a reliable platform for instant cash loans, even for borrowers with low credit scores. It stands out for its swift processing and borrower-friendly features. 

* **Interest rate:** Up to 29.95% per annum.   
* **Features:**  
  * Suitable for expenses like education fees, medical bills, or wedding arrangements.   
  * Offers flexible repayment periods that range from a few months to a year.   
  * Transparent terms ensure borrowers understand the costs involved. 

**mPokket**  
mPokket caters specifically to young professionals and students needing small-ticket loans. With its focus on affordability and accessibility, mPokket is a go-to for younger individuals.

* **Interest rate:** 0% to 4% per month.   
* **Features:**  
  * Quick disbursal process, ensuring funds are received quickly.   
  * Loan amounts are ideal for meeting urgent expenses like paying for books, rent, or daily needs.   
  * Easy repayment options linked to the borrower’s next paycheck. 

**SmartCoin**  
SmartCoin is a versatile platform offering financial support for various needs. It is favoured for its adaptability and borrower-centric approach. 

* **Interest rate:** Up to 30% per annum.   
* **Features:**   
  * Ideal for handling expenses like medical bills, utility payments, or short-term travel costs.   
  * Simple application process with quick approval and disbursal.  
  * The app uses AI to assess borrower’s eligibility and offer tailored loan options. 

**Pocketly**  
Pocketly is designed for borrowers needing small amounts on short notice. It is particularly useful for meeting short-term financial gaps. 

* **Interest rate:** 14% to 39% per annum.   
* **Features:**  
  * Great for meeting day-to-day needs such as utility bills or shopping expenses.   
  * Straightforward eligibility criteria and a fast loan approval process.  
  * Repayment plans are flexible catering to the borrower’s convenience. 

**Lazy Pay**  
LazyPay simplifies borrowing with its quick approval process and manageable terms. It is a popular pick for those who require immediate funds. 

* **Interest rate:** 16% to 32% per annum.  
* **Features:**  
  * Ideal for short-term needs such as shopping, paying bills, or planning a trip.  
  * A hassle-free application process with minimal documentation requirements.   
  * Offers flexible repayment options that suit different financial situations. 

**Indialends**  
Indialends offers a comprehensive solution for diverse borrowing needs. It is known for extending options to borrowers with suboptimal credit scores. 

* **Interest rate:** 10.25% to 25% per annum.   
* **Features:**  
  * Provides loans for purposes such as debt consolidation, medical emergencies, or home renovations.   
  * Personalised loan offers are based on the borrower’s profile and repayment capacity.   
  * A user-friendly platform that ensures transparency throughout the process. 

## **Loan Eligibility without CIBIL Score**

To qualify for loans via apps that do not emphasise CIBIL scores, applicants must meet the following criteria:

* The borrower usually should be at least 21 years old.   
* Applicants should have PAN and Aadhaar cards linked to a registered mobile number.   
* A functional salary account with internet banking or mobile banking capabilities is necessary.  
* A regular income source is crucial to demonstrate repayment capacity. 

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## **Documents Required** 

You would need the following documents:

* Proof of identity and income verification.  
* Address and identity verification.  
* Registered contact details linked to banking and identification.   
* Account information for loan disbursement.  
* Real-time photo for identity confirmation during KYC. 

## **How to Apply through Loan Apps with Low CIBIL Score?**

Follow these simple steps to apply for a low CIBIL personal loan:

1. Choose an app that offers loans without strict CIBIL requirements.  
2. Provide your mobile number and personal information.  
3. Submit PAN and Aadhaar for verification via OTP.  
4. Add your bank details for loan disbursal.  
5. Get tailored loan options based on your banking history.  
6. Accept the terms and apply for your loan.

## **Conclusion**

Loan apps designed for individuals with low CIBIL scores have emerged as a lifeline for those facing financial challenges. While they offer quick and accessible solutions, maintaining good financial habits remains crucial for long-term stability. By improving your CIBIL score over time, you can unlock better borrowing opportunities and enjoy greater financial freedom. 

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Top 10 Low credit score (CIBIL score) apps include indiagold, Moneyview, Earlysalary, Cashe, Flexsalary, Moneytap, Nira, etc

Low Cibil Score Loan: 10 Low Credit Score Loan Apps 2024