Can we build a good credit score with quick loans

17-Nov-2018 written by : FSI-Team

Can we build a good credit score

Are you in the situation where you see yourself trapped in this credit score Tornado. Let’s take an example that you own two credit cards and for some reasons you have default your payment. This has hampered your credit score. Now you are in need of a new personal loan due to family emergency. You apply for a quick personal loan and loan gets denied. The bank gives you the reason that your credit score is low for a loan sanction. Now what would you do in such a case. You tackle this situation by lending money from your family and friends and get over it.

Now you take an oath that you will again build your credit score to such an extent that if you are in need of a loan or a financial product, you will get the loan sanctioned in no time. Deep down, you know this is not an easy task and it will take a lot of time to get over a bad credit score. You do not lose hope and start researching on what are your options to get that score up in no time. You get lots of options which are time consuming and you want to improve your cibil score quickly as you are planning to get a home loan in the next six months.

Suddenly something struck your mind and you are thinking if I can rebuild my cibil score with quick loans? The answer to this is a yes!

There are many types of loans available in the market which you can opt for to build your credit score quickly. But are they easily accessible? Can you avail them with a bad credit score? We are here today to help you with the same.

Pre approved loans

These days’ banks offer various pre-approved loans to individuals with good incomes and gains. The pre-approved loan offer stays in your account from a very long time and you can avail it according to your convenience. The bank conducts a reference check on your account on your status of how you are doing financially and are you paying all your bills on time, considering that the bank sets an offer which you can opt easily even if you happen to have a bad cibil score.

Debit card loans

This is the most trending thing these days in the market. There are many private banks that have started giving consumer loans and sale loans on the basis of their debit cards. You must have seen various advertisements on television stating, now avail EMI facility on the basis of debit cards. This type of loan gets reflected on your credit report and helps you elevate your score if you make payments time to time.

Consumer durable loans

This is the most secure way to get a loan for low cibil score. All you need to do is to go to a consumer durables store, give them your ID proof and bank statement and purchase any product like a mobile phone, Television, washing machine etc. This is one type of secured loan because you are buying a product on loan and if you default the company has the right to seize the product. You can easily get your credit score up in no time.

Secured credit cards

This is one of the safest ways to get your score up. You will use a secured credit card with all the features which will be similar to a normal credit card but the only difference would be that you will be paying a deposit to the bank towards your limit.

As you have seen above there are many ways to get quick loans and financial products which will help you get your score up, what will matter is you making all your payments on time or else you can see your score going down even more.



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