When browsing the offers of various lenders, you can quickly notice that many of them demand a transfer of $ 0.01 per customer verification. This can sometimes be a hassle. Fortunately, it is possible to loan without transferring a penny.
In 2018, Poles repaid 571 thousand in loan companies loans for a total amount of $ 5.2 billion, according to data from the Credit Information Bureau. Why such popularity of non-bank loans? All because it is easy and quick to borrow money online, and there is usually a transparent borrowing process.
However, this is not all. The issue of security is also important. The popularity of quick online loans also results from the fact that Poles consider them secure. This is also shown by research. For example, TNP halter has checked that in recent years confidence in loan companies has increased by 54%, and in banks - only by 1.6%. Borrowing money over the internet requires a special approach to security, both for customers and lenders.
Hence, various solutions are implemented. One of them is a transfer for 1 penny from the bank account of the person applying for the loan. Since it is so important, we will check whether loans are possible without a penny transfer .
Why is customer verification necessary?
If anyone is wondering whether it is really necessary to thoroughly verify the identity of the customer, they should get acquainted with data on fraud attempts on loans and stolen identities. It turns out that in the years 2008-2018 attempts were made to extort in this way almost 80 thousand. loans and credits totaling $ 4.5 billion. Of this over 14 thousand scams related to obligations up to 1 thous. zł. In 2018 alone, almost 5.5 thousand were thwarted. phishing attempts for loans and credits for a total amount of $ 361.5 million.
In 2019, the problem did not disappear at all. In the second quarter, 1.12 thousand were detected. phishing scams for a total amount of $ 92.3 million. Such high detection
Scams are possible precisely because financial institutions are sensitive to security issues and apply high standards of operation. This is what Marcus Thubble does - we have transparent rules, and at the same time we make every effort to ensure that our clients are safe and the entire borrowing process is safe.
Customer identity verification is especially needed for online installment loans. Here the entire loan process is automated. The customer completes the online application, enters personal data in it and sends it via the Internet. There is no face-to-face meeting between lender and borrower. All formalities are handled remotely. In this situation, an employee of a loan company cannot determine whether the person applying for a loan is who he or she claims to be.
It may happen that someone acquires someone else's ID card or the key data from this document in an illegal manner (e.g. theft). Then he can use this knowledge to try to extort a loan for another identity. That is why it is necessary to verify the customer for loans via the Internet, although it may sometimes seem to be a burdensome element of the loan process.
Verification transfer - the most popular solution
To counteract loan fraud, online lending companies require a verification transfer from the customer. This is by far the most popular method of confirming identity. Thanks to this, the lender can be sure that the data entered in the loan application agree with the actual state. What is the verification transfer?
Usually the whole verification procedure looks like this:
- the applicant logs in to his own bank account;
- orders a transfer for a symbolic amount - most often loan companies ask you to transfer 1 penny (some of them later return the amount);
- the transfer's title includes information provided by the lender (e.g. application number or annotation that it is a verification transfer);
- the loan company checks the compliance of the loan application data with the verification transfer data;
- when the data match, the loan is launched.
It is important that the verification transfer is made from the account belonging to the applicant. All because the data entered in the application must appear in the transfer's data. So you can't ask someone to give us an account and make a transfer for us. This verification process, although necessary, can be burdensome. Is there a way to do this? Are online loans possible without a penny transfer ? Of course! Marcus Thubble provides a different way of verification.
Fast online loan without a penny transfer - is it possible?
Modern technologies in the FinTech area offer great opportunities. Among other things, tools are available that make borrowing money over the Internet easier and even safer. In fact, the verification transfer can already be considered today as a rather archaic way of verifying the customer's identity. Modern loan companies use more advanced methods. Thanks to this, online loans without transferring a penny have become possible.
Modern applications are used for this. This eliminates the need to transfer money. Marcus Thubble uses Account X for this system. Through it, the customer logs in to his bank account, and the application automatically downloads and verifies data. The whole process is completely secure because a modern SSL encryption tool is used. The decision to grant a loan is received immediately after verification.
Loan without a bank account
But what about consumers who would like to take out a loan online but don't have an account? There are not many such people. According to NBP data, even 17% of our compatriots do not have a bank account. For them, many loan company offers are simply not available. Whereas at Marcus Thubble we are open to such people and we also address our offer to them.
Lack of a bank account is not an obstacle for us, because in addition to the Account X system we also use verification via GIRO. You don't need to have a personal bank account here. What does this verification look like in practice? After accepting the application and granting the loan, an SMS with a special code is sent to the client. After that, all you have to do is go to the offices on PutUp Bank. There the borrower is verified. When receiving cash, the customer shows the received code and ID card.
It's a fast and very convenient way to use an online loan without transferring a penny. Withdrawing money by means of a GIRO check is a method often used in times when having a bank account was not very popular. At Marcus Thubble, we decided that this solution can still work perfectly and thanks to that they can easily borrow money from us without a bank account.
A penniless loan - benefits
A quick loan without a penny transfer has many advantages. First of all, it's a convenient option. Alternative verification methods are faster than a verification transfer. It may take several hours for one penny to reach the lender. It all depends on the banks where both parties have accounts. Meanwhile, using the Account X system means automating verification and significantly shortening it. All you have to do is log in to your bank account and the application will verify your data instantly. You do not have to wait a few hours to complete the formalities. For this, not everyone uses online banking. Then the transfer order must be done at the bank's outlet. This is a big inconvenience.
The second verification method is also beneficial for the client. Thanks to GIRO you can borrow money online without creating a bank account. This method will also be used by people who for some reason do not want to use their account in the process of borrowing money.
Transfer is the most popular verification method for fast online loans. However, loans without a penny transfer are an attractive alternative. Other verification methods can significantly speed up online money lending.