Finding yourself in need of cash but worried a poor credit score will keep you from getting approved? You may assume qualifying for any type of financing is hopeless after credit mistakes or repeated loan defaults. Thankfully that is not always the case nowadays.

Emergency Loans and Bad Credit Lending Options in Sri Lanka with LoanPlus

Newer lending companies like Loan Plus offer those with troubled financial histories increased access to personal loans and higher approval odds even with bad credit histories.

But optimizing your loan application involves more than just picking the right lender. There are also helpful steps you can take to boost your odds as an applicant with negative marks on your record.

Let’s explore top tips and best loan options for borrowers with poor credit scores:

Check Your CRIB Report

The first step toward improving your loan eligibility is reviewing your current standing with the Credit Information Bureau (CRIB). All Sri Lankan lenders evaluate this consumer credit report before approving financing.

Some key factors from your CRIB they analyze closely:

Credit Score – CRIB generates a credit score between 300-800. Below 600 generally means “bad credit”.
Defaults – Any unpaid past-due loan balances negatively impact.
Court Orders – Multiple legal judgments for unpaid debts.
Credit Limits – High balances close to limits count against you.
Recent Inquiries – Too many recent applications signals “credit hungry”.

All of the above can sink loan approval chances with strict banks. After checking your actual report, you can better focus improvement efforts.

Pay Down Revolving Balances

If your CRIB shows high credit card or lines of credit balances, new lenders may worry you’re overextended. Paying down balances closer to 30% or less of your limits can help. Even gradually paying a bit extra each month improves this over time.

Resolve Any Defaults

Unpaid debts get flagged for years on your history, severely lowering scores. If possible, contact creditors to pay balances or setup payment arrangements. Getting any defaults marked “settled” on your record goes a long way in recovering eligibility.

Limit New Credit Applications

It’s tempting to apply to many lenders in hopes better approval odds with one. But each denied application only worsens your scoring by signaling creditors you’re desperate. Be selective in who you apply to, likely starting with specialized lenders like LoanPlus who offer higher chances with bad credit.

Add Positive History

Opening new accounts isn’t ideal when rebuilding credit but if you currently lack any positive lending history, it can help in small doses. Consider secured cards you pay deposits on or have a trusted partner add you as an authorized user on current credit so positive payment activity gets linked to your CRIB profile.

Choose LoanPlus for Bad Credit Friendly Options

Once you’ve taken steps to optimize your CRIB report, it’s time to examine lenders and loan choices most viable with negative records. This is the area where LoanPlus excels compared to traditional banks and online lending apps.

They provide increased approval odds even with:

Low CRIB Scores Below 600
Delays, Defaults and Arrears
Multiple Inquiries
Thin Credit History

Types of loans suitable for bad credit cases with LoanPlus include:

Quick Loans – Smaller amounts less than Rs. 50,000 approved swiftly
Payday Loans – For urgent needs before next pay period. Max 180 days term
Personal Loans – Larger loan amounts over 12 month installment terms

Rates are certainly higher compared to ideal credit cases given the added risk. But transparency upfront helps borrowers anticipate costs. Having any open door for those in need trumps the struggle of chasing lender denials endlessly.

As you begin rebuilding credit or hit another unforeseen cash crunch, keep LoanPlus top of mind as an available financing lifeline when traditional loan sources cut you off.

Ready to Apply?

A poor CRIB report and bad credit score does not need to be a dead end if quick access to cash is required. Thankfully newer digital lenders like LoanPlus extend lifelines to those with negative histories banks dismiss.

Follow the tips above to start improving your loan eligibility. And in the meantime, check your rates with LoanPlus in just 2 minutes when emergency borrowing needs arise. They can likely offer approval when many others won’t.

Frequently Asked Questions

What loan types does LoanPlus offer to bad credit borrowers?

They provide emergency payday loans less than Rs 50,000 for short term needs as well as larger personal cash loans above that amount with 12 month repayment terms.

What credit score do I need to qualify with LoanPlus?

While each case varies and multiple factors are considered, most applicants with scores still above 500 receive approval. Even scores in 300-600 range only require some additional eligibility verification.

Does LoanPlus charge very high interest rates due to bad credit?

Yes, interest rates are higher compared to those with excellent scores applying. But they aim to be transparent about exact rates you qualify for upfront rather than surprise borrowers.

What documents do I need to provide for a bad credit loan?

Mainly just proof of ID, residence, income sources, and contact information. They allow easy document upload via mobile apps and web portals for a quick process.

Besides interest, does LoanPlus charge any extra fees?

No hidden fees or penalties. But late payment fees or cheque return charges can happen if repayment issues occur which is standard with any lender.