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Loan without income certificates in practice

Nowadays, many loan companies operate on the Polish market, offering quick non-bank loans with a minimum of formalities. Before granting them, customers do not have to submit income declarations, which means that they receive payday cards as proof, although … not entirely. In this text, we discuss the issue of loans without income certificates, and consider the process of applying for them in practice.

It is true that in most non-bank loan institutions, especially over the internet, customers do not need to provide any income statement. This does not mean, however, that they may be unemployed or have no income. They must always inform about their sources and amount in the registration form or loan application. In the event that they earn money based on an employment contract or business activity, they are often forced to provide the employer’s or company’s tax identification number, address and telephone number enabling verification of given data. If they earn income on the basis of a mandate contract or a specific task, receive a disability pension, retirement or scholarship, they must provide additional data to check these facts, e.g. student ID number.

In some loan companies, e.g. Vivus, Filarum or Via SMS, the statement on the amount and frequency of achieving income and their sources contained in the registration form or application is the only form confirming the borrowing capacity of customers. Other institutions, by way of granting or rejecting a loan, carry out additional verifications of the data provided by customers. Some call the loan applicants’ employers to check if they are actually employed and if the earnings they provide are in line with the real ones. Others call the clients themselves with whom they interview the sources and amount of income, and treat the information provided during it as a legally valid oral income statement.

At the moment, customers have a choice of several dozen loan companies, offering payday loans as proof with minimum formalities and without income declarations. However, they must be prepared for the fact that loan companies can verify their earnings information in many different ways.

A very large number of loan companies offering payday loans online are advertised as institutions in which so-called loans without BIK are granted. Among them are such popular brands as Vivus, Via SMS, Wonga or LendOn. But what really lies behind the term “loan without BIK”? Let’s learn the facts and myths about non-bank loans without BIK.

MYTH: Chwilówki bez BIK are loans that are not checked by the customer in the Credit Information Bureau database.

Virtually all non-bank companies providing short-term loans work with the Credit Information Bureau, even if they state in their marketing communications that this is not the case. Before they provide a specific client with financial support, they perform their initial verification in BIK. Based on the feedback received, they assess the applicant’s creditworthiness and the degree of credit risk. The decision to grant a loan or reject it is also dependent on what BIK says about the client, contrary to what marketing content suggests.

FACT: Loans without BIK are payday loans, which a person with a negative or neutral credit history and low BIK rating can apply for.

Most often, loan companies advertising loan offers without BIK verify the customer in the Credit Information Bureau database, although it can be concluded from their declarations that they do not. In fact, however, they always check the credit history and BIK scoring of the client applying for a loan, with the proviso that the result of verification in the database is not the most important factor deciding whether to grant a loan or to reject an application. Thus, companies offering payday loans without BIK can grant a loan to a customer with a negative credit history, lack of credit or low scoring.

FACT: Companies offering loans without BIK pay more attention to entries in other databases and registers

Non-bank loan companies that offer loans without BIK often pay more attention to entries from Economic Information Bureaus – Info Monitor, National Debt Register or European Register of Financial Information when assessing clients’ creditworthiness. These are institutions that collect data on debts and liabilities in a slightly different form than BIK. For many loan companies, information obtained from BIGs is clearer and more practical than those provided by BIK.

MYTH: Details of loans taken out without BIK are not recorded in the Credit Information Bureau

The Credit Information Bureau collects data from all companies that cooperate with it. Nowadays, it has information about the debtor’s liabilities incurred from bank loans, installment purchases, subscriptions for services (especially telecommunications and energy) and loans, including non-bank loans. This means that information on taking out a loan without BIK and its repayment process is registered in the Credit Information Bureau and the customer cannot count on it not appearing in the database.

To sum up, payday loans without BIK do not really exist. Financial assistance without checking and registering in the Credit Information Bureau database can only be obtained if a private loan is used. This does not mean, however, that people with no credit history, with negative entries or low scoring have no chance of obtaining a positive decision on granting a loan. Often, these are the “loans without BIK” offers addressed to them.

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