Month: May 2020

Installment loan “dream loan” in the test

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Good Credit can proudly call itself the second largest bank in Germany, right after Bank. Of course, the Good Credit product portfolio includes various financing solutions. In this article, Deals with the conditions and benefits of the installment loan, which was christened the "dream loan".

A loan from 1,500 dollars and 2.75%

Loan from 1,500 dollars and 2.75%

The desired loan provides for a minimum amount of 1,500 dollars. Good Credit awards a maximum of 50,000 dollars for this product. The offer is aimed exclusively at private consumers. Entrepreneurs, freelancers and the self-employed have to switch to other Good Finance.

The desired loan is a so-called credit-dependent loan. If you apply for the loan, your creditworthiness will be checked in the first step. The result of this check has a significant influence on whether you are granted the loan and the amount of the interest rate. If you have the best credit rating, you will receive a loan interest of 2.75%, in the worst case you will have to pay 13% (effective interest, pa).

You can influence the repayment of the loan with Good Credit between 6 and 84 months. Here, as always, the shorter the term, the higher your monthly rate burden. Plan conservatively and in such a way that you can raise the rates realistically, even in poorer months.

Special repayment every 12 months

Special repayment every 12 months

Just as urgently as some consumers need a loan, it is sometimes unnecessary prematurely. For example, if an heir has taken office or a salary increase is pending. In these cases, Good Credit enables a special repayment of the loan free of charge every 12 months. In this way, up to 50% of the outstanding loan amount can be repaid early. This way you can avoid unnecessary interest payments.

If the loan is even superfluous within the first 30 days or you find a better offer, you can withdraw from the contract at no extra cost.

Frequently asked questions about Good Credit credit

Frequently asked questions about Good Credit credit

How long does the application take and when can I expect a payment?

You can simply fill out the loan application on the Good Credit homepage. This usually takes no longer than 5 to 10 minutes. After completing the form, you will immediately receive a preliminary online Good Finance decision. Here you will first be informed whether you will receive a loan at all and the estimated conditions. After an exact check by an employee, the final confirmation is made.

In total, the process from application to payment of the loan takes around 4 days. If you apply for the loan on Mondays, for example, the money should be in your account by the weekend.

What documents do I have to submit?

After the online application, you have to send Good Credit some documents to check your creditworthiness and identity. On the one hand, this is the signed loan application from the online form. A copy of your payroll slip for the past two months and copies of your bank statements for the past 60 days are also required. A valid identity card or passport is mandatory for the authentication test.


Installment loan for traders

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Although traders are also among the pillars of this society, this often only helps relatively little when it comes to lending. Especially tradesmen who work in an Ich-AG often have very bad chances of getting a loan, because the income is strongly linked to the turnover from the trade. See of critique.

As a result, unlike conventional workers or civil servants, traders have no regular and equal income. If things go badly with one's own business, the income of the trader is of course also reduced. As a result, the bank loses a high degree of planning security, which is why it is very difficult to obtain an installment loan for traders in the long term. The usual installment loans often only have a term of 90 or 120 days and are intended to bridge a financial bottleneck that results from reduced sales in the trade.

Show more security than employees

Show more security than employees

Traders must almost always provide more collateral for their installment loans than workers, civil servants or employees. This is primarily due to the insecure income, but also because the groups mentioned have a relatively high level of protection against dismissal.

However, if the business of the self-employed breaks down, for example, because there are no or insufficient orders, the entire income of the self-employed also ceases to exist. As a rule, this should be able to be bridged by any self-employed person, at least in the short term, by investing sufficient capital.

However, if this has already been used up or was never available, all that remains is to take out an installment loan for traders. As a self-employed person, you should be prepared to provide additional security. This can be, for example, a car that has already been fully paid off, but a property or house can also be suitable as attachable property.

In addition, the annual income of the trader should, of course, be higher than that of a conventional worker, so that the uncertain income can be at least partially offset by the short-term amount. It is also advantageous if the trader has been successfully doing his job for more than 4 years. As a result, the bank gains more trust and tends to issue the installment loan for traders.

The success of the trade is decisive


In order to receive an installment loan for traders in the long term, the success of the business is decisive. Ultimately, this applies to all amounts of credit, but this factor is even more important for medium and long-term loans.

