For a wide range of customers, Good Credit loans can offer more interesting or even more advantageous parameters and conditions for financing their needs. One of the loans from the non-banking company Good Credit is the Individual Loan without pledge.
The money raised from this loan can be used for a variety of purposes. The money can be used to finance the purchase of various household items, to buy a new or used car.
The loan is also suitable for financing the purchase of some real estate or for current expenses and spending in the home. This loan can also be used by people looking for money for business or for other purposes.
The basic condition for approval of a loan from Good Credit is that the applicant must be a member of this savings cooperative. If someone who is not a member is interested in processing the loan, they must first sign a membership contract. This is similar to when a bank requires a borrower to open a current personal account with that bank first.
Minimum loan amount Individual loan without collateral from Good Credit is USD 10,000. The maximum amount is then not fixed and depends on the assessment of the ability to repay and, where appropriate, on the guarantees provided.
The maturity of this loan can range from 12 to 240 months (ie 1 to 20 years). Good Credit Savings Cooperative charges a fee of 2% of the borrowed money for processing the loan application. The minimum amount of this fee is USD 500, the maximum amount corresponds to the loan amount. (The approval fee for Good Credit is slightly higher than normal for other banking companies, where this fee is typically 1% of the loan amount).
Good Credit then charges an annual fee for managing the loan of USD 600 (which is slightly less than usual for banks, where this fee is often USD 1,500 – 1,800 per year).
The basic conditions for approval of a loan application with Good Credit are quite common. Minimum age of 18 years, presentation of identity documents and proof of ability to repay the borrowed money.
Early repayment of the loan with Good Credit is not one of the best offers on the market. For Good Credit, the early repayment fee is 4%. Elsewhere, they allow you to repay early for free or typically charge a 1% penalty fee. 4% for Good Credit is a relatively high fee.