Creditworthiness is one of the key concepts from the perspective of bank customers and loan institutions. As a standard, we are convinced that the lack of adequate creditworthiness means the lack of access to the offer of loans in banks or loans from non-bank companies. It is worth remembering, however, that especially in the case of the latter, the concept of creditworthiness can be defined differently. Contemporary loan institutions present their clients an offer of an increasingly flexible and individualized character. This means de facto the presence in this offer of solutions such as loans without creditworthiness if we define the term according to the model appropriate for banks.
Loan without creditworthiness: the most important information
Undoubtedly, one of the most interesting options available to customers without standard creditworthiness will be so-called debt loans. Such solutions are currently available in the offers of an increasing number of loan institutions. Debt loans are often misidentified as a kind of non-bank counterpart to consolidation loans. So let’s realize that the mechanism of action of this kind of solutions is completely different.
A loan with no creditworthiness for debt relief is by definition dedicated to customers in financial difficulties. In this case, the loan company provides financing to the client, with the help of which the repayment of existing obligations can be made, either loan or credit. At the same time, it is worth being aware of the fact that in the case of debt relief loans, the customer will have to verify his creditworthiness as much as possible. First of all, the lender will check the client’s current financial situation. As a rule, the next stage will be the need to secure the loan. The most common form of such security is the pledge of real estate owned by the borrower. However, some of the lenders will also be willing to accept the guarantee of joining the other person’s loan agreement, i.e. the guarantor.
Other variants of loans without creditworthiness
Another interesting option for customers who are unable to demonstrate standard creditworthiness can be loans with a profile tailored to the individual client. In this case, the lender may be willing to parenthetize, for example, a negative history in the debtors’ bases, as long as the client has real repayment capacity. What is very important, in relation to this variant of loans for customers without creditworthiness, additional collateral in the form of e.g. pledge of real estate is usually not necessary.