Can you get a loan without a credit bureau ? It would seem that it is impossible with all the requirements that are asked at the time of wanting to go through this process. However, it is completely possible to obtain one without having to be in the credit bureau or in spite of having a negative score in it. Here we explain how this type of loan works and everything you should keep in mind when you want to request one.
If you do not have a credit history or have a favorable score, it is common for you to find obstacles when you want to apply for a personal loan. It is obvious, since the institution that would make the loan is not sure that you are going to pay such money after the time they grant you to do so, so they decide not to take greater risks and simply reject such requests. This can be very frustrating, especially if the loan is urgently required.
What are the loans without a bureau?
They are essentially loans that are granted by an institution that does not only take your credit history as a requirement to give it to you. In this way, even if you have a negative score in the credit bureau , they may lend you a certain amount based on additional information about your financial situation that you provide them.
Most of the institutions that grant this type of loans are managed digitally, that is, digital loans. This is very attractive for many people, because you save the time and effort of going to a bank branch and wait for hours to be served and the process is ready. In this way online, many times you can receive your loan expressly as soon as you send your documents via email.
Everything up here sounds perfect, simple and super attractive, what could go wrong?
What are the risks of a loan of this type?
The main and great risk that exists is that it is a fraudulent institution and you lose out instead of benefiting. You have to be completely sure that the institution that will issue you the loan without a credit bureau is completely reliable.
Keep in mind that to give you this loan, the institution will request personal documents, sensitive information that you can not give to anyone lightly. Scammers do not wait and this type of loans are appropriate to commit fraud.
To make sure that it is an authorized and completely trustworthy institution, you can check the page of the Registry of Financial Services Providers (SIPRES) of the CONDUSEF. In this you must enter in the search engine the name of the institution that promises to give you the loan without a bureau. If you can not find it in said database, then it is a clear indicator that it is NOT a safe or reliable institution, so it will be better to stay away from it.
Do not lose sight of the fact that many times these loans are more expensive than the others that exist in the market.
Factors to take into account before applying for a loan without a bureau
- Check the interest rate and commissions associated with the loan, this will allow you to have a mental image of what it will cost you to request a loan of this type, so you can make better decisions.
- Some institutions that grant this type of financing charge a commission for carrying out the process, without assuring you that the money will be lent to you. Be well informed about this aspect before going ahead with the process, as you may end up paying a large amount (same that is not reimbursable) when you will not even benefit at the end.
- Do not give your bank information (debit or credit card accounts, PIN or passwords) without first being sure that it is a serious institution.
- Do not sign anything before being fully informed about how your services work.
- Do not be fooled by the speed with which, according to the institution, they can make the loan. Remember that not everything that looks so easy is beneficial.
Not everything is black
Although there are many risks in applying for this type of loans, there are also several benefits when the institution that grants them is serious and reliable. One of these is the fact that it can be done from any part of the country, many times without going to any physical office and getting the money quickly and efficiently. In the same way, no guarantor or guarantee is needed, which facilitates the operation to a great extent. At the end of the day, these practices represent an imminent change within the financial world of our country, which can be favorable if we do it with the necessary care.
We know that it is usually attractive to become a creditor of this type of loan. In this subject there are many variants that lend themselves to commit frauds and scams that in the end will hurt your pocket much more. That is why we recommend using the tools you have in your favor, such as comparisons such as CCM Bank, which will show you the options you have regarding personal loans.
Be careful when requesting one of these procedures and remember that not everything that glitters is gold.