A bad credit loan is given to only those people that have a very bad credit history. The reason behind having a bad credit score can vary from person to person and from situation to situation. However, there are some platforms that do provide bad credit loans to people who they find trustworthy. Well when it comes to the process of getting a bad credit loan, it can vary from platform to platform. There are some platforms that may require a lot of documents and verification, but there are some which may not ask you to provide a lot of documents and verifications at the same time.
Process of getting a bad credit loan
Getting personal loans for bad credit can be a hectic task since there are not a lot of platforms available that can give them a reasonable amount. However, a common process that will be followed by all the platforms that will provide such loans are as follows:
- The company might ask you to provide your bank statement and previous loans if you had any. Also if you have ever failed to pay a previous loan on time, then they might ask you to give them a strong reason for the failure.
- They will also ask for some general documents like your PAN card, Aadhaar card or any other ID card on the basis of which they can identify whether you are eligible for a loan or not.
Once they analyse your past history and identity, they might either accept your loan application or rejected on the basis of the terms and conditions.