Payday loans are significantly different from bank products. One of the determinants is the credit history by which banks calculate credit scoring.
He decides whether the client will receive a loan or not. In the case of payday loans, this is not the case. It turns out that despite the fact that non-bank companies have an insight into the databases of such institutions as BIK, they do not always use such a possibility. What should we do if we want to get a bank loan anyway?
Payday loans and cash loans
Focus on building a positive credit history that has a very large impact on your credit decision. It should be noted in advance that all those who do not pay their credit obligations on time may encounter problems with receiving cash at the bank.
So how do you build a positive credit history? It turns out that it is important to have any history of installments and loans. People with no credit history may also have trouble getting a loan. THIS does not apply to the loan payday loan we receive from the bank.
Credit history and payday loans and loans
Credit history is really the only testimony of the consumer how he behaves when paying off credit obligations. Check the best payday loans online without the best interest rate. Without verification, the bank is unable to predict the customer’s behavior and this may disqualify him when applying for a loan.
If you intend to apply for a bank loan, run a debit on your bank account. This is the simplest form of credit which the bank treats as account history. Try to get a bank loan. It doesn’t have to be a large amount. It is important to pay it back on time and give up quick repayment, even if we have funds for it.
The next step is to buy a small installment. Today, supermarkets allow installments even for products at a price of USD 200. Installment is one of the very popular and effective elements to building a positive credit history. When repaying loans or installments for some goods, pay attention to timely repayment of liabilities according to the contract’s schedule. Failure to pay the timely installment or delay in repayment of the loan will be recorded in the BIK. And this will affect your creditworthiness.
Sending a loan application
If you have followed the above recommendations and completed basic activities conducive to building your credit history, you can try to apply for a loan. However, you should first repay all your bank obligations and liquidate your debit. After such a procedure, try to submit an application to the bank and see what bank will present you with a financial proposal.
Also remember that checking in BIK also affects the possibility of receiving a loan. Too frequent sending of inquiries to BIK may result in rejection of the application from the very beginning. Remember this when you decide to apply for a loan.