Payday loan without commission, payday loan installment – these are often hot and non-bank loan offers sought after by customers. But there are also those who pay attention to other parameters – for example, verification of creditworthiness. For them, the most advantageous option may be, for example, payday loan without BIK.
Instantaneous pay without BIK – or also for those in debt?
Can people in debt apply for a cash loan? Yes, among the entities operating on the payday market we will find companies that have such offers. Loan companies may or may not check the financial or creditworthiness of their potential customers. Most often, these types of offers are referred to as payday payday without BIK, payday payday without BIG or payday payday without databases. What does it mean? What characterizes these types of offers? What databases are we talking about?
Let’s focus on the information that should be assimilated by anyone applying for online payday loans. On the one hand, it’s simply about understanding this process. On the other hand, as potential clients, we can adapt market offers to our needs and current financial situation. This is especially true for people in debt.
What is the difference between BIG and BIK? Legal basis of their activity
Both loan offers – payday payday without BIK and payday payday without BIG – are associated with institutions that maintain debt registers. The registers apply to both private individuals, including those running a business activity, and companies. BIK and BIG differ primarily in the type of data they provide and the source of their origin.
To begin, let’s expand the shortcuts. BIK is a Credit Information Bureau. BIG is an Economic Information Bureau. BIK is an institution that maintains and provides the only in Poland and uniform data register related to the creditworthiness of companies and individuals. It operates on the basis of: the Banking Law, the Act on the protection of personal data and a general regulation of the EU Parliament and the Council on their protection and the Regulation of the Minister of Finance, which concerns the scope of data exchanged between financial institutions.
In turn, BIG is not a uniform institution
It includes several economic information offices. Their activities are strictly regulated by two laws. The first is the act regarding the provision of economic information and the exchange of economic information. The second is, as in the case of BIK, the Act on the protection of personal data and the Regulation of the European Parliament and the Council on the protection of personal data of natural persons that are subject to processing.
What information can we find there?
The main difference between BIK and BIG is the source of the data. They are primarily forwarded to the BIK register by financial institutions. These can be banks – both commercial and cooperative, credit unions, loan granting companies as well as factoring and leasing companies that are associated with banks. On the other hand, BIG data is provided by entrepreneurs, telecommunications companies, cable and energy suppliers, natural persons and secondary creditors. These are also banks, leasing, loan and insurance companies as well as municipalities and courts.
Another important difference is the type of information made available in the registers. BIK collects and discloses data that is subject to banking secrecy, which is why only authorized institutions can verify it. Checking credit history and creditworthiness is the main purpose of the register. As much as 90% of the information contained therein is positive “opinions”. They relate to this positive credit history – i.e. liabilities incurred and repaid. The remaining part are possible delays in repayments or debt collection.
On the other hand, information sent to BIG has the status of “economic information”. Under the law, these are overdue liabilities that arise after a period of 60 days from the date set for repayment. Importantly, persons authorized to transfer them are required to inform the debtor of such intention. It is worth noting that BIG generally does not contain this positive information about credit history. People whose debts exceed PLN 200 can be found on this list, and in the case of enterprises – PLN 500. The data collected by BIG can be used by everyone authorized to make them available after signing a contract with BIG. Additionally, to check information about a particular consumer, you must have his consent.
Loan without checking registers and verification
Not every non-bank loan is associated with the verification process of a potential borrower in BIK or BIG. This applies to both online loans and instant loans. Lending companies, depending on the specific offer, represent a very diverse approach to verifying the creditworthiness of their clients. It is hardly surprising, because e.g. the debt entered into the BIG for the amount of PLN 300 is not, in principle, reliable information determining the financial situation of a given person.
It is worth emphasizing that payday
Payday without BIK does not mean that the borrower’s financial credibility cannot be checked at all. Another way to do this is, for example, the requirement to provide proof of earnings or sources of income. But just like in the case of payday loans without verification in BIK, we will also find offers of payday loans without earnings certificates.
If we talk about verification at all, then as potential customers, we will also meet with a loan without a verification transfer. This is called payday without a penny. Generally, transferring a penny from your own bank account to the lender’s account, before granting it, serves to confirm our identity.
As we can see, non-bank loan offers are very diverse. Online payday loans are a particularly large group among them. A reliable comparison engine of offers available on the market will definitely help in choosing the right product for us. Information on loans and loan providers, including consumer reviews, can also be found on more than one online forum dedicated to this topic.