Non – credit installment loan

Everywhere the banks advertise their loans. The term credit-independent installment loan is always striking. But what exactly is behind this catchphrase?

Pay attention to the fine print when advertising

Pay attention to the fine print when advertising

The banks promise a lot in their advertising. But many, for example, do not pay attention to the asterisk behind the number when it comes to interest rates. But that is exactly what it is about, because the interest rate mostly depends on the creditworthiness of the loan seeker and can therefore increase significantly.

Very few borrowers get the advertised interest rate. The credit-independent installment loan looks different, here the interest is not influenced by the creditworthiness of the borrower, but is based solely on the loan amount and its term.

The longer the term, the higher the interest

The longer the term, the higher the interest

Many want a longer term to pay off the loan. That is possible, but banks can pay for it in the form of higher interest rates. The advantage of this is that the rate is kept low. For people who do not have such a large income, this is the safest option, even if it is more expensive.

However, an installment loan that is independent of creditworthiness does not mean that the creditworthiness of the loan seeker is not checked beforehand. As with other forms of loan, the Credit Bureau is very much inquired here. The result of this query does not determine the amount of the interest, but whether the loan is approved or not.

Beware of overconfidence

Beware of overconfidence

Sometimes you should refrain from taking out a loan. There is nothing worse than fulfilling consumer desires with a loan that cannot be paid off afterwards. If the salary is sufficient, there is nothing standing in the way of a loan. However, mistakes are still made far too often, because most of them still use their house bank as a contact point for a loan request.

But that can be expensive. The banks all advertise with their low interest rates, but real savings can only be found with the online banks. Unfortunately, many borrowers still pay too much because they haven’t compared offers.

Repurchase of loans: Who obtains a grouping of credits?

Too many credits, too many monthly payments and not enough budget to live or embark on a new project?

Before declaring yourself in over-indebtedness and going through the Agree Bank box, there is a stage which makes it possible to relieve your ends and beginnings of difficult months: the grouping of credits.

As the name suggests, instead of having several loans, the borrower has only one, longer, but with less heavy monthly payments. In concrete terms, the bank pays its various loans to it and is reimbursed the amount advanced over a longer period and at a fixed interest rate. The borrower therefore reimburses the bank, which reimburses its loans.

In 8 months 22,350 households received a positive response from the bank

In 8 months 22,350 households received a positive response from the bank

Despite its particularities, the grouping of loans remains a loan, and as with any loan, it is useful to compare establishments, offers and rates. As a broker, Good Bank therefore offers this service and since the beginning of the year, 23,350 households have obtained a consolidation solution via our site.

What is their profile ?

What is their profile ?

Who are these people ? What is their profile and why are they asking for a combination? Man Woman ? Alone or as a couple? With or without children? Owner or tenant? We give you a portrait of these people who felt the need to reduce their credit budget, because it was necessary to act quickly before it was too late or simply to embark on a new project. Picture portrait:

To caricature, the typical profile of a person obtaining a grouping of credits is therefore a 45-year-old man, in a couple and with a child. He works on a permanent contract and his couple earns a total of $ 3,122 per month. With at least 3 consumer loans and a mortgage, once all of his monthly payments (loan, charges, pensions) have been settled, he begins his month with $ 1,500.

“A not yet uncomfortable place to live”

"A not yet uncomfortable place to live"

“Admittedly, they are almost 50% indebted but they finally have, even before operation, a not completely uncomfortable living space to live”, underlines Merl Bandie, the spokesperson for Good Bank.

“50% of pure comfort groupings”

"50% of pure comfort groupings"

Guillaume Follet, in charge of the credit consolidation service at Good Bank, notes that in the distribution of profiles, only a minority is really in a precarious situation : “50% are groups of pure comfort where the goal is to increase their balance to live and create an “air bubble” in their budget, 20% want to clean up a situation to buy a new property or improve an existing property, 15% want to finance a rental investment and finally 15% concern so-called complex groupings where indeed the financial situation is very delicate. “.

This study was carried out on the files submitted and having found a positive response via Good Bank. Today, whatever your profile and your project, you can submit yours so that our specialist advisers on the issue can find a solution.


Fast online loans: what are the real alternatives?

