Within the Polish non-bank loans sector, we can increasingly come across such proposals as, for example , installment loans without verification . However, it is worth being aware that the issue is in this case a bit more complex than it may seem.
So is something like installment loan without verification even possible? And what is the difference between a loan without verification and a loan without earnings certificates?
Loan without verification: truth or myth?
It is worth starting with the basic information, namely some formal distinction. One should be aware that, as a rule, entities granting non-bank loans are divided into two completely separate groups: loan institutions and so-called parabanks.
As for loan institutions, they are entities that meet the following formal criteria:
- They appear in the Register of Loan Institutions
- They operate in accordance with the provisions of the Consumer Credit Act
- They are regularly monitored by the Polish Financial Supervision Authority
In the case of loan institutions, we are talking about completely reliable entities whose activities are regulated by relevant regulations and controlled by institutions established for this purpose.
As for loan institutions, products such as unverified loans do not, as a rule, exist.
Each loan institution, when checking the customer’s creditworthiness, uses specific databases. It can be, for example, only BIK or only KRD and sometimes even all such institutions. Admittedly, some of the lending institutions have a more flexible policy and may also grant loans to those clients who appear in the databases of BIK or Economic Information Bureaus. In this case, however, it is conditioned by the result of an individual assessment of the creditworthiness of a particular customer.
Here you can actually meet companies that don’t really check any databases. This obviously means a significant simplification when it comes to the availability of loans. It should be remembered, however, that parabanks are called shadow economy entities for a reason, so using the services of this type of companies is, in principle, a risky undertaking.
Loan without earnings certificates
What can you say about options such as a loan with no earnings certificates ? Here the matter is much less complicated than in the previous example. In practice, the vast majority of loan institutions do not require their clients to submit documents confirming the amount of income they receive. This is not a scam or misleading advertising. Simply put, lending institutions use other methods to verify the creditworthiness of a potential customer. For example, services such as Kontomatik or Instantor are becoming more and more fashionable, which are used to confirm the identity of the customer but at the same time download certain data from his bank account. In this way, the loan institution is able to assess the client’s solvency without having to request documents such as a salary certificate.