There is nothing to cheat – having creditworthiness is a condition for obtaining a loan from the bank. So if it’s not very good, then the chances of getting financial support are reduced. So many people wonder if there is a chance and where they can get a loan without creditworthiness. We explain!
What is credit standing?
At the beginning it is worth explaining what creditworthiness is. This makes it much easier to understand what is standing in the way of getting a bank loan. Creditworthiness is understood as the ability to repay a contracted liability together with interest and other fees within the period specified in the loan agreement . So the customer is simply checked to see if he will be able to repay the cash loan, mortgage, or car loan he is applying for.
It is worth knowing that each bank has a different approach to calculations. Analysts use their own methods of checking creditworthiness. However, they take the same factors into account. To calculate the customer’s creditworthiness, the bank needs information about:
- income and its source, so what counts is earnings and whether you work under a contract of employment, run your own business, or receive a pension;
- borrower’s constant expenses . It is worth knowing that it is not only about monthly fees, but also the so-called costs of living;
- financial liabilities such as credits, loans, credit card limits, debits on accounts;
- credit history – BIK is checked here, but also KRD or BIG;
- owned collateral;
- the amount requested, the type of installments and the loan period .
However, this is not all. A customer profile is also created when calculating creditworthiness. It requires data such as age, occupation, marital status, and number of dependent people. The result is compared to how people who are very similar in profile deal with the repayment of liabilities.
Loans without creditworthiness testing – is it possible?
As you can see – creditworthiness testing is very comprehensive. The bank carefully calculates everything to know if the applicant can cope with the payment. Unfortunately, many people do not pass such verification successfully. Is it possible to protect against this?
Is it possible to have a loan without creditworthiness? Unfortunately not. Accordance with the law
Banking, these institutions must verify that the customer will be able to repay the liability on time. The bank will not grant a loan if it exceeds the client’s financial capacity.
Often, the refusal comes not so much from the amount of earnings and expenses as from the low rating in BIK . The register notes every delay in payment. If you have arrears, and worst of all, you are permanently late, then the bank does not want to take the risk. Thus, loans for those in debt without creditworthiness are not possible in any bank. But does that mean you can’t count on borrowing money at all? No! There is an alternative!
Loans without creditworthiness
A loan without creditworthiness in a bank is not available, but there are non-bank institutions. In parabanks, customers are a bit more favorable. The law does not impose strict requirements. Even without high earnings, impeccable credit history and other creditworthiness, you don’t have to worry about not getting a loan. Parabanks offer loans to those in debt without creditworthiness . So, if you need money and you can’t count on the fact that they will give you a loan at the bank, you should ask the non-bank institution for a payday loan.