Scoring and internet payday loans is a relationship rarely found in non-banking practices. When we try to get a loan, we get a refund. What is this and how do I influence our credit assessment? It turns out that scoring is the points awarded by the banking system when assessing creditworthiness. Good Credit and banks use it. On its basis, the risk of granting a loan or credit is determined. Scoring is not used by non-bank institutions.
The main intention of credit scoring
Is to define the creditworthiness of the customer. The assessment determines his profile, data of customers who have been granted a loan and compares their capabilities in relation to a new customer. If the scoring is high, the bank decides to grant a loan to the client.
The score according to which the customer is rated has a special scale. Its significance is influenced by the material status and education, the customer’s home or family residence, the total amount of other loans is also added to the data. These are the main data around which the credit scoring method is used.
The Credit Information Bureau makes an assessment
Points are allocated in the range up to 631, including an asterisk scale. If the customer collects more stars, the credit risk becomes lower and thus the creditworthiness increases. However, the mechanism by which points are allocated is not known.
The scoring value is affected by the timeliness of repayment of installments of other loans, or the repeated sending of applications to BIK. It should be remembered that repeated checking in BIK involves blocking the credit option for some time. During this period, the customer may not apply for a loan because its verification in BIK will be rejected. It remains only to wait for the blockade to be released, which may take several months.
For those interested, there is self-assessment checking in the BIK. This is possible by filling out a special form on the BIK website. The costs of such a statement are about USD 40. Therefore, the point score when concluding a loan agreement is one of the reasons for customers using quick payday loans. In this product, most applications are processed with a minimum of formalities and customers often receive cash.