To have a personal loan, you need to meet the eligibility criteria. Because a personal loan is an unsecured loan, it is difficult to obtain approval. If you want approval and a low rate of interest, you need to make sure that you have a good free credit score. What if you do not have a good credit score? Will the financial crisis not come to you? Well, financial crises and downtown situations are so common for everyone. You need to make sure that you are getting the best personal loan possible, even without a bad credit score. For all those individuals without credit or with bad credit scores, here are all the options that you will find on the market:

Secured credit cards: Secured credit cards are a secured form of loan that you can take out even with a bad credit score. It is secured, and there will not be any need for a CIBIL score calculation. For secured loans, it will be easy to get a loan even without a credit score. You need to have security, collateral, or a bank account with a financial institution in order to get a secured credit card. You can always get a secured credit card for small expenses. It will be a flexible kind of loan that you can use for any kind of expense. Credit cards come with a fixed credit limit that depends upon your credit score. You can always get a secured credit card even if your credit score is lower than 500. Read Here : How is business loan calculated?.

Secured personal loan: It is very important that you choose to go for a secured personal loan. A personal loan can be secured with security or collateral. When you pledge any kind of asset or property at the time of taking a personal loan, it actually secures the loan. This means you don’t need to have a high credit score. The security, or collateral, is there to recover if the borrower ends up defaulting on the loan. Therefore, it is important that you secure your personal loan if you don’t have a high credit score.

Gold loan: A gold loan is a good option when you do not have a high credit score. A gold loan is completely secured as you get a loan by pledging the gold ornaments. When you keep the gold ornaments with your financial institutions, you get back the amount you need. When you repay the loan, you get back the ornaments. There is no credit score requirement. You can easily get a gold loan even with bad credit or no credit at all.


Fixed deposit loan: Financial institutions offer fixed deposit loans to individuals with existing financial relationships. Yes, if you have a fixed deposit with a financial institution, you can easily get a loan against it. The fixed deposit is the security or collateral pledged with the bank or non-banking financial institution in this case. Therefore, you can always get a fixed deposit loan from banks or non-banking financial institutions. It is a secured loan, and you can get it even without a good credit score.

Wrapping up

It is very important to get hold of an instant personal loan to make sure that you are able to meet all your needs. An instant personal loan without security is possible only when you meet the eligibility criteria with a good free credit score.