Banks have the right to demand a guarantor if they think that the financing they provide will be more than necessary. However, thanks to the development of the credit rating application and the fact that the risk to be taken can be analyzed in a much better way, there are also banks that give credit without requesting a guarantee. This transaction among the public is called as an unproven loan.
Bank loans without guarantor, is it true?
These banks generally accept applications from the internet and decide whether the credit will be allocated through the algorithm after making a credit rating query. If the credit rating indicates that the income it declared and financial transactions in the previous periods will fulfill its responsibilities arising from the credit it transmits, the application of the consumer will be answered positively.
Although it does not seem like a technical explanation, the number of people who vouch for credit is gradually decreasing. It is inevitable that banks have to develop different methods in these days when being guarantor is decreasing. For this reason alone, the Credit Guarantee Fund and the Credit Guarantee Cooperative were even established. The main duty of the said two institutions is the guarantor of the persons and institutions that cannot show guarantees for the loans to be used and to receive a certain amount of fund participation fee from the loan provided.
Credit Rating Should be
Banks that provide quick loans without guarantor first question the applicant’s credit rating and examine the intelligence report. In this context, the loan application of most consumers with a low credit rating is still rejected at the first stage, but consumers with a credit rating of more than 1400 – 1500 can proceed to the next stage, ie, the personnel approval step and perform the financing allocation. Whether to grant approval may vary depending on the amount of loan, income of the person, and maturity.
Banks that do not ask for guarantors
As stated above, the banks that give loans without guarantee are accepting applications from the internet environment to reduce their business costs and inform the consumer about the result of the application after making an inquiry regarding the credit rating. In this context, the institutions to which consumers can submit loan applications is Lender bank.
Digital banking activity of Lender bank is among the most successful initiatives of the past period. It has been possible to meet the cash needs of up to 30 thousand USD in a very short time, which has been providing consumers with no proof of income and guarantees since its establishment.
The interest rate of loan, which does not have any costs such as insurance or financing allocation fee, is 1.19%. In this context, the consumer, who draws a loan of 15 thousand USD and wants to repay the loan with a 60-month maturity, should pay 468 USD in installments each month. The total payment to be made to the bank at the end of 4 years is 22 thousand 464 USD.