Have you ever been in a financial rut before repeating the same cycle again and again that involves spending a lot of money?

Generally, it is seen that to fulfill their needs, individuals buy their required products via a credit card but are only able to pay the minimum due when the payment of the credit card bill is due.

This creates a never-ending cycle of credit increasing the due amount for the individual as interest as well as late fees can also be levied on the outstanding amount.

As a result, the individual becomes extremely burdened by the debt he owes. To relieve oneself of this debt, the individual mostly wants to opt for a loan that will help pay the entire credit card amount and the individual will only have to pay the set EMI of the loan amount.

But there are consequences of the non-payment of credit card bills because of which the individual’s CIBIL [Credit Information Bureau (India) Limited] Score becomes lower.

Subsequently, the individual is not able to get any loan from the traditional banking sector and is threatened to be stuck in their financial rut for a long period unless they get some kind of inflow of money.

To help you solve this problem that you might be facing, this blog aims to provide you with some of the best instant loan apps that provide loans to individuals without looking at their CIBIL score.

MoneyTap Instant Loan App Without Credit Score

• This is one of the most popular fintech platforms that falls under the category of loan without credit score app. Though the app does look at the credit score of the individual, it pays more heed to the individual’s income as well as other financial indicators.

MoneyTap provides loans to individuals who may or may not have a very good CIBIL score or a strong history of credit. The app provides individuals with a line of credit wherein the user can choose the amount that they require as well as choose the duration of the loan, thus, increasing or decreasing their EMI amount.

KreditBee Instant Loan App Without Credit Score

• This platform provides individuals with short-term personal loan app without credit scores. To avail a loan from KreditBee, an individual has to complete an easy application process that is extremely straightforward.

KreditBee is often chosen when an individual is in urgent need of funds as their approval and disbursement process is considered to be one of the quickest amongst all the personal loan app without credit scores.

Additionally, the user can also choose from various offers of loans that KreditBee provides like personal loans as well as payday loans.

Upwards Instant Loan App Without Credit Score

• Upwards is considered to be the best instant loan app without credit scores as the app aims to make the entire process of borrowing easy, quick as well as hassle-free for individuals who may have varied financial backgrounds.

The app focuses on indicators like income, employment history as well as the financial situation of the individual rather than just the individual’s credit score.

Upwards is known for providing instant personal loans to individuals who meet their eligibility criteria.

EarlySalary Instant Loan App Without Credit Score

• EarlySalary is considered to be the best small loan app without credit scores as it provides short-term loans to individuals to help them meet their immediate financial needs.

The eligibility criteria for an individual to get a loan from EarlySalary is based on their employment history, salary as well as financial stability.

EarlySalary is known for providing hassle-free payday loans to individuals meeting their eligibility criteria.

Credy Instant Loan App Without Credit Score

• As with every other money lending platform mentioned above, Credy is also a digital lending platform that provides individuals personal loan app without credit scores.

Credy is considered to be a flexible lending platform as it provides its users flexibility concerning their loan amounts as well as repayment options.

Though Credy does consider the CIBIL score of an individual, it is extremely lenient on its loan-providing terms as compared to a traditional bank.

Factors to Consider Before Choosing Any Instant Loan App Without Credit Score

Even though the above-mentioned platforms are the best instant loan app without credit scores in India, it is still imperative to be careful of some factors when money is involved.

Following are some of the factors that need to be considered before going forward and getting a loan from any loan without credit scores app –

• Interest Rates and Fees – Check all the documents to evaluate the interest rate offered and the presence of any hidden charges or fees.
• Repayment Terms – Ensure that you are comfortable with the repayment schedule offered (EMI amount and frequency) and it suits your financial situation
• Foreclose Policy – Make sure to be completely aware of the penalties or fees applicable concerning the foreclosure of the loan.
• Lender’s Credibility – Proper research should be conducted to ensure the credibility of the lender as well as if they are a regulated institution. This can also be done by analyzing customer reviews and ratings on the internet to check the genuineness of the lender.
• Data Security – Confirm that the app follows the privacy principles and all your personal as well as financial data will remain safe and confidential with the app.

Conclusion

It is very difficult for an individual to survive in today’s world if they are facing a financial crunch and rut in their lives. The financial stress can have a very negative impact on any individual.

Therefore, it is advisable to seek financial help from all the sources that you can go to and if the traditional options are no longer available (due to any reason), availing loans through the best instant loan app without credit scores is a good option.

Just ensure that you carefully inspect and understand all the terms and implications applicable to the loan you are availing and that it meets your requirements as well as financial situation.

Once all factors have been considered and they seem to match your expectations, feel free to avail the loan and get yourself out of your financial distress!