A low credit score can be troublesome if you want to get a personal loan. A personal loan is a savior in emergencies or when urgent requirements come up. You can use personal loans for a medical emergency, your dream wedding, an overdue holiday, or any other luxury purchase. 

To receive a personal loan, you need to maintain a good credit score which is a mandatory requirement of most personal loan lenders. A good credit score represents your borrowing history and your credit handling capabilities. Disbursement of a personal loan with a low credit score is possible if you have to give proof of income and assure the lender about your credibility.

Here are a few things to keep in mind to get a personal loan with a low credit score

• Submit proof of stable Income

If you have a poor credit score, you need to submit proof of stable income source, which will help you to get credibility in the lender’s eyes

• Go for a small loan amount

Do not apply for a high loan amount as a lender may reject your application. With a low credit score, you should apply for a small personal loan amount.

• Get a Guarantor

Bringing a guarantor on board can be helpful to get a personal loan.

• Check for Errors

It may be possible that your credit score report contains errors; check for these errors before you apply for the personal loan.

• Select a shorter tenure

Always select a shorter tenure to repay the loan. 

A poor credit score may create a hindrance in getting the desired loan amount, but if you use the above-defined tips, a personal loan can be approved.

Must Read: Know how to get a pre-approved Personal Loan in India?