Some lenders do not check their credit history in the Credit Information Bureau when verifying a client. This is good news for all those who intend to take out a loan but have negative entries in the Credit Information Bureau.
Credit Information Bureau was established by banks and the Polish Bank Association in order to collect data on the credit history of each customer who has ever used the bank’s services.
There is information such as delays in the repayment of loans, credits and credit cards. Credit Information Bureau helps answer the question: how reliable is the person applying for a loan? Whether our credit history will be positive or not depends only on ourselves.
Banks when granting loans
Always check the customer in the Credit Information Bureau. Therefore, if someone in the past had problems with timely repayment of debt, they may not receive a loan at all or will be forced to take a loan where it costs the most. In most cases, however, any customer will refuse to grant any loan to such a client.
Checking your credit history effectively makes it difficult for some people to get a bank loan. Therefore, many companies were granted loans without verification in the Credit Information Bureau. Usually, all you have to do is apply for a loan online and you will receive money in your bank account in minutes. Such non-bank loans are characterized by high granting and minimum formalities.
Some loan offers without checking in the Credit Information Bureau
Are unfortunately very expensive. APRC, i.e. the actual annual interest rate can reach up to several thousand percent. A non-bank company that grants a loan to a person who has negative entries in the Credit Information Bureau, however, bears a high risk of losing funds. The fact is that non-bank companies are most often used by people with bad histories in Credit Information Bureau.
Private lenders operate mainly over the internet. Everything takes place without unnecessary formalities, and the contract is concluded remotely.
Such activities are very often criticized, although mainly by those who have never used the services of so-called Good Credit. However, as long as there is no other alternative for people with bad history in the Credit Information Bureau, private lenders will earn a lot from the credit risk they incur by lending to uncertain clients.