Opinions about a loan company

Do you need extra cash? You can get it quickly online using a non-bank loan in Good Finance.

It is a service that allows you to enter into an online commitment, which can then be repaid in convenient installments. Check what the offer is exactly, how it can be used, as well as the pros and cons of this solution.

Non bank online loans are convenient products that are an alternative to traditional bank loans. Their advantage is the possibility of borrowing funds for any purpose without leaving home.

The companies that offer them usually offer small payday loans with short repayment periods. Installment products are also available and you will find them on Good Finance.

Good Finance – information about the company

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Good Finance is a relatively little known lending institution, despite the fact that it has been around since 2016 and many clients have already used its services.

The company offers installment loans to individual clients:

  • in amounts from 500 to 1900 USD
  • with a repayment term of 6, 8, 10 or 12 months.

On the Internet you can find a lot of information about the offer. As it turns out, loans in Good Finance reviews are mostly positive, and in particular, individual approach to customers is valued.

How to take a loan in Good Finance?

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The whole process of taking installment loans on the Good Finance site is carried out remotely via the Internet. However, it is not fully automated, which has its pros and cons – the disadvantage is the slightly longer waiting time for the decision, while the advantage is the individual way of processing applications.

If you want to borrow money from a Good Finance company, all you have to do is:

  1. On the website, select the amount and repayment period with the sliders. Check the total cost of the loan and the monthly installment carefully.
  2. Fill out the application form. Enter your personal data, ID card number and PESEL number, mobile phone number, e-mail address, registered address and correspondence address, as well as information on the amount and source of income, marital status and housing status. The form must also include the amounts of bank and non-bank loans repaid.
  3. Confirm that you have read the terms of the contract and agree to the processing of personal data and for the lender to obtain information about you in the BIG register.
  4. Wait for the return e-mail in which the lender will ask you to send confirmation of receiving income from your bank account – just generate such a document from online banking.
  5. After receiving the decision to grant the loan, make a verification transfer of USD 0.01 to the bank account indicated in the email.

After completing all of the above steps, the lender will send you a contract and repayment schedule, and will also transfer funds to your bank account.

Who can take out a loan in Good Finance?

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According to the information on the Good Finance website and in the terms of the contract, the loan can be obtained by people who:

  • are of legal age,
  • have a valid ID, bank account, e-mail address and mobile phone,
  • document the source of income,
  • submit the online application correctly,
  • will make a verification transfer,
  • will pass the credit verification.

These requirements are fairly standard – however, it is worth paying attention to the lack of age restrictions for customers, as well as the lack of explicit reservation that financing cannot be granted to people in debt

Loan costs in Good Finance

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For people looking for a cheap installment loan, the Good Finance offer should be attractive, as the costs of incurring liabilities in this company are at a very decent level compared to the competition. They include interest and commission, and their amount depends on the amount borrowed and the number of installments.

For example, a loan of USD 500 taken for a period of 12 months is associated with the following financial conditions:

  • commission: USD 275
  • interest: USD 30
  • total cost of credit: USD 305
  • APRC: 124.01%
  • amount of monthly installment: 67 USD.

As at the day of writing, Good Finance did not offer any promotions, e.g. loans for free .

What does customer verification at Good Finance look like?

What does customer verification at Good Finance look like?

The decision to grant a loan depends on the result of the customer’s creditworthiness assessment . It is carried out on the basis of information provided in the loan application, as well as by verifying:

  • income – Good Finance does not call employers, but only checks bank documents confirming the receipt of e.g. remuneration for work or pensions,
  • obligations – their amount and reliability in timely settlement is checked in Good Finance Register.

The lender only checks the Good Finance Register register of debtors.

This does not mean, however, that it offers loans without financial standing, because the abovementioned register offers the possibility of obtaining information on companies and individuals not only from its database, but also from the Good Finance Credit Information and the Good Finance Association.

Loan repayment in Good Finance

If you decide to use the loan in Good Finance, you will pay it back in monthly installments on the dates specified in the repayment schedule, which is an integral part of the contract. Payments should be made by transfer to one of two bank accounts – at GBank or Honest Bank.

At any time, it is possible to repay the liability in full or in part – the lender will reduce its value proportionally by a part of commission and interest.

On the other hand, late payment will result in additional interest being charged for each day of delay. Other consequences of not repaying the loan should also be expected, e.g. the company will initiate debt recovery activities.

Loan in Good Finance – advantages and disadvantages

Loan in Good Finance - advantages and disadvantages

Are you wondering if it is worth using a loan in Good Finance? Below are the pros and cons of the offer, so it will be easier for you to make the right decision.

Advantages of loans in Good Finance

  • quite low cost of contracting compared to the competition,
  • clear and simple rules for applying for funding,
  • no age restrictions for borrowers,
  • verification of only one Good Finance Register register.

Disadvantages of the loan

  • the need to send bank documents confirming income,
  • long waiting time for a decision – up to several hours,
  • customer service only from Monday to Friday,
  • low loan amounts – up to USD 1,900

Remember that before taking a non-bank online loan, you should compare as many offers as possible. The current list of the best ones can be found in the installment loan ranking.