Multiple banks. Different interest rates. Call it a "conflict of interest".
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    Bad Credit Loans

    We found 32 Bad Credit Loans

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    11.49% - 15.99% Fixed
    1% to 2.5%
    30L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Ad
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    Customer Reviews
    10.99% - 14.49% Fixed
    0
    30L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Ad
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    Fees & Charges
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    Customer Reviews
    12% - 18% Fixed
    Up to 1.5% One time fee
    15L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Ad INSTANT DECISION
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    Customer Reviews
    11.99% - 19.50% Fixed
    0 One time fee
    20L Max
    1-6 Years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Paperless approval option available
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    Perks
    Fees & Charges
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    Eligibility Criteria
    Customer Reviews
    13.99% - 16.99% Fixed
    1% - 2% One time fee
    20L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Paperless Approval Option Available
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    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    11.00% - 17.99% Fixed
    2.25% (min. ₹1149) One time fee
    20L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Paperless approval option available
    What you'll love
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    Perks
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    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    10.85% - 11.85% Floating
    0.5% One time fee
    50 K - 10 L
    1-5 Years
    Response Time Within 30 minutes
    Guarantor Required Paperless approval option available
    What you'll love
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    Good to Know
    Eligibility Criteria
    10.99% - 19.8% Fixed
    Up to 2.5% One time fee
    25L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Paperless approval option available
    What you'll love
    Documents
    Perks
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    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    11.99% - 19% Fixed
    Up to ₹3000 One time fee
    25L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Paperless approval option available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    17.25% - 37% Fixed
    1.5% to 6.0% One time fee
    15L Max
    1-4 Years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free Paperless approval option available
    What you'll love
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    Perks
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    Eligibility Criteria
    11.49% - 20.15% Fixed
    Up to 2%
    15L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free
    What you'll love
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    Perks
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    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    11.5% - 13.25% Fixed
    0 One time fee
    30L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria

    Bad Credit Loans is Rated as "Great!" by 73978 Users

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    Personal Loan BYTES FROM OUR KITCHEN

    A bad credit is when a borrower carries a higher credit risk. When a borrower has a low credit score, it indicates a bad credit. The creditors will avoid lending money to the individuals with a bad credit history as the borrower might default on making the payments.

    A borrower’s credit history depends on various factors such as the amount borrowed, amount of available credit remaining and the number of times the borrower has defaulted in repaying the loan amount. The borrower’s credit score will be affected by the late fee being charged or if you ask for an extension on the loan or opt for the loan renewal option.

    While the borrower might’ve been in a difficult financial state and defaulted on the loan repayments. But, the default results in bad credit score. That however doesn’t mean that a person can or should not be eligible for further loans.

    People with bad credit history can get a bad credit loan. However, one must remember that a bad credit loan will attract a high interest rate resulting because of the bad credit history. But before applying make sure that there is a good chance for you as a borrower, to avail the loan, if the application is cancelled, it will damage your credit score further.

    What is a bad credit loan?

    A bad credit loan is a loan for people with a bad credit history. You get a bad credit history:

    • When you have missed repayments.
    • When you missed bill payments.
    • Or when you have had a failed credit application.
    • Or when you have never borrowed in the past and the lenders are unsure if they can rely on you to make the repayments. Hence making you too much of a risk to some lenders.

    When should you consider for a bad credit loan?

    You will only opt for a bad credit loan when there is not much of an option left for you. If there is no way you can manage your finances without having to borrow, do not take a bad credit loan.

    Only consider for a bad credit loan:

    • When you can manage the loan and its repayments and help repair a bad credit score.
    • When there is no other way to manage your current deficits.
    • When you want to consolidate your debt or extend the repayment period or cut your interest rates.
    • When you have taken a bad credit loan, do not take any further short term loans or credit.
    • When you have planned out your finances and are sure that you can make the repayments. Plan for overpayments to pay off your loan as quickly as possible. This is possible when you know extra money is going to come in your way.

    Do proper research before taking a bad credit loan. You need to look for:

    • The cheapest interest rate that is available.
    • Make sure you are eligible to get the loan before applying for it. If the application gets rejected, your credit score will be damaged further.
    • Get a better idea of the actual rates available and make the right application.

    What is the difference between secured and unsecured loans?

