Banks and NBFCs use credit scores to evaluate the creditworthiness of loan and credit card applicant. Credit score of 750 and above are considered as good and hence, those not making the cut have very low chances of loan or credit card approval or pay higher rates for them.
While there are time-tested methods of improving your credit score, those take time and patience. The following tips and suggestions will help you avail loan to deal with financial exigencies or unavoidable life-events, despite your poor credit score:
Opt for secured loan:
Secured loans are those in which the loan applicant