New Delhi, Oct. 10 -- Personal loans provide borrowers with exceptional options for covering their day-to-day expenses. That is why, especially to meet expenses around festivities, such loans are availed by borrowers. Still, it is vital to acknowledge that borrowing a new loan with a credit score of 575 can be a challenging experience.

The borrowers who have low credit scores, i.e., scores of less than 650, often face difficulties in getting their personal loan applications cleared. Such applicants are offered loans with stricter repayment terms, higher interest rates, along closer and more intense scrutiny by the lender.

Still, choosing a reputable lender and following key steps can increase their chances of approval and help them mana...