It is becoming increasingly difficult to obtain a non-bank loanUncategorized
A market analyst and expert, was a guest on Polish Radio. The subject of the broadcast “Dominic Olman” broadcast “Economics First” was the changes taking place on the FinTech market. In the first quarter of 2016, Internet companies rejected as many as 7 out of 10 applications submitted by new customers. The main reason for rejecting applications was a bad credit history.
Creditworthiness is important
Loan companies check the creditworthiness of applicants for financial support more accurately. This is an understandable procedure used for the safety of both sides.
Each company has individual scoring, i.e. assessment of the borrower’s creditworthiness. Such scoring consists of many factors: employment, which is the basis for assessing financial stability, age, location. The assessment is facilitated by databases gathering data on borrowers.
In addition, for the purpose of verification of potential customers, the first database was launched, which allows information on loans granted to be exchanged with each other.
It works like a banking system. What’s more, information on loans not paid via the Economic Information Bureau will be available to everyone, i.e. both entrepreneurs and banks. This is the first initiative of the loan environment for many years that shows that the sector has matured to the stage it is in – explains Ramon Salomskiei.
Check the loan company before you borrow
Despite the changes introduced, lenders still appear on the financial market and are better cautious about them.
We should watch out for companies that are not publicly verified. They do not have a website, do not meet the formal requirements, i.e. the Anti-usury Act, capital requirements, or do not present a reliable contract. Such companies are still posting on poles, their representatives are soliciting homes. Let’s check if the company is on the list of KNF warnings, whether there is a safety certificate on the site, whether there is an agreement available that we can read before signing it – comments Ramon Salomskie.
Currently, there are just over 100 loan institutions operating on the Polish market – both online and stationary. Choosing a non-bank institution where we would like to take payday payday may prove difficult. In this situation, comparison websites, meet clients’ needs and analyze the latest news from the financial market.