Category: Installment Loans

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.