Are there installment loans without BIK?

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Loans without BIK are usually associated with low amounts that are paid back in one installment. However, is it possible to borrow a larger sum of money from a lender who will not check the borrower in BIK databases? What to do when you need a loan and you are in such databases? You’ll find the answers to these questions in this article.

Are installment loans without BIK available on the market?

Are installment loans without BIK available on the market?

Everyone who has been looking for a loan is aware of how rich the financial market is. You will find various offers here, consumers have been particularly attracted by non-bank loans in recent years. Their offer is very attractive to the customer, often making the first commitment for less than 30 days is free – you pay back the amount you borrowed.

What is the situation in the context of installment loans without BIK? The financial market has the best offers for consumers who need such products. At the same time, it is worth remembering that the lender who offers installment loans without BIK has nevertheless the possibility of checking the BIK, KRD or ERIF databases, at the same time he does not have to check them, and even if he checks them, he does not have to use the information contained therein to review the application.

However, if you apply for a larger loan, you may be asked to indicate a loan protector. Often, lenders in this situation may require borrowed cash insurance. This is a kind of price that you have to pay for taking a loan without BIK – the lender must also take care of various situations.

Why are applications for loans without BIK rejected?

Why are applications for loans without BIK rejected?

Many people ask themselves this question – if the lender offers a loan without BIK, why is he rejecting the application? The reasons are different, very often it is simply an incorrectly completed application. Another reason may be the lack of a verification transfer or the lack of response to a contact attempt – if the lender tries to contact you to verify your identity and you do not answer the call and do not confirm the data, then you have no chance of receiving a loan.

It is also worth remembering what we wrote about earlier – the lender, even if he offers a loan without BIK, has the ability to check data about his client in these databases. If it turns out that the risk of not paying the contracted commitment on time is too great, the application may be considered negative.

What does the borrower checking look like without using BIK databases

credit score

Another question that many people have is how financial institutions providing loans without BIK check their clients. You need to split this check into two aspects:

Identity check

The lending financial institution must be sure that it transfers money to the account of the person who incurs the liabilities. Simply put – you must be sure that someone is not taking credit for someone else’s data. To this end, different verification methods are used, one of which is a verification transfer – it consists in transferring a small amount, e.g. one penny or one zloty, to the lender’s account. This simple procedure confirms that the account given on the form belongs to the borrower.

Another way is to confirm your identity by telephone conversation – here the lender simply contacts the borrower by phone and verifies the details provided in the application by interview. Increasingly, you can meet with verification through a special application, because it is instant, and by the way allows the financial institution to analyze the history of the account. This in turn allows you to assess his creditworthiness. However, it is relatively rare to verify by courier because it takes a long time, while the money can be transferred to the borrower’s account only after the lender receives the signed contract.

Credit check

When granting a loan, the lender must be sure that the borrower will be able to repay his debt. How does he do it without checking his clients in BIK databases?

One of the ways we mentioned earlier – more and more often special applications such as Instantor are used to verify the identity of customers. They allow the analysis of the client’s account history, which gives information about his financial standing.

Another way is to ask for a loan protector or require the purchase of credit insurance. Such solutions provide the lending company with fairly high security.