In the case of financial problems, many Poles save on loans from banks. However, not everyone has the option of taking out such a loan. One problem is too low earnings, another loan is already taken, and another borrower’s debt. Certainly he can’t count on a bank loan if it appears in the debtors’ bases. Such is not obvious in loan companies. In the case of parabanks, loans are even granted to those who have debt, although as a rule it must be relatively small. Which non-bank financial institutions offer payday loans without checking the debtors’ bases?
Debtor bases in Poland
There is no shortage of debtors in Poland. They are also used by parabanks that grant payday loans, but also increasingly long-term loans. However, it is not said that such a loan company will check all debtors’ bases. This happens rarely, and in principle it does not happen at all.
Importantly, almost every company when sending a loan application requires the approval of checks in all major debtors’ databases. However, the applicant is not checked at each of the databases, which means additional costs for the lender. That is why many such products are payday loans without checking the debtors’ bases, if not all, at least part of them. What does it look like broken down into specific registers? What databases are not used by specific companies?
Payday loans without checking the debtor databases
The Credit Information Bureau, Economic Information Bureau and the National Debt Register are the three most popular debtors’ bases used by loan companies. Are there companies that grant payday loans without checking all three registers? There are not many of them, but such financial entities include tapor and MetLoan. Other lenders verify their clients in Retrodatabase or other entities.
Companies checking all debtors’ databases
Payday loans without checking debtors’ bases are quite numerous today. It is rare, however, that the company does not check borrowers at all. This place is extremely rare, in practice it does not occur at all. What’s more, there are companies that highly rate the risk of lending their money to clients and check them in all databases.
The assessment of the applicant’s creditworthiness is therefore very accurate. However, this translates into the highest possible amounts of such loans. In addition, these companies offer relatively the lowest fees, and besides, they have numerous promotions, including free payday loans.
Does the debtor have a chance for a loan?
Payday loans without checking the debtor databases and other registers are financial products intended for people who have a small backlog of loans and credits. Thus, some of them are struggling with a negative credit history in database. Still others have low scoring, which means they also have no chance of a bank loan. At the same time, they are loans for people with relatively good financial standing, or possibly with low debt. Customers who are in serious financial trouble usually do not have a chance for such loans. A consolidation loan or a loan for those in debt will be a chance to get out of trouble.
There is no doubt, however, that with low credit or debt, it is much easier to get additional funds from a loan company than from a bank. This is not possible for banks. Payday loans without checking the debtors’ databases are also granted to those in debt in parabanks. Admittedly, not those who have serious problems and huge debts, but people with negative credit history get loans here. Such entities have different verification tools for their clients, which is why they are open to the needs of much less reliable clients.
It is also worth noting that a person entered in one database of debtors, most likely also appears in other registers. The mere fact of entering debtors in the database does not, however, disqualify customers from applying for such funds.