Multiple banks. Different interest rates. Call it a "conflict of interest".
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    We found 31 Bad Credit Loans

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    11.49% - 15.99% Fixed
    0.5%
    30L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1,000 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.1,000 Amazon voucher free Ad
    What you'll love
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    Perks
    Think about
    Fees & Charges
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    Eligibility Criteria
    Customer Reviews
    10.99% - 19.8% Fixed
    Up to 2% One time fee
    25L Max
    1-5 years
    Response Time Within 30 minutes
    Paperless approval option available
    What you'll love
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    Perks
    Think about
    Fees & Charges
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    Eligibility Criteria
    Customer Reviews
    11.49% - 21.00% Fixed
    0 One time fee
    20L Max
    1-6 Years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Paperless approval option available
    What you'll love
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    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    13.99% - 16.99% Fixed
    0 One time fee
    20L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Paperless Approval Option Available
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    10.99% - 17.99% Fixed
    2.25% (min. ₹1499 + applicable tax) One time fee
    20L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Paperless approval option available
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    12% - 18% Fixed
    Up to 1.5% One time fee
    15L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free INSTANT DECISION
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    Customer Reviews
    12% - 19% Fixed
    Up to ₹3000 One time fee
    25L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 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
    10.70% - 11.70% 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
    14% - 33% Fixed
    1.5% to 6.0% One time fee
    15L Max
    1-4 Years
    Response Time Within 30 minutes
    Paperless approval option available
    What you'll love
    Documents
    Perks
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    Fees & Charges
    Good to Know
    Eligibility Criteria
    11% - 16.49% Fixed
    Up to 2.5%
    15L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free
    What you'll love
    Documents
    Perks
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    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    11.75% - 13.75% Fixed
    1% One time fee
    30L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
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    Bad Credit Loans is Rated as "Great!" by 77152 Users

    Fees & Charges

    Promised Interest Rate

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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

