Loan without credit check – Is this possible and what does the process look like?

On each side we are flooded with messages like “Loan without credit check”, “Loan for indebted”, “Loan without capacity”. What really lies behind these concepts? What does it mean that the loan is without credit check? Can anyone get such a loan?

Creditworthiness assessment

Creditworthiness assessment

Every customer who applies for financing on the market is subject to creditworthiness assessment. Regardless of whether we are talking about a bank or a non-bank company, the financial situation of the client is always checked and the probability that he will pay his liability within the deadlines imposed by the schedule. The greater the risk that the customer will not pay back, the higher the price will be. Of course, the institution’s appetite for risk is different, which is why the same customer can get a loan in one bank and not in another. In one non-bank company he can get a loan and in another he will get a negative decision.

The bank’s ability is assessed differently by the bank and the non-banking company. The bank must thoroughly check the borrower’s financial liquidity and payment culture. Obligates the bank to do so, among others Banking Act of 1997. Loan companies do not have to meet many restrictions, so they can afford loans without verification in credit check.

A few words about financial liquidity

Consumer dilemma – bank loan or non-bank loan?

Differences in risk analysis

The method of assessing creditworthiness may also be different. Banks must comply with the provisions of the Banking Act of 1997, which regulates the method of client verification. A non-bank company only has to check its ability pursuant to the Consumer Credit Act, while the Act does not regulate how exactly it is to be verified and how its result is to influence the decision. Therefore, the bank cannot give a loan or loan to a very indebted client who cannot afford to pay off another liability. It also cannot take into account undocumented income. When checking the credit check report, he must see in it that the Customer is not obliged to pay too much in relation to his income and that he repays loans on time. On the other hand, non-bank companies can accept everything, that is, on the one hand, undocumented income, on the other hand, by lending to the customer and arrears. However, if they accept such a customer, they must calculate the risk accordingly.

Risk and price. How does the Bank set the price for the loan?

Client verification in credit check reports

We already know that a customer with a weak credit check will not receive funding from the bank. What about a non-bank loan? Here, for such a client, a certain spectrum of possibilities opens up. Certainly not the entire market, but there are several companies that finance the client with poor credit check. These companies can be divided into two basic categories – companies that check the credit check report and are liberal in their assessment of the information that they find in the report. And companies that do not check credit check reports. However, if a non-bank institution does not check the credit check report, it usually checks other databases – e.g. Economic Information Bureaus, CRIF or KRD. A loan without credit check and KRD, e.g. is not possible. Loan without credit check and BIG – similar. Companies are always asking the so-called internal databases, i.e. they check whether they have in their database any information about the Customer obtained in the course of the loan business.

Loan without credit check – how much can I get without verification in credit check?

Loan without credit check - how much can I get without verification in credit check?

We must be aware that the better the Customer and the better the verified Customer, the higher the amount of financing on the market. Even a customer who has credit check checked and it turns out to have some delays can be treated higher in the hierarchy than a customer who has not been checked. The institution prefers to have knowledge about the client. If a client is late, it is nicer to know that he was late. The customer with unverified credit checki is an unpredictable customer – it may turn out that he will pay, but he may also show himself as a customer who will not commit. Therefore, to try out the client, institutions will propose small amounts of capital to start with. As part of the products of companies that do not check credit check during the assessment process, customers can count on an average of no more than PLN 3,000.

Customer without credit

Customer without credit

There may be another situation under the term “loan without credit check”. The customer may not have any credit. Such a potential borrower is also undesirable by the bank, because we do not know how to behave in the face of the commitment. Banks often give such customers a negative decision.

A loan without credit check is possible

A loan without credit check is possible

The ads don’t lie, you can get a loan without credit check. There are companies on the market that do not verify the customer in their databases and only on the basis of other risk assessment parameters issue a credit decision. However, according to the risk weighted price matrix, such a client carries a high risk for the company, hence the financing price may be higher. Loans without credit check are also online. Therefore, we can also apply for such financing via the Internet.

Customer Feedback:

I wanted the verification process to be quick. I read about a loan without a credit check good reviews on the Internet. Loan without a message in the forums has been described as an opportunity to get quick money without unnecessary formalities. I decided to try it and I succeeded.

Loan without credit check via the Internet

Loan without credit check via the Internet

Scapincom gives you the opportunity to apply for different products with different levels of verification. In the portfolio of our products, the customer will also find the subject of loans without installments – in installments and one-time installments. An installment-free loan without credit check is one of the most popular and more frequently chosen variants, which is confirmed by opinions about a loan without a loan in many forums on the Internet. Will you get a loan without credit check? Check today and apply on Scapin.

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