    Secured Loans:

    If you have a house or an expensive car or property or any other significant asset, then you can use it as a collateral. This will in turn make you eligible for a secured loan as an option. Secured loans are given at lower rates than the personal loans. Sometimes, when you need a huge amount, this will be the only option that you will be left with. But always meet your repayments as you might lose out on the asset you kept as a collateral.

    If you have had difficulty making payments on your loans never keep your home as a collateral. Take different factors into consideration before you turn your Unsecured Loans to secured loan especially if you have had a bad credit history. The rates may seem attractive, but if you miss making payments, you might lose out on the asset you kept as a collateral.

    Unsecured loans:

    Unsecured loans are given to the borrower based on their creditworthiness. You as a borrower will not have to have a collateral. You must have a high credit score to avail an unsecured loan. The loan is not guaranteed by any asset or property. The interest on the loan is fixed and due at the end of a specific time period.

    To avail an unsecured loan, maintain a high credit score. You must make all the payments and repayments on time and not default even once.

    Are there any alternatives to bad credit loans?

    Yes, there are limited alternatives that you can consider before opting for a bad credit loan. The options are:

  • Speaking to your current financial provider to offer you a tailored loan considering your circumstances. The current financial provider may be able to help you out in this regard than you going to a new provider for a loan.
  • You can get an overdraft on your current account at 0% interest rate for a certain amount. Never cross your limit on the overdraft as the unarranged overdraft fee will turn out be very expensive.
  • Credit unions that are community operated can offer a real alternative to banks to those going through financial difficulty. You need to be a member of the credit union to avail the loan. These organisations are supportive and their main intention is to serve their members.
  • Credit cards are another option that is available to those with a bad credit history. There are dedicated cards for the people with bad credit ratings. Though they may have lower credit limits or with higher interest rates. Also remember a failed application will damage your credit card further.
  • There are payday loans. But it is advisable not to take this loan.
  • Use your own savings for as long as you can. It is better to have used your saving than to pay the high interest that are being charged on loans.
  • The government also offers interest-free budgeting loans to those who can’t afford their rent. But those with urgent requirements only will receive the loan.
  • Turn to your family and friends for a loan. You can work out a mutually beneficial deal out and they will be much more understanding than any financial body. You can agree on a feasible interest. Be clear as to how you will make the repayment as there is a good chance that the relationship may be affected due to this. Agree on a certain time frame and commit to it.
  • Whatever the problems are, stay away from the loan sharks. Consult with your existing lender and work out a deal that will avoid you from defaulting your payments and saving you from a bad credit history. The lender will at all times assist you and advise you how to go about your current financial status.

    Bad Credit loans in India

    In India, there are no bad credit loans offered to the borrowers. So, what if a person needs immediate cash and it is an emergency. But due to his bad credit score, he will not get any loan from the leading financial providers. In those cases a person can consider a bunch of alternatives than applying for a loan with the bank. If a person with a bad credit rating applies for a loan with a bank and the bank rejects the application, the rejection will affect his credit rating further. Now that is something that you would not want, making a situation worse than it already is.

    So, the next question is how will you deal with this problem in hand?

    Your need for immediate cash can be solved in a bunch of different ways. First off, go talk to your current banker with whom you have had maintained business with for years. It could be a neighbourhood bank where everyone knows everyone and knows your situation well. If you have had a nice rapport with the manager, he can surely help you work out a deal that will work for you as well as the bank. This way you get a chance to fix your bad credit history by making all the payments and repayments on time or way before it. Your current banker will understand why you would’ve defaulted in the previous payments and understand your situation and help you out. But, if you approach a new banker, he would not be so considerate of your situation and another rejection in your loan application will further damage your credit ranking.

    In India, if you have a fixed deposit account maintained with a bank, they will provide loan up to the limit of the amount in fixed deposit account maintained with them. You can also get a credit card on your fixed deposit amount. Though the cash withdrawal limit might be lower, it will still take care of the need for your immediate cash requirement. But never cross the limit that has already been provided by your banker.

    Indians are all about saving. If you have deposited certain amount at some bank, break the deposit and use the money, it is still better than you getting into a debt. Try to stay away from debt as much as you can. It is better to find a way to manage your own expenses. There won’t really be any need for you to be taking loan at certain times. Some items are not even worth taking loan for. And most importantly there is absolutely no need to take a Secured Loan. It might seem like a sensible option at that particular time but losing your house, property or your car over loan is not worth the use the loan amount came for. It is always a trap and the banks will not take into consideration if you will be homeless or won’t have shelter all they care about is retrieving their money. In that case, you can always borrow from your family and friends. They will be more than willing to help you out. And they will be more considerate of your situation and will not take advantage of the vulnerable situation that you are in.

