Consolidated loans without databases – are they possible?

26 Feb

 

 

 

 

Getting a consolidated loan without verification in the borrowers’ database is not possible. So where did the idea for writing this article come from? Well, from the fact that this rule does not apply to non-bank consolidated loans, which in the offers of these entities is more and more. So let us think about when it is worth and when it is not worth taking such a form of financial liability.

Why do we need a debtor database?

In the case of bank consolidated loans, contracting information about a particular debtor is the norm. Banks, due to the difficulties in recovering their assets, very meticulously monitor their potential customers, especially in terms of the amount and form of cash benefits received.

This principle applies to a certain extent also to consolidated loan companies , which – according to the Act – are not obliged to refer to the said data. In practice, however, they often choose such a form of creditworthiness control, being aware that the recovery of borrowed funds can be very difficult.

Where is the catch?

Therefore, do consolidated loans without bases (as commonly known as these financial products) exist at all? Yes, and contrary to appearances, they constitute a significant percentage of all non-banking financial products.

Why, then , consolidated loan companies give up this extremely convenient form of controlling data on borrowers?

Willing to adjust the offer to the customer

They feel the need to be more flexible in relation to market requirements. Customers more and more often expect that the application sent to the consolidated loan company will be processed as soon as possible. Therefore, they try to shorten the waiting time for a positive consideration of a given application.

Awareness of the risks and benefits of this

They are aware of the risk taken and use it to achieve their own financial benefits. Here it is worth paying a special attention to entities that offer extremely favorable consolidated loans, at the same time burdened with a high APY indicator .

A simple and quick way as a bait

consolidated loans without bases are a response to the growing number of non-bank forms of financing . A consolidated loan can be borrowed very easily, which of course affects the decline in the competitiveness of a specific offer. The more complicated situation on the consolidated loan market, which is not as easily awarded as it was a few years ago, is also of great importance here.

Improving the interest of the recipient – the customer

The increase in the income of the society, related even to the recent legal regulations regarding social policy, is also of great importance in the context of the popularity of consolidated loans. Despite the increase in their number on the market, one can notice a certain decrease in interest in these products, which naturally forces the consolidated loan offer to be more attractive for additional opportunities.

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Where should I apply for consolidated loans without bases?

When choosing your future lender, it is worth paying attention to a few of the most important issues.

Long-term and loyalty

The best creditor will be an entity that offers more beneficial financial products based on available loyalty programs. By choosing such a bidder we are sure that the next consolidated loans we borrow from the same creditor will be much cheaper.

A private investor? Why not!

consolidated loans without databases (in principle consolidated loans) can also be obtained from private entities that are not themselves consolidated loan companies. The rules of borrowing funds are usually included in the provisions of a civil law contract, which is submitted for slightly more favorable conditions than for an ordinary lender.

Who will accept the security?

If we can not find someone who lends us money without checking the records in the borrowers’ databases, it is worth looking for an entity that will take financial security in the form of external fixed assets. This solution is very beneficial mainly due to the fact that the lender is not interested in our financial situation, but the value of our fixed assets in the form of, for example, real estate.

Where do you not include consolidated loans without bases?

consolidated loans concluded without checking the records in the debtors’ registers may not always be convenient methods of financing the household. Often, they constitute a cover for fraudsters who want to extort not only money, but also contact details. So when NOT to enter into such an agreement?

1. When the offer is too transparent

From the customer’s point of view, a transparent offer is a big plus for the final selection of the entity that will give us the consolidated loan. Unfortunately, also in this respect “the stick has two ends”. Such simple offers do not usually serve customers’ satisfaction, but rather persuade them to provide their own personal data, as we mentioned in the above paragraph.

2. When there are no appropriate safeguards

It is not worth borrowing non-bank consolidated loans in companies that do not have adequate mechanisms to secure data transfer. This is particularly important in the context of companies that conduct Internet activities. The interfaces available on their websites are not always properly secured and the procedures do not include, for example, verification transfers.

3. When the APRC is too high

On the basis of recent legal regulations, consolidated loan companies are obliged to provide APRC, ie the actual, annual interest rate. This parameter defines the total costs of the financial liability, along with additional fees, insurance and margins.

Why is it so important?

Finally, let us ask ourselves why the information contained in debtors’ databases is so important for consolidated loan companies.

  • Firstly, because they inform the creditor about the financial possibilities of the potential borrower. The higher they are, the safer you can borrow money.
  • Secondly, because this information is also used in static processes for the use of a specific consolidated loan company.
  • Thirdly, because with the use of these data, you can not only verify the debtor, but also a person who has not previously made any commitments.

In summary, although data collected from debtors’ databases are still very important for consolidated loan companies, they are – at the expense of increased investment risk – neglected by these entities. Thanks to this, they gain competitiveness, especially in relation to bank consolidated loans.

 

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