Payday Loan with Bad Credit in India

Payday loan with bad credit in India is catered in form of small cash loan on our website. A bad credit score can put you into immense financial problems. Though the purpose of availing funds might be an emergency or reasons of unemployment, the lenders judge you on basis of your financial history without thinking your current financial situation. You can borrow between Rs. 10 thousand and Rs. 50 thousand for up to 90 days. You have to pay monthly EMIs for payday loans bad credit.

You may not have a strong credit score, but if you have 600 and above CIBIL score, then there is still a possibility of attaining bad credit payday loan and same day loans at Loanbaba.com, without any delay or worries.

Payday Loan with Bad Credit in India Details

Loan Amount

Rs. 10 thousand to Rs. 50 thousand

Loan Tenure

30 days to 90 days

Interest Rate

0.1% per day

What is a Bad Credit Score?

When you apply for loans, the lenders look for various factors such as your credit score, also known as the CIBIL score. It ranges from 300 – 900. Numerous factors play a huge role in determining the scoring process. Any score below 600 is considered to be a bad credit score. In such situations, it gets difficult for the applicants to avail no credit check loans. These scores thus determine a person’s eligibility for easy payday loans.

  • Missed Payments

There are three factors associated with the missed payments in the credit scoring system. These are: how late have the payments been, how long you have not missed any payment and the total number of payments in the history. The credit reporting bureaus put a negative remark with a notation on completion of 30 days of default. Suppose you took three months to get back on track on with the past due-debt, the account will show 90 days marked. The long and frequent delinquencies show an enormous impact on your credit score after completion of 30 days of default.

  • Collections and Defaults

At times, our bills tend to get piled up. In such cases, companies consider catching up the missed bills if the duration of non-payment exceeds seven months. One exceeding seven months, you will be able to see the collection notation on the report. Even after payoff of the collections, they may remain in your account, and the lender looks manually at the report to judge your defiance towards financial responsibility.

  • Public Records

Your credit score upon bankruptcy shows an impact for many years. However, civil judgements and tax liens stay listed on the report. You can get rid of some public records from the report once you have managed to please the judgement or the lien.

  • Repossession and Foreclosure

The foreclosure and the repossession show a default in secured instalment loan. Backed by a physical property, the lender has the right to take away the property on the failure of repayments of the loan. While foreclosure denotes home mortgages, the repossession is about other properties such as automobiles. If the lender does not recover the loan even after selling the property at an auction, then a deficiency judgement may be placed before you.

  • Utilization of High Credits on Credit Cards

The ratio of your credit balance and the credit card limit determines the actual credit card utilisation amount. If you possess many maxed out cards, your CIBIL score shall behave as a negative indicator. However, you can always control this factor. Through utilising less and keep the credit cards card balances low, your score shall rise with time.

What Are the Advantages of Bad Credit Payday Loan?

The benefits of payday loans bad credit are mentioned below:

  • You can get loan even if you do not have a score as good as 750 and above. Most banks and NBFCs would reject offering unsecured loan on credit score below the mentioned benchmark.
  • The amount you can borrow is up to Rs. 50 thousand. The disbursal takes just a few hours and maximum 24 hours after the loan is approved.
  • Loan approval is done as soon as your loan application is reviewed and all the documents are in place along with you fulfilling the eligibility criteria.
  • There is no restriction on how you use the loan amount.
  • You do not have to provide income tax return proof. Only basic documentation is needed, such as income proof, salary slips, identity proof, address proof etc.
  • There is no need to submit collateral. The interest rates are as low as 0.01% per day.
  • You do not burden your finances as this is a short term loan and can be repaid as soon as a month or up to 3 months.

How to Get Bad Credit Payday Loan?

Availing a payday loans bad credit is a matter of few of minutes. All you do is apply through the application on your desktop or phone and get instant loan decisions at loanbaba.com. If approved, the short term loans get credited to the account within 24 hours. However, you will need to fill in your name, email address, phone number and a bank account that accepts electronic transfers. You can use free-of-cost payday loan eligibility calculator and payday loan EMI calculator on our website to arrive at an informed decision.

Loanbaba gives out small cash loan up to Rs. 50,000. You can get payday loans bad credit if there was a genuine reason behind a low credit score. Bad credit loan does not mean we provide funds to those who have been relentlessly a default at repayments. Our quick payday loans system is designed to meet your financial needs during time of emergency.

Why Take Payday Cash Loans from Loanbaba.com?

Payday loans in India are a growing concept, and loanbaba has come up with its own product of small cash loan, which are also known as instant payday loans. It is for salaried individuals. Payday loans in Mumbai can start at Rs. 10,000. We adhere to same day payday loans, as cash can be credited to your bank account within few hours or in 24 hours of loan approval.

Our easy payday loans are accessible in Mumbai, Navi Mumbai and Thane. It is also popularly known as “1 hour payday loans”, due to fast disbursal process. As payday loans online can be accessed even from home, it will save you a lot of time and efforts than applying for traditional loans, which take a longer period for approval and disbursal.

Short term payday loans are need of the day, as financial emergencies can crop up any time. So, if you are looking for best pay day loan in Mumbai, loanbaba.com is the right place for you.

Payday Loans Bad Credit FAQs

Below mentioned are important questions about payday loans bad credit in India.

  • addFAQs
    1. Can I apply for the loan if I do not reside in Mumbai?
    2. You need to be residing in Mumbai, Navi Mumbai, or Thane to be eligible for payday loans bad credit.

    3. How much time it takes to approve and disburse the loan amount?
    4. As soon as you submit the loan application, the lending decision is taken and conveyed to you. If the loan application and documentation are approved, the amount is disbursed within 24 hours.

    5. Where will I get the loan amount?
    6. The loan amount will be disbursed to your registered bank account. You cannot get the amount in hard card directly from Loanbaba.

    7. What if I default at loan repayment?

    If you default at repayment, then a penalty of Rs. 100 is charged per day until the loan is repaid as per the EMI schedule.

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