If your CIBIL score is poor and you're getting rejected from various sources, don't worry! Nowadays, there are many smart and easy ways to manage money. Here are five surefire ways to quickly arrange money even with a poor credit score.
First, understand why banks don't grant loans with a poor CIBIL score.
CIBIL is your financial report card, reflecting your past loan repayment history. If your CIBIL score is low, banks may consider you a high-risk customer and hesitate to grant you a loan. But this doesn't mean that all avenues for obtaining funds are closed. By choosing the right option, you can arrange funds without much hassle, within a few hours.
First Method - Joint Loan
If you have a regular income but a low CIBIL score, a joint loan is the easiest option. Simply enlist someone (a family member, spouse) with a good CIBIL score as a co-applicant. Banks approve the loan based on this, and your problem is resolved within minutes.
Second Method - NBFC Loan
If your bank has refused due to CIBIL, NBFCs are your best choice. These companies offer loans at slightly higher interest rates. The KYC process is also simple, and documentation is minimal. Importantly, your credit score is not a major barrier here.
Third Method - Salary Advance Loan
Today, many companies and fintech platforms offer advanced loans based on your salary. You can get a loan up to 2-3 times your monthly income. CIBIL is not a major obstacle here. EMIs are also easy, and the tenure is short.
Fourth Method - Gold Loan
If you have gold stored at home, you will never face a cash problem. Banks do not look at your CIBIL score for gold loans, as they hold your gold as security. Loans up to 70-75% of the total value of your gold are instantly available. The process is fast, the interest is low, and the risk is zero.
Fifth Method: Loan Against FD, PPF, and LIC
If you have a fixed deposit, LIC policy, or PPF, you can get an excellent loan option against it. The interest rate is low, and approval is quick. This is especially useful for those who don't want to lose their savings.
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