    Whatever the problems are, stay away from the loan sharks. Consult with your existing lender and work out a deal that will avoid you from defaulting your payments and saving you from a bad credit history. The lender will at all times assist you and advise you how to go about your current financial status.

    Apart from these there are also Co-operative societies that lend financial aid to the members of the society. Make yourself aware of the various lender around the area you reside. There is always a way that someone will go out of their way to help you. You can always approach the religious institutions that will have a certain amount set aside to help those who are in financial difficulties. If not, there are always family members and friends that you can ask for favours.

    It is always a feasible option to turn to your family and friends first as they will be considerate of your financial situation and not try to exploit the fact that you are in urgent need for money. Also, you can set a reasonable interest rate and the term of the loan. But make sure you do not default on the payment as the relationships may suffer due to this.

    Stay away from the loan sharks and from the secured loans as there is no way out of the arrangement unless you have made all the payments. And when you do take a loan, make sure you make all the payments on time and improve your bad credit history. For as long as you can use the money you have saved instead of getting more debt than you can handle. Always clear off a loan first before taking another one. Do not take a loan unless it is necessary.

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  • Bad Credit Loans Reviews

    • HDFC Bank Personal Loan
      "Need to improve in services"
      0.5 1.0/5 "Really Bad"
      My personal loan is from HDFC Bank and the services has not been up to the mark. They need to know how to handle a customer and how to communicate as well. The team has to be more professional. The interest rate and charges is not a concern but the services is not satisfactory.
      Was this review helpful? 1
      , bangalore
      Reviewed on May 25, 2017
    • Bank Bazaar Customer Support
      "One stop solution for the financial products"
      0.5 4.0/5 "Great!"
      If any body is in need of any kind of financial products, they can go visit the bankbazaar web site, which really helps the customer to get the financial products with the best rates in the market. The web portal with bankbazaar is easy to understand and very easy to use and customer friendly portal, because it has designed in a simple way. Overall I am happy with the bankbazaar.com service.
      Was this review helpful? 1
      , new delhi
      Reviewed on May 25, 2017
    • Fullerton Personal Loan
      "Good and excellent"
      0.5 3.0/5 "Satisfactory"
      I haven't received any kind of status updation about my personal loan application. They have made a call and explained me about the product, after that they have not informed that why my loan got canceled. I would suggest Fullerton can work customer centric in future. Overall I can say I am satisfied with the service.
      Was this review helpful? 0
      , new delhi
      Reviewed on May 25, 2017
    • Karur Vysya Bank Personal Loan
      "The best service"
      0.5 5.0/5 "Blown Away!"
      Karur Vysya Bank offered me the personal loan. The documentation part was very simple, they asked me the documents which was easy to produce. I submitted form16, last six month bank statement and salary certificate along with the signature of my institute. Hardly they had taken four days, they delivered such a fast service. I felt easy to go with Karur Vysya Bank. They are good enough.
      Was this review helpful? 1
      , erode
      Reviewed on May 25, 2017
    • Bank Bazaar Customer Support
      "Good Service"
      0.5 4.0/5 "Great!"
      When I visited bankbazaar website I found easy to apply for the loan over there. The moment I submitted my loan application, I received calls from them and they were good in providing proper response for my loan application. I had no issues with bankbazaar as I received regular calls from them.
      Was this review helpful? 1
      , erode
      Reviewed on May 25, 2017
    • ICICI Bank Personal Loan
      "Not Satisfied"
      0.5 1.0/5 "Really Bad"
      I preferred ICICI bank for the personal loan. But the bank demanded me to provide salary payslip which I could not produce so I had to close the loan application with ICICI bank. But I got the loan from Karur Vysya bank. ICICI should have been provided alternate options for the documents.
      Was this review helpful? 0
      , erode
      Reviewed on May 25, 2017
    • HDFC Bank Personal Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      HDFC Bank personal loan is fine, There is no drawback till now. There is no issues or challenges with them as such. They dint ask for too many documents for loan processing.The loan amount I have opted for 98 thousand and the rate of interest is 12.15% processing fee and charges 2400.
      Was this review helpful? 0
      , pune
      Reviewed on May 25, 2017
    • Bank Bazaar Customer Support
      "Good Service"
      0.5 4.0/5 "Great!"
      The services at Bankbazaar has been excellent, a quick process and the website is very helpful. There were no hassles in getting information about the banks and the offers and it was overall a very good experience. The follow up calls are satisfactory too
