Traditional banks only offer you a loan at the lowest interest rates if your credit score is good. But what if you need investment in an emergency and credit score is bad? No worries get in touch with a licensed money lender. Without checking your credit history, they will offer you a loan at the best interest rates. 

What is a bad credit score?

According to the FISCO, the credit score lies between 350 to 850. If your credit score is below 650, then you come in the category of bad credit score borrower. Whereas, if your credit score is above than 650 then you are a good credit score borrower. After seeing your credit score, a bank will decide your interest rate. Though you will get the bad credit loan from the lender, the interest rate you will repay is relatively higher than the right credit loan. 

  • 750-850- Excellent. 
  • 700-759- very good. 
  • 600-669- Fair. 
  • 620-659- Poor. 
  • Scores under 600- Bad

What is a bad credit loan?

A bad credit loan is a type of loan which is offered to borrowers who have a bad or poor credit score. A lender who offers you a loan without seeing your credit history will ask you to pay a high-interest rate. The reason is to offset the risk of losing money. Your credit score implies how true you are when it comes to repaying the pending bills. If your credit score is high or good, then you are an ideal borrower in the eyes of the lender, and he will offer you a loan at the lowest interest rates. But, if your credit score is low due to any reason like not paying pending bills, repaying debts and so forth, it is very tough to get a loan at the lowest interest rates from the traditional banks. To help bad credit score people, a licensed money lender came into the picture. They offer you the loan without checking your credit history and other documents. But, the interest rates they charge are relatively higher than other good credit scores

A bad credit loan doesn’t need a guarantor: 

A bad credit loan is a type of loan which doesn’t require a sign of guarantor. You don’t need to show your educational, income proof to get these types of loans. All you need to share some basic information about yourself like your name, personal identity proof, address proof and income proof and credit score details. Once the lender gets your documents, he will approve your application and transfer the loan to your bank account. 

How to apply for a bad credit loan?

Applying for a bad credit loan is a straightforward process. The following are the steps that help you in applying for a bad credit loan. 

Search the lender: First, you begin the bad credit loan process by finding a reliable and licensed moneylender like Crawfort who offers you the bad credit loan at the best interest rates. You can take the help of Google to find the authentic lender. When you search on the internet, you will come across plenty of lenders who offer you bad credit loans. But you need to choose a reliable one. To do that, all you have to do is just get a quote from every lender and then compare it, pick a lender who offers you the bad credit loan with the best interest rates. 

Fill the form: Once you choose the lender, you need to fill an application form. Enter all the information that is asked in the form correctly. You also need to submit the documents along with an application form. 

Review an application: As soon as a lender gets your application, he will review it, and if he finds everything good, he will approve your application. 

Loan Transfer: When your application gets approved by the lender, he will transfer the amount to your account within 24 hours. 

Repay the loan: According to your tenure period and frequency of repaying a loan, you need to repay the loan in the form of installment periodically. 

Pros and Cons of Bad Credit loans:

It makes sense to take caution while taking a bad credit loan from the lender. Be careful; if a lender doesn’t require your credit check, income proof, guarantees and you don’t see any review online, it’s a red flag to stay away from the lender and might be a time to look elsewhere. 


  • Bad credit loans are instant approval loans. 
  • Depending on a lender’s repayment terms and conditions, you have to repay the loan. 
  • If you repay the loan on time, it will increase your credit score. 
  • Easy loan application process. 


  • Interest rates are higher than conventional loans. 
  • If you are unable to repay the amount on time, they charge high penalties.