The bank must be able to clearly derive from the result of the business that the business is operated successfully with long-term success and that the financial situation of the borrower cannot, therefore, get into trouble in the short term. Then a loan from a bank is also possible. For small loans, it may be more worthwhile to get in touch with friends, relatives or even business partners who can help out with a short-term financial injection.

Ranking of Famous Cash loan

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Banks tempt with their offers. On billboards and in TV commercials, they promote loans in which the interest rate or commission falls to 0%. How is it really Which bank has the best offer at the moment? We checked it out.

We asked the banks to prepare a simulation of the conditions under which they would grant a cash loan to a client achieving a net income of USD 4,503, based on an employment contract of indefinite duration.

The client is interested in a loan of USD 25,000 USD, which wants to pay back for 48 months. The simulations presented apply to internal and external customers.

In the case of cash loans, it is difficult to predict which customer will get an offer prepared on better terms, the one with a history in the bank and many products, or one that the bank can only get. Many price aspects depend on scoring and the client's assets.

Cash loan for internal customer


Good Finance has prepared the best offer for an internal customer, i.e. having an account at the bank in which he is applying for a loan.

Borrowing 25,000 USD in this institution, the client will pay USD 28,730 after four years, and the monthly installment will charge his budget the amount of USD 598.54. This amount will only be affected by interest accrued on the amount borrowed (at an interest rate of 6.99% per annum). Good Lender Bank will not charge the customer for the loan.

Customers of Good Finance will pay a monthly installment of USD 607.51. The loan interest rate is 1.90 percent. per year, and the commission for granting it - 10.90 percent All this translates into a payment amount of USD 29,980.

Plus Bank and its 6/6 loan took third place in the ranking. In his case, the monthly installment will charge the clients' home budget to USD 624.58, and the total amount to be repaid will be USD 29 980.

It should also be added that Plus Bank's offer is the last one for which the total amount to be paid will be less than USD 30,000 USD.

Loan to an external customer


Good Finance took first place in the list of loans for an external customer. A person who does not have products in this bank will receive the same offer as regular customers.

The second position, with a total payment of USD 29,592, went to Good Finance. The loan interest rate is 6.99%. per year, and the commission for granting financing - 3% amount borrowed.

Good Finance came in third. In his case, the interest rate on the loan is the same as for the second place winner. However, the commission is higher - it is 6.90 percent. loan amount. All this translates into a total payment of USD 30,831.

The offers to be as close to our needs as possible


The choice of the institution in which we decide to take a loan depends, of course, only on us. The most important thing is for the offer to be as close to our needs as possible.

Certainly, it will be a great convenience for you to pay back the loan if the bank automatically installs the installment, but you must have an account with the bank.

It is worth to read all the rules and costs related to both the account and the loan. A slightly lower loan installment may cease to be attractive when we see account maintenance fees.

An installment purchase and now want to take out a loan

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Have a steady job and a sufficient income

Have a steady job and a sufficient income

Loans are helpful to finance large purchases such as houses and cars. To get a loan, of course, you have to have a steady job and a sufficient income. That being said, it is important that you have not had any problems with debt and that you always pay all your bills on time. fleshes this out

If you recently made an installment purchase and now want to take out a loan, it is quite possible. However, only on the condition that you can cover all your monthly expenses with your income and that you will not be in financial need.

Discover your options

Discover your options

Basically, it is no problem to take out a loan despite payment in installments. Many people buy more expensive products (e.g. TVs or washing machines) in installments in order to keep monthly expenses as low as possible. If you now want to take out a larger loan and are still involved in the installment purchase, you will only have disadvantages with the bank if the monthly costs would be too high or you cannot meet your current installment payments on time. Otherwise, a loan is not a problem despite payment in installments and is almost standard nowadays.

The conditions are particularly important

The conditions are particularly important

Whether in installments or not - you should always try to keep your debts as low as possible. Only then can you largely rule out the risk of insolvency and secure your financial future. To find a good and cheap loan, you should do a comparison on the internet. There you will find out which bank is best suited for borrowing and what costs you can expect. Apart from low interest rates, the length of the term and the amount of the monthly installments are of course also important. It's best to make a financial plan and decide how much money you can spend on the new loan each month.