Let’s start by saying that the finalized loan is the one that best allows you to get answers in a short time. Whether you are trying to get fast online loans for the purchase of an appliance, or through the store, the answer will in fact come within a few tens of minutes or hours unless there are questions related to the regularity of the documentation. The question changes if you are trying to get a personal loan, which can include longer ‘start times’ even in the case of an online request.


Which type do they belong to?

online loan

Summarizing what has just been mentioned, fast online loans are loans, which can be both personal and finalized and which provide for very short evaluation, approval and disbursement times. They represent solutions created to offer answers to liquidity urgencies not necessarily aimed at a purchase.


Times and formalisms for the request

credit loan

The ‘indicative’ times for classifying the loans in ‘fast’ are in the order of 24 or at most 48 hours. However, these are the evaluation times to which must be added the technical times necessary for the transfer of the accepted amount or the delivery of the check, to lead the funded to have the effective availability of the money they need. Furthermore, the time required for the delivery of documents should not be considered in the timing.

As for the methods of request, in the case of fast online loans, the instructions indicated by each bank or financial company must be followed. In some cases we will proceed with an entirely online procedure, without having to print or sign anything physically on paper, while in other cases we will have to print, sign and then scan the documents or even deliver them physically (with a hybrid procedure between digital and traditional which can also lengthen the process a lot).

Based on what has been said, we can therefore summarize the procedures in two types:

  • 100% online procedure: this is a method that takes place entirely via the web through certain and secure recognition mechanisms that gradually provide OTP pins or passwords, from which insertion the digital signature is made. In some cases you will have to register on ‘third party’ platforms while in others you just need to register personal data to create the personal data required by law. The final result does not change since, as just said, the digital signature takes place with the insertion in the appropriate spaces of the unique codes associated with the applicant’s tax code;
  • Hybrid procedure: to confirm the request and sign the contract, it is necessary to print the appropriate forms, sign them physically and then carefully follow the shipping methods, being very careful that the signature is legible and clearly recognizable.

Of the two types of procedure, the one that provides more compact times is obviously the entirely digital one. In both cases, the forms (digital or paper) made available by the bank, platform or financial institution chosen must be used and the procedures as specified are followed.


Requirements needed

credit loan

The request for small amounts is the one that best matches the very short times typical of fast online loans. However, this does not mean that you can proceed with the request if you are without a paycheck, or rather in the absence of any demonstrable income. Furthermore, in online requests it is not always possible to proceed with the insertion of a guarantor in the file. So, if you want to try this path, you must make sure that you have, as requirements:

  • a demonstrable and sufficient personal income;
  • the documentation necessary to demonstrate both the possession of the income requirements and those that justify the expense (if any);
  • an account or an account card that allows you to charge the redemption installments;
  • a positive credit rating, or at most neutral.

As for the demonstration of a personal income, this must also be there when approaching more ‘modern’ forms of financing, such as in the case of those of the social lending type. In this case, the lenders are private and all this is done through the registration and request through the appropriate platforms.

The need for a ‘valid’ creditworthiness prevents access to the various forms of online loans to protestors. These may try to go the way of the loan changed or the assignment of the fifth, but there are various limitations, namely:

  • some companies however do not agree to finance the protests, but only the bad payers;
  • you must have the type of demonstrable income accepted (for example in the case of the assignment of the fifth you must be employees with a minimum working seniority considered sufficient);
  • we are not talking about 100% online loans. In fact, you must have at least one meeting with a consultant so you cannot proceed until the conclusion of the evaluation, completely online. Often we stop at a first remote stage to get a quote or a contact, but then the times get longer with the definition of an appointment and all the other subsequent stages.


Advantages and disadvantages

fast loan

When we talk about fast online loans it is not said that the least onerous economic conditions will be obtained. On the other hand, it is certain that an economic response to an urgency or an unexpected event will be possible. Furthermore, there is the advantage of not having to spend time and money to move, risking having to take work permits, or not being able to rely on a close defense of one’s privacy, through the use of direct communications on the contacts included in the contracts.

The disadvantages we must consider the generally low sums that can be requested, and the restrictions on the types of loans that are actually accessible (for example, transfers of the fifth or the loan changed). Furthermore, entirely online procedures can discourage those who are unfamiliar with the web and this type of digitized procedures.