Credit and loan fraud easier to detect

Despite information and preventive actions of the Police, extortions of loans and credits are still a serious problem. Data from the Association of Polish Banks indicate that in the fourth quarter of 2016, criminals tried to obtain at least 1920 loans.

Many attempts have been thwarted by the police and banks

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The activities of criminals have been hindered by the Restricted Documents system operated by the Polish Bank Association for a long time. Until recently, loan companies did not have a similar system, as they increasingly fall victim to criminals who make means using someone else’s personal data.

In Q1 2017, such delusions were hampered by the launch of the Safe PESEL system. Now every Pole can protect himself against taking a non-bank loan using his data.

After the PESEL reserves the offender will not take out a quick loan

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It is worth noting that loan companies did not activate the described collateral due to some statutory requirements. Lenders belonging to the Association of Loan Companies (ZFP) simply decided to respond to the growing threat from criminals. It is hard to hide that the mechanism of action of lenders paying funds via the Internet encourages to cheat money.

This practice also means trouble for lending companies, who later have problems with recovering funds. In response to criminals’ activities, the lenders have launched a special Safe PESEL register together with the international company CRIF, which is experienced in implementing similar projects.

The new register is based on the “credit freeze” mechanism

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This means that a consumer who reserves his personal data in the Safe PESEL system declares that he is not interested in loan companies’ offers. Such a declaration later prevents a person who stole personal data from taking a quick loan. Importantly, the blockade of the loan companies’ offer may be revoked by the same person who started it.

The Secure PESEL system also allows you to report the theft of personal data (including its reservation). Such a notification is a signal to the lender and indicates that there is an increased risk of obtaining a loan “on the person”. The effectiveness of the Safe PESEL system in practice should be high, as it is used by leading lenders. This group includes, among others, the following loan companies.

The results of the described system should also be positively influenced by its availability for all Internet users. It is worth emphasizing that the consumer can freely reserve data in the Safe PESEL system.

This procedure requires only filling out the form with personal data and sending two scans of your ID card. The originators of the described system emphasize that people who reserve their PESEL number do not have to be afraid of passing on their data to lenders (for purposes related to offering loans).

Despite better security, you still need to watch your data

The launch of the Safe PESEL system will definitely increase the degree of digital security of Poles. Thanks to ZFP’s activities, the loan industry offers a similar degree of protection against fraud as domestic banks. It is possible that more loan companies will soon join the new system.

Despite launching new solutions to increase protection against extortion of loans and credits, consumers cannot forget about the basic principles of securing personal data. A person who wants to be financially secure should:

  • avoids throwing documents to the trash that contain confidential data (e.g. name, address and PESEL number)
  • refuse to leave your ID as a lien (e.g. when renting sports equipment)
  • regularly update anti-virus software and do not install applications of unknown origin (note: this rule also applies to mobile devices – smartphones and tablets)

Especially cautious consumers may additionally use the special notification service which is sent at the time of applying for a loan.

New non-bank loans in June 2018.

From month to month, the number of loans taken into account by our comparison will increase. In May this year, Sean Cole already compares 85 non-bank loans. It can be expected that this number will soon approach a hundred.

In recent months, there have been a lot of new offers to borrow funds from non-bank companies. For people looking for payday loans and installments, we decided to check new offers. We found them some really interesting proposals.

Under the new offers, we will borrow 3,000 USD for free

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We presented the new loans in the table below, which informs about the value of each loan, its repayment period and the most important features. People browsing this list may notice that they also include free loans.

Interesting offer of free loans for new customers, prepare, among others, Good Finance. The lender provides up to USD 3,000 for free. This amount of free loan is one of the highest on the market and is comparable among other Honest Bank’s offer also stands out with the possibility of easily extending the repayment period.

This is an important advantage, because many loan companies after introducing statutory limits on the cost of instant payments, completely abandoned the option of extending repayment.

Also worth noting is the proposition under the Good Finance brand. It stands out among another high limit of the free loan (up to USD 3,000). Importantly, the GFI Loan does not require income proof documents. A slightly lower limit of the free moment (up to USD 2,000) was provided by GFI.

Her customers can take advantage of the option to extend their repayment for a period exceeding the standard 7 days – 30 days. A longer repayment period without an extension (up to 35 days or 65 days) has another loan recommended by us – Honest Bank. Its advantage is the lack of customer verification in the BIK database.

There have also been new loan offers for a long time

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In reference to market news, which we have presented in the table above, it is worth mentioning that they do not apply to short-term loans only. Interesting loan offers for a longer period have also appeared on the market recently.

An example is the Honest Bank offer. The lender pays up to USD 6,000 and agrees to a repayment period of up to 30 months. Interestingly, the Honest Bank customer may take out a second loan before the first commitment is paid. Few lenders allow such a solution.

Interesting proposal to borrow funds

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An interesting proposal to borrow funds “for longer” seems to be Good Credit. As part of this loan, we will receive up to USD 15,000 for 30 months. Such a large amount can be granted within 30 minutes, and for reliable customers, there is a reduction in the cost of the loan (up to 15%).

A good Credit installment loan offer is also worth noting. The lender pays clients up to USD 11,500 and offers a repayment period of up to 52 weeks.

Interestingly, the first Good Credit loan is free with its repayment deadline within 4 weeks. As you can see, not only companies that offer a moment, provide new customers with an exemption from costs.