Many non-bank companies advertise that they provide loans without certification. All you need is an ID card, submit an application online and we quickly receive money. are this is in reality? There is a reason – advertising is the lever of trade. In most offers of payday loans and installment loans, it is true that we will receive financial support “as proof” – this is true. But you must know that we must first meet a number of other requirements.
What is a loan without certification?
It is true that most companies that provide long-term online loans or quick payday loans do not require client income statements. So we are released from a number of formalities such as taking from the workplace a statement of earnings covering the last three months and submitting these documents to the loan company. However, it is not as colorful as it may seem. In loan applications from non-bank financial entities, the customer usually has to provide the declared remuneration and also specify his employment relationship. Does he work under a contract of employment, a contract for specific work, a mandate contract, or does he have his own business? Although the amount of remuneration is not verified and compared with the employer, it is subject to scoring. We also need to know that providing false information in the loan application is an offense.
What about BIK and scoring?
Of course, we can get a loan as proof, but before we get a positive decision, we will be thoroughly checked in the Credit Information Bureau. Both banks and loan companies have the full right to use BIK databases. Before granting financial support to a particular client, they must find out if there is a good chance that the borrower will pay the amount due within the time limit specified in the contract. Therefore, companies send a request to BIK to show them whether a person is a credible borrower. However, there are exceptions to the rule, i.e. companies that do not check at BIK at all. However, you need to check exactly how high the percentage of financial obligations they give.
If our credit history is not very good, at least some lenders may have trouble getting financial support. So, as we can see, the apparent loan without certificates already limits us through BIK scoring.
What is internal scoring?
Another important aspect is internal socring. What is internal scoring? It is a complicated mathematical algorithm created by relevant lending companies, used to assess the customer’s creditworthiness in addition to the BIK assessment. As loan companies rate us, this is their secret. Each lender has its own internal scoring, which is very complicated in comparison with the assessments sent by the Credit Information Bureau.
It is not a big secret, however, that the lack of an employment contract, low wages, other financial commitments – they significantly reduce credit scoring.
Companies also do not want to share information on how their scoring works, which is why we cannot write about it in more detail. They are not surprised, because, if the competition knew the internal scoring of a given company, it could prepare its offer in such a way that the customer who also has some risk, or repays the financial commitment granted on time, would have a greater chance of receiving cash in a specific company.
Where do you get payday loans without certificates?
However, do we have a chance to receive payday pay without certificates, i.e. without very restrictive requirements? We present several companies that are more flexible in terms of assessing the customer’s creditworthiness. The only thing to keep in mind about payday loans without certificates is to confirm your bank account, usually with a verification transfer per penny.
Instant payouts without certificates are provided by Livus, in which we can apply for up to $ 7,500 for 30 days! In addition, as new customers, we have the opportunity to take advantage of the promotion first loan for free. In this situation, the APRC is 0%, which means that we will not incur additional costs.
Borrowstar is also a recommendable lender. At Borrowstar, we don’t need any additional certification to get a payday payday loan. The first customer can apply for a payday loan of $ 1,500, while the returning customer can request up to $ 5,000. We receive the decision in a few minutes.
Loans without certificates are actually subject to various other formal requirements. After all, compared to a traditional bank loan, it’s much easier and most importantly, you can get an online loan or payday loan faster.