Credit score is the measure of an individual's ability to pay back the borrowed amount. It is a three-digit number in the range of 300 to 900 that determines the creditworthiness of an individual. A good credit score is necessary if you are planning to take a loan or credit card. A low credit score suggests you may not be able to return the borrowed money. So, your aim should always be to maintain a credit score close to 900. This score is calculated after considering several factors like the length of your credit history, repayment records, credit inquiries, among others.

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But, what if you have a low credit score. This could be due to a number of factors like repayment history, credit limits, repayment pattern, existing equated monthly instalments (EMIs), etc. To your relief, there are still ways that can help you get a loan. Here are some of them -

1. Go for Gold loan - If you have a poor credit score, one of the best ways to get a loan is by pledging gold ornaments. The amount of money you will get depends on the value of the ornaments pledged. According to RBI guidelines, up to 75 per cent of the value of the gold in the jewellery can be given as a loan.

2. Collateral loans - These are the types of loans where money is borrowed against investments and assets such as shares, endowment plans, Fixed deposits, property, public provident fund (PPF) etc. Here the loan amount depends upon the assets' value.

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3. Opt for joint loan - In case of a joint loan, credit history of both the applicants is checked. So, if you have a bad credit score, you can still get the loan if the co-applicant meets the benchmark.

4. Borrow from friends or family - If nothing works, go the good old way. You can always borrow money from friends or family, especially if you need urgent cash, that too for a short period. But, make sure you have your repayment plan ready and the amount is returned as early as possible.

The credit score is computed by Credit Information Companies. There are four companies in India which do the job– CIBIL TransUnion, Experian, Equifax and High Mark.