Can I get a personal loan if I have a bad credit score?

Good credit score and strong financial history determines the creditworthiness of a person and the sanctioning of the loan depends heavily on the credit ratings. A good Credit score gives the sense of confidence, assurance and security to the lender in terms of repayment of the loan; hence borrower with good credit score is given the preference for the loan sanction. However, the person with average or bad credit score can also avail Personal Loan, if he or she can manage the finance & transactions in better terms. You can provide assets, such as “Car” or “House” as collateral against the amount which is to be availed. Such collateral can improve the interest of the lenders to provide you loan and they may approve your loan almost instantly. You can also use the F D, PF, insurances, or other securities as collateral to avail the benefits of the loan. Another way is to avail the loan is by putting gold or silver as collateral.