Emergencies can occur anytime without any warning. Hence, having access to funds becomes crucial and applying for a bank loan becomes a must in many cases. Banks, however, prefer entertaining loan applicants with a good credit score.

In case an applicant files for a quick personal loan for the first time, their credit history would appear low to the lender. Rohit Garg, Co-founder and CEO, SmartCoin, says, “First-time applicants applying for a series of quick personal loans will be bound to fall in the category of low or absent credit score, due to unavailability of their previous records. This may result in availing loans becoming a challenging task, but not an impossible one.”

Here are some ways to receive loans without an optimum credit score:

If you can prove that your income can support EMI payments through an increase in the salary or through additional sources of remuneration, a lender can entertain your loan requests even if you depict a low credit score. Garg, of SmartCoin, says “The only aspect worth consideration here is the high rate of interest that is charged on the repayment of such loans.”

The lesser the loan amount, the more comfortable lenders feel sanctioning it. This is all the more true if one signs for a loan application with a low credit score. Industry experts say, if your loan amount falls within the lower bracket, there is a greater possibility that the lender will provide you with the loan even with a low or non-existent credit score.

If your credit score is low, you can apply for a personal loan by including a co-applicant or a guarantor. Once your co-applicant has concluded the KYC formalities and furnished their signatures, the lender will sanction the loan. Note that, it also helps if the co-applicant or guarantor has a stable income source and a better credit score.

Make sure there are no discrepancies in your credit score. Garg, Co-founder and CEO, SmartCoin, says “It is possible that your CIBIL report may contain falsities. Ensure that your record has been optimally updated to the latest information and detail. Some candidates even miss out on availing a loan due to errors in their credit report.”

Getting a loan is no longer a lengthy hassle-filled process. By providing the necessary information and keeping the aforementioned points in mind, it is possible to avail loans even with a low or zero credit score.