It quickly becomes clear which credit platform Good Finance is. As already briefly mentioned, the Cunver-based company is one of the most successful retail banks, offering loans in the traditional way. The loan is characterized not only by simple online application and fast payment. The loan interest rate is the same regardless of the loan amount and the desired term and for all income.
Mortgage lending and construction financing of Good Finance
In addition to the usual banking products, the offer of Good Finance also includes a very interesting mortgage and a very favorable Loan contract. The mortgage offer, for example, is suitable for building owners or real estate buyers who, in addition to favorable interest rates, prefer a high degree of flexibility. With Good Finance BaFinanzierung repayment installments are freely adjustable and special repayments are possible.
The Good Finance home loan scheme is the ideal solution for financing renovations and modernization measures. Good Finance, whose concept has already convinced over 7.8 million customers, also scores highly thanks to its smooth processes and customer-oriented customer service. The Good Finance mortgage loans or home loans allow the builders to implement their projects cost-effectively and easily. The trade magazine “Focus Money” awarded the Good Finance 2012 for the second time in a row the overall rating “very good”.
Good Finance Construct impressed in the customer survey of the trade magazine mainly by competent care and fair conditions. Good Finance was named “Fairest Mortgage Provider” by Germany’s 22 largest mortgage banks (48/2012). Incidentally, no land register entry is required for the home loan. The home loan is very variable, as you can make a special repayment at any time or repay your loan early in a sum.
In general, with Good Finance you can expect quick lending and lending. You only need to specify your loan application, including the deadline, and your personal information. Even with a home loan, you have the choice: either you check your order the same (with Schufa request) or you send it out without preliminary check and send it with your income proofs to Good Finance.
After you have made the last check, you get the paid equivalent. The loan amount is repaid in fixed monthly repayments. Print out the loan application and attach all necessary documents. Send all documents to Good Finance. Step 3: After passing the exam, you will receive a letter confirmation by post and the PostIdent coupon.
Test report Good Finance
Good Finance, headquartered in the Main metropolis, is a subsidiary of the Dutch Good Finance Group. Good Finance AG is an independent subsidiary with its own banking license and is one of the most renowned institutes in the private customer business in Germany. Good Finance was founded in 1965 as a bank for savings and capital formation AG.
In 1994, the name was changed to General English Dicall Bank, 1999 ING Group took over 49% of the shares In 1999, the market launch was introduced under the name “DiBa”. The current market presence “Good Finance” exists since 2004. Shortly after the turn of the century, Good Finance has increased its name recognition by offering fuel vouchers for new customers as part of opening an account.
Good Finance is also a member of the security fund of the Federal Association of German Credit Institutions and is independently associated with the legal protection of German deposits. Good Finance provides a classics without purpose, a car loan without security assignment, a home loan with special conditions for landowners without land registration and a framework loan. The installment loan is paid on a purse basis and allows for net loan amounts of 5,000-50,000 with a duration of 12-84 years.
In addition to the primarily announced loan, there is a slightly higher interest rate loan. The payment of the car loan takes place without assignment as security (deposit of the vehicle registration). Net loan amounts of 5,000-50,000 are possible for a term of 12-84 months. Good Finance offers auto loans at a slightly cheaper rate than installment loans. Like the car loan, it is sold at a slightly lower rate than the installment loan.
Main difference: Borrowers need to provide proof of real estate ownership. The different interest rates do not necessarily reflect the different levels of default risks. In addition to the three loan options mentioned above, Good Finance provides a revolving credit line in the form of a “framework loan”. Credit lines of $ 2,500-25,000 are possible.
The credit lines granted are available at any time and to any extent. In contrast to almost all competitors Good Finance has no residual debt insurance but a life insurance from Hannoversche Leben. Good Finance provides interested parties with life insurance. Loans are available to employees, government employees, pensioners and freelancers. An age limit for the granting of credit is not disclosed; the maximum age from which Hannover Life Ltd’s risk life insurance can be concluded is 69 years with a maximum term of eight years.
Good Finance grants installment loans with a duration of 12-84 months and a net loan amount of $ 5,000-50,000. The “base loan”, however, has a second rate of 4.99%. There are more and more credit institutions that demand more than a “uniform” interest rate. This can be contrasted with a second parallel loan product with an increased interest rate.
The car loan also includes net loan amounts of $ 5,000-50,000. A term of 24-84 months is possible here. The effective interest rate of 3.33% is significantly lower than for a rate loan without earmarked attribution. Loans require real estate ownership. The Borrower may, at any time and over the agreed installments, make partial and total refunds without advance payment.
In the following figure, the credit of Good Finance is classified in comparison to its competitors. You can see at a glance on what conditions Good Finance offers a better interest rate than some competitors. At Good Finance the yield curve shows the relationship between maturity and lending rate and runs for each individual loan product.
