Why are moments without BIK slowly becoming a myth?

For fast cash seekers without BIK and without creditworthiness became a challenge. Debtors, especially those with a large number of outstanding non-bank loans, are among the least desirable customers in the non-banking sector. Lending institutions do not want to put their hands on over-indebtedness of consumers and they want to work solidly with their regular customers, which is often expressed in attractive benefit programmes.

Change in the exchange rate of lending institutions

The interest in non-bank loans is clearly growing, and 2016 was a record year in terms of the number of granted momentums. 1.5 million consumers have been successfully lent and some 2.5 million contracts have been concluded, indicating that some customers have returned for another loan. Lending institutions report, however, that many more people apply for non-bank loans, but they have to reject more than half of the applications. Why is this happening? In recent times, lending institutions have had to adapt to the new rules that result from the anti-lichlichvarian law. The assumptions of this act improve consumer safety, because the supervision over the non-banking sector was taken over by the Office of Competition and Consumer Protection. One of the elements of control is the Mysterious Client, i.e. a body having the status of an institution authorized to collect evidence of unlawful practices against the interests of customers. Penalties for unlawful practices have also been tightened up, which is an effective incentive to respect the rules. As a result, lending institutions now place much greater emphasis on analysing the creditworthiness of consumers, which is the responsibility of each consumer credit provider (Consumer Credit Act). Credit history has a huge impact on creditworthiness, because, as we know, people who are in debt and have been overcredited do not have creditworthiness, and the lack of creditworthiness obliges the lender to refuse to apply for a loan.

It is not only the increased supervision of the non-banking sector that is the reason for a more thorough analysis of requests from new customers. The experience of lending institutions also shows that it is more advantageous to cooperate with clients with stable financial situation and credit history that does not indicate notorious problems with repayment of credits and loans. Therefore, more and more companies report on their websites that one of the requirements for customers is credit history without negative entries indicating delays or non-repayment of loans in other institutions.

Which debtors' databases cooperate with non-bank institutions?

In the non-banking sector, the term 'loan without BIK' or 'momentary without BIK' is often used, which means a loan whose verification process does not include checking the applicant with the Credit Information Bureau. In other words, such loans were available to a person with a bad credit history and outstanding loans or with significant delays. Once again, the entire non-banking sector was open to debtors. Today, "loan without BIK" takes on a completely different meaning. Why would I do that? Lending institutions shall cooperate with four debtor databases and, in principle, each of them may contain negative entries for a customer if the customer is at least 60 days past due. BIK is a rather specific office that differs from the others, because it records only debts resulting from outstanding loans and credits in banks, SKOKs and loan institutions. Other offices have information on all types of debt, including debt in debt management companies (e.g. KRUK). Although lending institutions are particularly interested in outstanding loan debts, not all use the BIK database. There are three more important databases available and they are there: ERIF, National Debt Register and BIG InfoMonitor. The latter also provides data from the BIK and is therefore, in a sense, a very useful tool for determining creditworthiness in the sense of lending institutions.

Where can I obtain a loan without verification in debtors' databases?

It is currently extremely difficult to borrow from other companies with unpaid debts. Another requirement to which credit institutions do not like to turn a blind eye is fixed income. Without regular inflows and with debt listed in debtor databases, it is impossible to obtain a loan from a non-bank institution. Some hope can be placed in companies that use other debtors' databases than BIK and BIG, although it is not a guarantee.