Low CRC Score? Here’s how you can get a Personal Loan anyway


Today, we rely heavily on loans from financial institutions to enable our goals and aspirations to become a reality – be it in the case of a wedding, an exotic travel plan (okay, not in 2022), or even buying a house or a car. And it’s these aspirations that often remind us of the criticality of our credit score. Like it or not, our understanding of how the credit score works is crucial if we desire the process of taking a personal loan to be made easier.

So what exactly is a credit score?

A credit score can essentially be understood as a three digit numeric representation of your creditworthiness, ranging from 300-900.

A credit score, plainly speaking, is based upon all the individual’s credit payment history across every type of loan by every kind of financial institution. However, it does not take into account any individual savings or investments. 

How is the Credit score associated with availing of personal loans? 

The closer your credit score is to 900, the easier it becomes to avail of a personal loan, as it signifies your credibility as a borrower. Conversely, a poor credit score signifies inefficient money management, chances of loan repayment default, or a general position of unreliability as a borrower. In the case of a personal loan, the credit score plays a pivotal role as it helps in the approval of the loan and plays a major role in determining the interest rate and period of repayment, among other things.  It is, however, possible to improve your credit score.

Factors that affect the Credit Score 

Several factors affect your credit score, which consequently affects your chances of availing of a personal loan. The factors include:

  • Previous delay in repayment of the loan 
  • Loan default
  • Pending credit card bills 
  • Multiple applications for credit in the form of loans or credit cards 
  • More reliance on unsecured loans 

Alternative Sources to get Personal Loans Without a Credit Score

If you have a low credit score or do not have a credit score at all due to being new to the credit market, fret not because it is still possible for you to avail of a personal loan. With the advancement in the fintech sector, there are several ways by which you can avail of a loan with a credit score as well. They include:

Take evidence of your present sources of income. 

Since the bank’s main concern is whether or not an individual will be able to repay the loan they are borrowing, it is advised that you take all the financial statements related to all of your sources of income. This will ensure the banks of your capacity to repay the loan despite a bad credit score and, therefore, may lead to your personal loan application’s approval. 

Move a joint application or apply with a guarantor. 

Even if your individual credit score is low, your 

loan application can be approved in case you get a reliable and credible guarantor or joint applicant. This gives banks some sense of assurance concerning the repayment, and hence the approval of the personal loan can become easier. 

Do not move multiple applications. 

In a frenzied fit, do not apply at multiple banks for the loan, as the same reflects poorly on your credit score. Also, try not to resort to personal loans at the drop of your hat, as the same can be detrimental to your credit score in case of default or rejection of the application. 

Take steps to improve your credit score. 


Having a good credit score can go a long way in helping you secure easier and cheaper personal loans. It does not have to be any drastic step, but even small changes can help improve your score. Some things you can do, for instance, don’t change your credit card frequently or to keep reviewing your credit report periodically for inaccuracies.

Take a loan from a non-financial banking company. 

Taking a loan from an NFBC is much simpler than taking it from a commercial bank. A lot of NBFCs have no paperwork and instant personal loan disbursement and do not even have to take into account the Credit score.  For instance, flypay offers Instant Personal Loan disbursement upto 1 milion naira directly into your account. It does not even take into account your credit score. 

Where are you heading for loans?

At flypay, we are aimed at meeting all your financial requirements with simply a click. Despite having no or low credit score, the process of availing of a personal loan is easy, fast, and paperless. To know how to get a personal loan in less than 5 minutes, click here.

The eligibility criteria for the loan are also reasonably simple. So, to know more, click here (app iOS) and get an instant personal loan at the drop of your hat.  
Download the Fibe app (andorid) here, or log in to our website and experience the Credit Suite.


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