Thanks to fintech advancements, you can now easily apply for a loan and credit card online. Along with that, financial institutions offer many alternatives to give you easy access to these financial tools. This includes offering a loan or credit card without a CIBIL score check.
Ways to Get Approval On a Loan Without a Credit Score
These are 3 tried and tested methods you can try if you are new to credit or if you have a low score.
Put Up Your Asset As Security
By using an FD, property or other valuable asset as security, you can get a secured loan. The asset acts as collateral, which mitigates the risk of default on repayment from a lenderβs point of view.
Apply Jointly
If you don’t meet the lender’s credit score criteria, applying with a guarantor or co-applicant is a smart move. Your spouse, sibling, or any other family member can co-sign the loan. Lenders will evaluate your combined score and income for your loan, so it is important that you have someone who has a good credit profile.
Show Proof of Sufficient Earnings
Another way to assure lenders of your repayment capacity is to show proof of income. You can quickly get a loan if you meet the minimum eligibility criteria and have a steady income.
How to Get a Credit Card Without a Credit Score
Try any of these ways to get approval for a credit card online without a good score.
Opt for an Add-On Credit Card
These are complementary credit cards that allow you to share the credit limit of the primary credit cardholder. Using this type of credit card, family members can access credit facilities. One benefit of this option is that all the cardholders can share reward points and other benefits.
Get a Secured Credit Card
The simplest way to get a card without having a high CIBIL score or much of a credit history is to apply for a credit card against a fixed deposit. To apply for this type of card, you open a fixed deposit account with the issuer and get a certain percentage of it as your credit limit.
Generally, this type of credit card is suitable for people who are new to credit as it allows you to build a credit history. Once you have applied, you can get your confirmation fast, which makes it a feasible option to get quick credit.
Avail of a Prepaid Credit Card
Issuers allow prepaid credit cards for individuals with bad credit scores. With this option, you deposit a fixed amount on your card, which you can use anywhere they accept credit cards. Repaying the withdrawal amount will replenish your credit limit, and you can build your credit score while using it.
Utilising these methods, you can easily apply for a loan or a credit card and get quick approval. That said, consider OneCard Credit Card if you want a credit card with a speedy application process, outstanding offers, and many other benefits.
With this option, you get 5X rewards points on your top two categories, which never expire. You can also apply for the secured card and enjoy quick and rewarding access to credit. Moreover, you can easily manage all your credit card activities from the One Credit Card app. So apply online on the free credit card app to enjoy all these benefits and more.