Do Loan Companies Check Customers?

For the customer of a loan company, it is important where he lends money. For a loan company, it is important to whom the loan money is. The mutual relationship between the loan-client company and their construction is very evident, especially with regard to online loan companies. A proven customer can count on a decidedly better loan terms than in a fixed-line company. See for a write-up

Debtor registers and other databases

Debtor registers and other databases

However, before a loan company grants a loan to a client, it must examine its creditworthiness, including checking the debtors’ records and, increasingly, the base of the Credit Information Bureau. Loan institutions, unlike banks, have a different source of financing. From the financial situation of the lender, from the possessed capital, depends on what conditions he can borrow the client. Every loan company must verify its future borrower at the very beginning. They search for messages about them, among others, in debtors’ registers. Similarly to an entity providing non-bank loans, the consumer may also become acquainted with his status in the above-mentioned debtors’ registers and in the Retrodatabase. Checking the customer in the databases is just one of the elements of assessing his creditworthiness, aimed at estimating his options for settling the obligation within the prescribed period. A loan company must minimize the risk of a loan to an insolvent person.

The best loan company

The best loan company

As with the choice of a bank and a cash loan, also when choosing a loan company, we wonder where to borrow. The first loan for free is still an effective advertising trick, but there are quite a few such offers. Customers of loan companies can check information about the entity, for example, does not appear on the “black list” of the Financial Supervision Authority, as well as read the opinions about it on the Internet. As you can see, not only loan companies care about the security of borrowed money, but also potential customers of loan companies, checking from whom they borrow money.

How to check a loan company?

How to check a loan company?

First and foremost, you should borrow money only from reliable loan companies. It is worth checking if the given entity is in the Register of Loan Companies. If the loan company is in the register, we can borrow it safely. This does not mean, however, that if there are no companies in the register, we do not use the loan offer. You should then take further steps to check and evaluate the loan company.

The first step is to visit the company’s website in which you want to use the loan. Professional appearance, specific information about loans, representative loan example, contact details are obviously not a determinant of the company’s integrity, but certainly look more reliable.

The next step should be to read the opinions about the loan company. However, one should approach them with a certain distance, because many of them will be extreme: from admiration to very negative opinions. We must take into account that many of them are written by people cooperating with these entities.

The next step is to check whether the entity is not on the “black list” of the KNF, ie whether or not prosecution proceedings are carried out against it: a list of public warnings of the Polish Financial Supervision Authority. A good source of information about loans is certainly the comparison of non-bank loans, but only only those tested on the market! They allow you to search for a specific loan with given parameters.

Compilation of loan companies facilitates reading the loan offer and the assessment and selection of a loan company. We should not use the available ratios of payday loans or installment loans, because not necessarily high position on such a list shows that this loan company has a favorable offer.

Finally: always read the contract before signing it. Only a thorough analysis of the contract and regulations allows for safe decision making. We may withdraw from the contract within 14 days from the day of signing. We should not mention common sense because we have to take care of it ourselves and no website, opinion or controlling institution will help us.

The first non-bank loan

Taking a non-bank loan, we usually do not think about the next one in the future. It is important, however, to become familiar with the cost of a standard loan, i.e. a non-promotional loan in a particular loan company. You do not need to mention debt settlement on time to avoid penal interest or debt collection proceedings. An additional positive aspect of loan repayment on time is building positive relationships with the loan company. Loan companies are increasingly offering loyalty programs to their good clients, which allows them to borrow cheaper. As you can see, both sides care about knowing who they are starting to cooperate with. In the case of internet payday loans, it is easy to verify the lender, harder when it comes to installment loans. However, in this case there are several internet loan companies that specialize in such loans and which services you can use.

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