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There is a lot of talk today about loans from banks, but also from non-bank companies. Payday loans granted by so-called Credithers are especially popular. Very often, these companies pride themselves on being payday loans without checking the borrower’s credit history. Is it really possible to apply for a loan even if you have a bad credit history and are in the debt register?
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No credit check loans are provided by Plus Lend. Some companies check their clients at the Credit Information Bureau, Economic Information Bureau or the National Debt Register. Importantly, instant loan companies and banks, under applicable law, may not grant loans to customers without creditworthiness. However, such loans are not surprising. It is worth noting that these are also the most expensive loans on the market, which often also require additional collateral. An example here can be real estate collateral.
How are loans in Credithers verified?
Poles reach for payday loans when the bank refused them the loan. In addition, they are financial liabilities for which it is easier than for loans at the bank. It should also be remembered that the loan application itself in a loan company and Credither is processed much faster than in a bank. Formal requirements, which are fewer, are much simpler to meet. Therefore, payday loans have a growing number of clients and this is unlikely to change in the near future. Also, because clients with low debts or those with too low scoring in banks can apply for loans in Credithers.
Often, Credithers grant loans to indebted persons, unless they previously acknowledge that there is no risk that the borrower will not repay such debt and will be able to settle his debt. This is what distinguishes such companies from banks, which thoroughly scan the customer’s credit history and certainly will not borrow their money if it has a larger arrears or has not repaid such loans in the past. The aforementioned scoring is also important. A borrower in a bank may not have sufficient creditworthiness. Then you can extend the loan period or reduce the loan amount. With a negative credit history, the negotiation options are ending.
In Credithers, each loan application is subject to individual, but also very quick assessment. In banks, clients are verified at BIK, i.e. the Credit Information Bureau. It stores information about all loans, including those repaid, but also credit cards and other banking products that are some kind of liability towards the bank. Entries in BIK are additionally annotated, which shows whether they have always been repaid on time, which is extremely important when assessing a loan application.
Lenders who are outside the banking sector do not always make such checks, although this is not the rule. The more so that there are several debtors bases in Poland. It happens that some of the Credithers check their clients in selected registers of debtors, others verify them in most such databases, and others do not look at them at all. Of course, this also has consequences. For this reason payday loans without checking your credit history are more expensive.
What debtors’ databases are used by Credithers?
Why don’t non-bank companies check lenders and avoid checking their credit history? The answer is simple. They simply cut costs in this way. However, they often refer to BIG registers, i.e. the Credit Information Bureau. It is worth emphasizing that such debtors’ databases are less accurate than the registers of the Credit Information Bureau.
Therefore, it may happen that a borrower who does not have the best credit history in BIK does not appear in the BIG registers, and thus has a greater chance of receiving a loan in a Credither. Especially that such entities from the BIK database sporadically use and are few companies. No wonder that many loan companies offer payday loans or loans without BIK.
Almost every loan company, when submitting an application, requires acceptance of the consent to check the client in the debtors’ databases. This alone can give an answer, whether they are really payday loans without checking the credit history, although in the absence of suspicion that the customer will not repay the loan, they may not actually check the borrower in the debtor’s registers.
However, it should be remembered that the ease of obtaining money can not obscure the common sense of the borrower. Those looking for payday loans without checking the credit history of BIK are most likely to have a negative past and problems repaying a loan. Therefore, it is worth considering whether to settle for another loan, which can be a problem, because it is an even greater burden on the household budget. Customers who are determined to make such an additional commitment must tighten their belts and pay it back fairly. With more indebtedness, a consolidation loan that is used to pay off debts to customers is a good choice. This loan brings together all applicable loans in one installment, extending the duration of the loan and thus reducing the amount of the monthly installment.