For those looking to avail of an instant loan without a credit score, they need to consider the following points:
Apply for a Small Amount
It is generally recommended to opt for a smaller amount when applying for an instant loan. This is because the smaller the amount, the more chances are that the lenders are likely to approve it. On the other hand, loan applications for a higher amount may get rejected as the lenders look for various aspects that could determine the applicant's ability to repay it in full.
Apply with a Guarantor
Usually, there is no need for a guarantor when applying for a loan online. With that said, if the individual has a low or no Credit score at all, he/she could avail of it with a guarantor. The guarantor can be anyone, from the applicant’s parents to their siblings or spouses. The only condition to be met is that the guarantor should have a good credit score.
Income Proof
Apart from all this, the applicant would also have to produce some income proof at the time of application. This is because if the lender gets the impression that the applicant has a stable income and has the ability to repay the loan on time, the chances of the loan approval increase significantly.
- The process of applying for an instant loan on Finnable is hassle-free and completely online. Here are the steps an applicant needs to follow to avail of an instant loan:
- Individuals can apply for an instant personal loan without a Credit score either on Finnable’s website or through their personal loan app.
- They simply have to create an account, register themselves and add professional details such as age, employment, etc.
- Next, the applicant would have to choose the amount he/she wishes to avail of a loan for. As the last step, upload their identity documents such as PAN card, Aadhaar card, etc. He/she would also has to produce his/ her income proof documents, such as salary slips and bank statements.
