Personal loan is a credit scheme which requires potential applicants to possess a good credit score along with a good credit history. Now, credit score and history is subject to change only if you have enough credits on your name or had in the past. People who never took a loan or have very few of them are likely to have zero or poor credit score. Collectively, all of them can be categorised as individuals with bad credit score.
It’s not bad to have a bad credit score since it is definitely not the end of the world. But, if you want to get approved for a personal loan and that too at a good interest rate, you’ll need to have your figures beyond 750. The figure shared is the standard and anyone having less than that as credit score is sure to have a tough time getting approved. That said, it is not that they can’t avail a loan. Even people with a bad credit score can get easily approved for a personal loan with low credit score if they follow the below shared tips.
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AuthorAman Khanna is an experienced financial advisor who is well known for his ability to foretell the market trends as well as for his financial astuteness. He has an MBA in finance from Toronto University as well as years of experience delivering seminars on sound financial practices and debt management. |