In principle, loans with long maturities are more expensive, as banks face increased refinancing costs, even with long maturities. Interested parties can use a calculation tool that calculates different possible combinations of loan amount, monthly installment and maturity and can be read into the loan application at the click of a mouse. The loan amount will be paid after successful approval to the reference account specified in the application.
Existing customers can identify themselves at the beginning of the loan application by registering for online banking. For example, a call money account with Good Finance is sufficient. Good Finance grants loans to employees, pensioners, civil servants and the self-employed. The married couple must apply for the loan together with their spouse. An age limit for the granting of the loan is not specified.
The Hannover Messe’s optional risk life insurance – a pure residual liability insurance is not part of the ING DiBa program – provides for a maximum retirement age of 69 years and a maximum insurance period of eight years. With the same acceptance criteria of the banks, it would be possible to grant a loan if the loan were repaid on time by the age of 77 years.
What do employees have to present in the loan application? Good Finance waive the presentation of statements of accounts, which are often required by credit institutions for the return debit or for payment to collection agencies. If a loan is made for rescheduling, a repayment form must also be completed. This will allow the house bank to terminate the existing loan with another house bank and settle the balance with the new loan.
What do freelancers have to submit in the loan application? Good Finance requires a copy of the two last-mentioned investments from freelance employees. Business analyzes and analyzes are not required, at least not in the initial application. However, Good Finance explicitly excludes loans for start-ups; self-employment must be available for the third year. Good Finance grants loans exclusively to freelancers and expressly excludes craftsmen, start-ups and agricultural and forestry companies.
However, the concept of self-employment is not limited to the “liberal professions” in the strict sense, as can be seen not least from the selection menu in the loan application. There is no residual debt insurance in the true sense at Good Finance: It is not possible to insure a loan against payment default due to unemployment and invalidity. The amount insured does not relate to the loan amount selected and will not be reduced during the repayment process.
The size of the coverage amounts between 5,000-5,000,000 and is of course not directly related to the loan. The annual premium is 10,000 for a 50-year old and $ 60 for a 60-month period. The insurance premium is not added to the amount of the loan, as is customary with conventional residual debt insurance, and paid to the insurer at the beginning of the contract.
On the contrary, the borrowers themselves have to compensate the contributions due with the Hannoveraner Versicherung. Good Finance does not impose any prepayment charges for early full and partial repayments. With the help of a rescheduling calculator, the possible savings that can be achieved by converting a current loan into a loan from Good Finance can be calculated. The Borrower may request the payment of his loan either immediately or at a specified time.
In this case Good Finance grants loans granted free of charge for a period of up to three months. The borrower may suspend up to three consecutive monthly installments upon consultation with customer service and with a valid reason. Good Finance has repeatedly advertised campaigns in the banking industry in recent years.
When applying for a car loan at Good Finance, a new car will be delivered via the company meinauto within three months after signing the contract. For the first six interest charges following the opening of an account, BuyNer grants a credit line of 30%. Such measures are also often found in framework loans from other credit institutions – they should act as an incentive for the generous use of the new draw facility.
Good Finance has long been advertising with credit-independent rates. However, the interest on the installment loan is not uniform: The “base loan” offers a loan with an interest premium of 100 basis points at an effective interest rate of 4.99%. The conclusion: In this case, there will inevitably be a considerable number of rejected loan applications, as the majority of borrowers are unable to meet the requirements of low interest rates.
Good Finance is one of the most renowned direct banks in the domestic banking market and is often mentioned in specialist journals due to its strong presence and good media networking. The installment loan volume of the institute has also been evaluated several times in recent times – mostly in the course of larger product tests, in which there was a comparison with the competition.
The trade magazine “$” examines installment loans from 31 banks in its current edition 05/2015 and places the product offered by Good Finance on the first place. Loans with a total maturity of 48 months were tested by 28 banks. The vehicle loan from Good Finance was awarded as “best vehicle loan”. Does Good Finance meet these requirements?
However, the loan application must be sent along with the other necessary documents. However, it is not clear to what extent interested parties to the basic loan – the installment loan with an increased interest rate – are referred after the refusal. Good Finance introduced the videoident method some time ago and is now using it for several items in its range.
However, this has no impact on the lending business – the borrowers must print the documents for the Postident procedure and submit them to Eicredit. Applicants for Good Finance must therefore calculate with a processing time of a few days to a whole work week. Good Finance offers credit terms in a very clear manner and allows little ambiguity.
However, the increased rate installment loan (home loans) could be much freer – most users will not find what they are looking for on the home page of the house bank, as the details appear in the FAQ section. Good Finance grants a favorable installment loan for creditworthy and a slightly higher “base credit” for medium credit borrowers.
Car loans and home loans are available at very reasonable rates, although neither a security assignment nor a registration in the land register is required. Nevertheless, the credit offer of Good Finance is one of the first addresses of the market – even for self-employed.