Life writes scripts without consulting us, therefore sometimes we face situations that require immediate response, which our bank account is not prepared for in any way. Getting a bank title loan is not one of the simplest tasks, sometimes it consumes too much time, but it happens that we have low or even zero creditworthiness on the way to obtain the necessary funds. In such circumstances, title loans without BIK and KRD, which are available to almost everyone, come to help.
BIK and KRD registers ignored by borrowers
Before we explain what BIK and KRD are, let us refine the very concept of a title loan. By no means can it be confused with the title loan for which we go to the bank. The title loan is granted by private individuals or non-bank financial institutions that decide to invest their own funds. Higher risk and high admissibility is associated with a higher interest rate, but at the moment when you can not count on support from the bank, this aspect ceases to be a big disadvantage.
Title loans without BIK and KRD are financial instruments available to each applicant. BIK is the fully-fledged Credit Information Bureau, which collects all our previous title loan and installment obligations. All we have to do is be late with the repayment of one installment, and BIK will carry this data to our account. This, in turn, reduces or completely cancels our creditworthiness and credibility in the eyes of banks.
KRD is the National Debt Register, which we get to if any debt is recorded on our account. This register can be registered by virtually every creditor, so it can be a bank, a cooperative or a company in which we have not paid the bill. This register also discredits us as reliable debtors.
Borrowing – is it a good choice?
Title loans without BIK and KRD are easily available, but this should not be the driving force for the potential borrower. Simply put, before we apply for a title loan, we should consider all options. If, after a deeper analysis, our case is not as impatient as it seemed at the beginning or we find other solutions, such as mediation with a creditor, it is better to postpone the title loan.
However, it is not always possible to find a golden solution. Sometimes, we really need to get cash immediately, and all other options have either been exhausted or we can not take them into account at all. At that moment, title loans without BIK and KRD are the only right decision. Lack of searching BIK and KRD databases and in-depth verification puts us in a good position. We can be calm about the further course of the matter, it is not less worth to plan your application well.
In some title loan companies, it is possible to set the period and date of debt repayment. This is a big plus, because it gives you the opportunity to determine your own financial possibilities. In other words, when taking such a title loan, one must remember about its timely repayment. So before we enter the necessary amount, let’s analyze whether we really need such a sum and whether our budget will be able to bear the calculated installment.
Is it difficult to obtain title loans without BIK and KRD?
Analyzing the market for non-bank title loans, it is easy to notice that many of them grant registries before granting funds, albeit in most cases only to assess the risk taken and to securely match the maximum title loan amount to the client. Nevertheless, the very fact of such verification is at odds with the idea of financial products unrelated to the bank.
Fortunately, there are also title loans without BIK and KRD, which are offered by proven and trusted companies. It is not difficult to find them, and due to the fact that they are one of the few that do not check the credit history of applicants, they are becoming more and more popular.
Importantly, submitting the application is invariably quick and uncomplicated. The comfort of applying via the Internet, simple verification of personal data, as well as an instant decision to grant a title loan are the advantages that support this solution. Let’s remember that giving a payday without BIK and KRD is based mainly on our statement regarding income and financial charges. However, this consent should not lead us to certify untruth, because the funds granted automatically become a debt that we must pay back, and our home budget must bear this additional cost.
Title loans and risk
Many people wonder what the risk is when borrowing without BIK and KRD. Let us be honest that the lender is much bigger on the side of the lender, who actually puts his own money into use and is not sure that they will return to his account on time.
Naturally, the borrower also runs the risk, but by no means more than in the case of banking products. The essence of security is repayment of debt on time. Solid lenders allow you to extend the payment period, but this option is associated with an increase in the cost of the title loan. In order to avoid the risk necessarily before accepting a title loan, one should carefully read not only the contract, but also the regulations. If any issues are unclear and could indicate, for example, a change in the cost of the title loan during its repayment, it should be withdrawn. In order to minimize the risk, we use title loans from reputable and well-known companies.