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No Credit Check Loans in India
Taking out a loan can be a pretty tricky process – especially so when you have bad credit. Plenty of people, for whatever legitimate reason, find themselves in urgent need of credit. Whether it's an unplanned financial emergency, like a medical emergency, or loss of income, or an essential, major purchase, there might be times when you are faced with an acute shortage of cash. Life might throw you at situations where taking out a loan can't be avoided.
Poor credit history?
But do you find it difficult to avail a loan due to a lack of credit history, or due to a bad credit history?
Lenders like lend to those who have a good credit history and an excellent repayment track. Having good credit is an indicator that you are capable of managing your debt efficiently. If you have a good credit score, ideally 700 and above, then you will most likely be eligible for lower interest rates than the prevailing interest rate of the lender. This translates to lesser payment in the form of interest over the tenure of the loan. It will reduce your monthly EMI outflow and will translate to savings in the long term and reduce your burden.
However, if your credit rating is poor, lenders are not assured about your capacity and ability to make repayments on time, and will offer higher interest rates or other unfavorable terms to safeguard their money against the risk of default.
There is no such thing as a ‘no credit check loan' in India. When you apply for a loan, lenders typically check your credit report to assess your repayment capacity and make a lending decision.
If you are in an urgent need of funds, then you could try unconventional sources to fulfill your needs, but you have to be very careful about who you are dealing with. Very often, people have been cheated and charged exorbitant interest rates and unfair repayment terms.
No Credit Check Loans in India – What Can You Do?
Use the internet to your advantage and find a reliable lender who might be willing to lend to someone without a credit check. A basic search would yield the result of several peer-to-peer lending companies. Peer-to-peer lending is the practice of lending money to individuals or businesses through online marketplaces that match lenders directly with borrowers. Some examples include India Money Mart, Lendbox, Faircent, etc. Do note that you still need some basic credit health in order to be eligible for their loan offers. Peer-to-peer lending while popular abroad, is still in a nascent stage in India.
Having a good credit score of 700 or above makes loans a lot more affordable and gives easy access to credit. While getting a loan without a credit check is not entirely impossible, you might be offered unattractive terms which might make repayment more difficult than it normally would if you had good credit.