      Was this review helpful? 0
      , pune
      Reviewed on May 25, 2017
    • Fullerton Personal Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I did get a proper response from Fullerton after me applying for a personal loan They were on time to contact me and give me details. I did not wish to go ahead for the loan as the rate of interest and processing charges was very high from them but no other option I had taken with them with 22% Rate of Interest.
      Was this review helpful? 1
      , pune
      Reviewed on May 25, 2017
    • Bank Bazaar Customer Support
      "Very good in services"
      0.5 5.0/5 "Blown Away!"
      Bankbazaar surely needs a five stars as they were excellent in the process. The response was very much immediate and I am happy that with just a click away I was able to get connected to the banks and also get details of the same in one single page.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 25, 2017
    • Standard Chartered Bank Personal Loan
      "Nice experience"
      0.5 4.0/5 "Great!"
      Standard Chartered bank was good and on time to give me details on the personal loan. I also like the turn around time. It was a nice experience. I could not go ahead because of the changes in my personal requirement. The overall experience was good and the deal was decent on the interest rate.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 25, 2017
    • Bank Bazaar Customer Support
      "Fair enough"
      0.5 4.0/5 "Great!"
      I am aware about bankbazaar.com through promotional mails. I use bankbazaar web portal which is easy to use and user friendly. The mobile application with bankbazaar.com is working very well, therefore it is convenient for one to apply for any product. Overall I am satisfied with bank bazaar service.
      Was this review helpful? 0
      , chennai
      Reviewed on May 25, 2017
    • HDFC Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      The service was not bad with HDFC on my personal loan. They gave prompt response on my personal loan application. The interest rate was on the higher side. They took around 1 week to disburse my personal loan.I can say the whole Loan process just took a week time. Overall I am satisfied with the HDFC service.
      Was this review helpful? 0
      , chennai
      Reviewed on May 25, 2017
    • Bank Bazaar Customer Support
      "Good financial advisor"
      0.5 5.0/5 "Blown Away!"
      Every service of Bank Bazaar is good, they completely taking initiative on the customer's request. The website and the mobile application is convenient to check all the financial products and its very useful to check the credit score without any hassles.
      Was this review helpful? 0
      , aurangabad
      Reviewed on May 25, 2017
    • ICICI Bank Personal Loan
      "Its Average"
      0.5 1.0/5 "Really Bad"
      I have submitted all the documents to the bank, but process was not completed. I was staying in malkapur location it was not there in their system. Hence they have rejected the application and they didn't give any other option to take personal loan.
      Was this review helpful? 0
      , aurangabad
      Reviewed on May 25, 2017
    • Bank Bazaar Customer Support
      "Easiest web portal"
      0.5 3.0/5 "Satisfactory"
      Bankbazaar website is good and it is quite easy to navigate. It is like having all things in one basket so it was very easy to check all the banks and its interest rate and other charges. Also easy to apply for the loan on bankbazaar web portal.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 25, 2017
    • Tata capital Personal Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      Actually I had not submitted the required documents to Tata capital to avail the personal loan, therefore my loan application was closed. Other than that Tata capital was quite good in providing response. I do not recall anything about the rate of interest.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 25, 2017
    • HDFC Bank Personal Loan
      "Nice experience"
      0.5 4.0/5 "Great!"
      I had taken my personal loan from HDFC Bank and they followed up well on my application. When I was busy and have asked them to call me back, they would willing do so at the time I asked them too. The offer on the interest rate and charges was also good.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 25, 2017
    • Bank Bazaar Customer Support
      "Good services"
      0.5 4.0/5 "Great!"
      I am happy with Bankbazaar as they were very much responsive to my application. They were often contacting me and checked if my application with the bank is on track. The website is good and I appreciate the follow up calls which was done on a regular basis.
      Was this review helpful? 1
      , bangalore
      Reviewed on May 25, 2017
    • Bank Bazaar Customer Support
      "Supportive Service"
      0.5 4.0/5 "Great!"
      Bankbazaar services are quite good and approachable. They immediately contacted me on my loan application. I got a suggestions on the bank according to my loan requirement and my application had been assigned to the bank without any delay. I got regular followups and updates from Bankbazaar.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 25, 2017
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