GFI loans – is it possible?On October 31, 2019 by David Swanson
The GFI tax return is probably the most reliable document confirming the amount and type of income received. This fact is often used by banks and, as part of promotional campaigns, allows you to document employment with this form.
The assumption is to save future borrowers from the effort of completing formalities. Can such offers offer a really favorable condition? And is it possible to take an online loan based on GFI?
What is the difference between a GFI loan and an ordinary one?
It would seem that GFI is a sufficient document to fully confirm the applicant’s creditworthiness and, if the lender wants to receive a loan, he must only have a good history in GFI. Of course, the GFI form (especially GFI-11 issued by the employer) will be helpful when it comes to confirming income, but the criteria for assessing creditworthiness will not change. Further, some applicants will be rewarded, others not referred to as people with unstable employment, working under a contract for specific work, or conducting sole proprietorship.
In addition, such an offer will not be available in every bank, and in those where they are available, they may present slightly less favorable conditions than a “regular” cash loan. Most often this will be manifested by a lower-than-normal loan amount or a shorter repayment period, sometimes combined. The amounts you can count on in GFI loans are usually no more than PLN 20-30 thousand.
It may also happen that the bank will still require an additional document confirming earnings. There is also a crown “hook” – this offer can usually be used only until the deadline for submitting a tax return, that is, by the end of April each year.
In that case, in the face of all restrictions, can you count on better than usual conditions? It is hard to expect, the more so because some banks allow income confirmation via the GFI form even in their standard offer, e.g. Bank Millennium or Credit Agricole.
Payday tax pay?
As for non-bank loans, it can be unequivocally stated that they are very competitive with banks when it comes to simplicity and low time-consuming formalities. Not only can you apply for it without leaving your home, but you can also test your creditworthiness there based on the customer’s statement. It is often sufficient for the applicant to declare his source of income and the amount he receives every month. This means that after loans in low amounts more and more people are directed to non-bank institutions.
So the question arises whether there is sense in creating promotional GFI loans, since usually you do not need any certificates? Well, in some cases, if the loan application is unclear, which the lender wants to clarify, you may need to re-confirm your income and this may be in the form of a telephone conversation or the presentation of an additional document.
Will the lender accept GFI?
Non-bank institutions usually accept various types of documents – they can be contracts for specific work, contract-mandate, pensions, etc. (for a full list, see ” What documents are needed to get an online loan?”). There is rather no reason for the lender to reject the tax declaration, especially if it is current and it is GFI-11.
However, this is not a popular and preferred form by borrowers, mainly because it would be an unnecessary complication of the procedure. A fully sufficient document confirming creditworthiness is the account statement for the last 3 months, which is enough to save in a.pdf file and send. What’s more, the matter will often solve itself – the loan company may download the statement itself using the Instantor or Kontomatik applications used to verify the identity of the borrower and using screen scraping technology.
Is GFI loan a marketing trick?
The above examples show that a GFI loan is a procedure that allows you to take a loan in a simplified mode, and thus attracts more customers. However, after most banks gave up this campaign (2018 was extremely poor in offers), it can be concluded that this rather special promotion did not work.
Similar simplifications have been used successfully for years by loan institutions that have transferred the entire loan procedure to the Internet. In addition, they are also supported by a very rich and diverse offer, which a GFI loan cannot offer.