If you are a person with a low cibil score then it must get you really difficult to get loan. Low score counts for less than 650. And usually the banks deny providing unsecured loans to borrowers having a cibil score less than 750. So the borrower cannot access funds. But there are a few options which the borrower can use to avail loans. Few of the options are-
- Private money lenders- This accounts as an option for low cibil borrowers. But they mostly deal in secured loans, i.e. collateral/asset transferred in their name. And when they do give unsecured loan, they charge exorbitant interest rates starting from 3% monthly or 36% per annum.
- Peer to peer lending- They have other credit valuation systems rather than just the cibil scores. They perform a full credit valuation and then come to a decision. And also these platforms offer both, secured and as well as unsecured loans.
I read an article online about loan options for bad cibil score people and incurred many insightful options. You can also have a read at http://www.loankuber.com/content/cibil-score/loan-options-for-bad-cibil-score/. Moreover, “Loankuber” deals with peer to peer lending and offer loans at affordable interest rates.