    • Bank Bazaar Customer Support
      "Easy to find the solution"
      0.5 4.0/5 "Great!"
      Very easy to get solution for any loan or credit card even Cibil scores also. we can trust them at all times and support from customer care is really good and they were guiding us in an appropriate manner. Good one - I will recommend this site at all the times to my friends and colleagues.
      Was this review helpful? 0
      , lucknow
      Reviewed on Jul 26, 2017
    • Bank Bazaar Customer Support
      "Good Service"
      0.5 4.0/5 "Great!"
      I had received a proper information and proper service from bankbazaar when I applied for the loan. They are very much responsive and forwarded my application to the bank. Bankbazaar website is good to use and it is informative. I had no issues with the service and this was my very first experience
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 26, 2017
    • ICICI Bank Personal Loan
      "SATISFACTORY"
      0.5 3.0/5 "Satisfactory"
      The reason why I was unable to opt for the personal loan from ICICI bank was because, there was a home loan running for me from some other bank, so that was the reason, they have rejected my application for the loan amount I applied for one lakhs rupees. On the other hand, the customer service and the response provided by ICICI bank is really good.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 26, 2017
    • Bank Bazaar Customer Support
      "Good Service"
      0.5 4.0/5 "Great!"
      I got proper service from bankbazaar when I approached them for the loan requirement. The website is easy to navigate and it is easy to check the information for the loan as well. I had received good response for my personal loan application and after applying the very next day got a call from them good response as well
      Was this review helpful? 0
      , kota
      Reviewed on Jul 26, 2017
    • ICICI Bank Personal Loan
      "AVERAGE"
      0.5 3.0/5 "Satisfactory"
      I approached ICICI bank for the personal loan. I received proper response from the bank's end on my personal loan application.But bank executives where saying that there was dual pan card showing in my account I have told them that I have misplaced my pan card this card is new which is reflecting and the loan amount I had applied for 5 lakhs rupees.
      Was this review helpful? 0
      , kota
      Reviewed on Jul 26, 2017
    • Bajaj Finserv Personal Loan
      "SATISFACTORY"
      0.5 3.0/5 "Satisfactory"
      I have recently taken a personal loan from Bajaj Finserv, it was good experience with them. Less documentation and easy processing but what I did not like about them is Intially they told me that there was no processing fee charges later on after some days they said processing fee will be charged for around 2000 rupees, So I told them I am not interested please cancel the loan later after some days they called and said no processing fee would be charge you can process the loan.
      Was this review helpful? 0
      , pune
      Reviewed on Jul 26, 2017
    • Bank Bazaar Customer Support
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      It was really an amazing experience. The site is well managed and great. I logged in very quickly and I got the information which I required. It's really great where you get a chance to compare among various products and know more about them and this was my very first experience.
      Was this review helpful? 0
      , pune
      Reviewed on Jul 26, 2017
    • Tata capital Personal Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      The response time from Tata capital limited has been good. I have not taken my personal loan from them because they where not having pre payment option and the loan got approved from other resources and I have applied for loan amount of 1 lakh rupees, over all it was good experience applying loan from tata capital
      Was this review helpful? 0
      , pune
      Reviewed on Jul 26, 2017
    • Bank Bazaar Customer Support
      "Thanx giving"
      0.5 4.5/5 "Excellent!"
      Nice place to apply for a loan ...will tell my friends to use it... nice and user friendly. Helps me to submit all my documents at one go with very easy steps. There is small suggestion if u guyz can give an end to end sevice i.e. u guyz deal with the bank and give us the loan on behalf of them then it will be a very good sevice and also it would be less time consuming. Hope one day we will be able to receive it from your end.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jul 26, 2017
    • Bank Bazaar Customer Support
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      The bank bazaar gives a prompt response and the regular follow to their customers. I really appreciate the bank bazaar effort which was given to the customer in terms the service, follow up in any case. The customer service and the response is really good with bank bazaar. The bank bazaar web site is easy to use and user friendly my friend filled all my detail in behalf of me and the very next day I received the call.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jul 26, 2017
    • HDFC Bank Personal Loan
      "SATISFACTORY"
      0.5 3.0/5 "Satisfactory"
      I didn't avail HDFC personal loan, because when I was in need of loan that time they have not offered me anything, they where like you have to bring this document all etc, even though I have told them I don't have address proof here because I am from Gujarat, later they said they can process the loan but it will take 1 to 2 months, so I have dropped the plan of taking it.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jul 26, 2017
    • Bank Bazaar Customer Support
      "Requirement"
      0.5 3.0/5 "Satisfactory"
      If i am providing my aadhaar then why this is not easy to get loan or card at any place in india There is no proof bigger than aadhaar. There must be some changes which needs to be made in your policy. Also why there is not availability of cards or loan in rural area . Bank has got all the details of me then why there are a lot of verification process while I am not having much time though.
      Was this review helpful? 0
      , lucknow
      Reviewed on Jul 26, 2017
    • HDFC Bank Personal Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      HDFC Is very fast, they are too good in understanding the customer. More over they are helpful and customer friendly. The best part, I like their service when I applied for the personal loan they done fast process and fulfilled my needs. I have applied through net banking the very next moment executive came and collected all the documents and the loan got approved with in a span of 5 minutes of time.
      Was this review helpful? 0
      , dausa
      Reviewed on Jul 26, 2017
    • Bank Bazaar Customer Support
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      My experience with Bankbazaar has been great. They were pretty much fast and as soon as I placed my request, I was contacted and I got the details of all the bank options available. The website is good and overall it was a very nice smooth process
      Was this review helpful? 0
      , dausa
      Reviewed on Jul 26, 2017
    • HDFC Bank Personal Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      I applied for personal loan with HDFC bank and the loan amount was 2.50 lakhs bu they did not approve the loan and they never share the reason also, I would suggest HDFC bank to share the reason behind so that next time can make sure that nothing goes wrong.
      Was this review helpful? 0
      , dausa
      Reviewed on Jul 26, 2017
    • Bank Bazaar Customer Support
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      I had received a proper information and proper service from bankbazaar when I applied for the loan. They are very much responsive and forwarded my application to the bank. Bankbazaar website is good to use and it is informative. I had no issues with the service.
      Was this review helpful? 0
      , gondia
      Reviewed on Jul 26, 2017
    • ICICI Bank Personal Loan
      "SATISFACTORY"
      0.5 3.0/5 "Satisfactory"
      I have applied for the personal loan with ICICI bank, it got rejected because of the area under negative, and the bankers said the criteria was not match as per norms both customer service and response is average with ICICI.I have applied for 20 lakhs rupees.
      Was this review helpful? 0
      , gondia
      Reviewed on Jul 26, 2017
    • Standard Chartered Bank Personal Loan
      "Very good service"
      0.5 4.0/5 "Great!"
      The Standard charted bank offered me a best rate in regards to my personal loan with the lowest charges. The customer service and the response is average with SCB. They have disbursed the loan within 5 days of time, they made it within the promised time. The required loan amount has been disbursed and I am satisfied with the loan amount.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 25, 2017
    • HDFC Bank Personal Loan
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      Basically I have got a text message from HDFC bank to get the personal loan with 11.99 % interest rate, but later when I approached them they have increased the rate of interest upto 12.99% , in case if we need a higher loan amount. The customer service and the response is very much average with HDFC bank. The Hdfc bank need to stick on to their promises.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 25, 2017
    • Citibank Personal Loan
      "Very good service"
      0.5 4.0/5 "Great!"
      I got the personal loan within 55 hours of time from Citibank. They have disbursed the loan after submitting my documents. The customer service and the response with CITIBANK is average. The required loan amount has been disbursed. The rate of interest is low when compared with others. I am satisfied with the Citibank service.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jul 25, 2017
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