At a time when interest rates on loans have been record low for a long time, Good Finance is ahead of clients as if they were still interested. A mortgage for one percent or a consumer loan below five percent a year no longer works for everyone. Therefore, some of them also offer interest-free loans. What hooks do they have?
Only two Good Finance-online bank Good Credit and Good Lender offer consumer loans for zero interest in Slovakia.
The Good Credit will not avoid the charge
Good Credit offers an interest-free loan, which is tempting, but you can borrow a maximum of $ 1,500. However, the tempting loan is not completely free, as the client pays a processing fee of 2% of the amount borrowed. For a maximum loan amount of USD 1500, this fee is USD 30. It’s not a lot of money, but it spoils the impression of being free.
In comparison with the classic Loan and Credit , you would pay an annual interest of 9.9% per year for the same loan and a monthly payment would be $ 132. So, according to the Good Credit loan calculator , you would have repaid the loan by $ 81.65
In addition, the zero interest loan has additional limits. You can not choose any maturity, you can choose one or two years. With an annual maturity, your monthly payments will be 125 USD, which can be a lot for some clients. With a two-year maturity, the monthly payment will be only $ 63.
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Another limitation is that you can only apply for this loan if you haven’t had a loan in Good Credit yet. So it serves more to attract new clients as a bonus for the older ones.
You will return as much as you borrow
Good Lender has also long ago offered an interest-free loan that is even free of charge, but only if you open a current account with the bank.
Even with this interest-free loan, we come across limits. You can only borrow fixed amounts of USD 600, 800 or USD 1,000 interest-free and the maturity of the loan is also fixed for 20 months, or less than two years. The amount of the monthly payment is quite acceptable. For individual loan amounts from 30 to 50 USD per month. Even if you have already taken another loan at Good Lender, they will give you an interest-free loan. It is therefore not only attractive for new clients.
Normally Good Lender offers loans with an interest rate of 4.9%, with the loan approval fee amounting to 2% of the loan volume . For example, if you borrow 1000 USD for 24 months, you will pay a monthly installment of 45 USD, plus you will pay the loan fee of 10 USD, and you will reimburse the loan by 90 USD according to the Postal Good Finance calculator . “We are currently applying a 50% discount on the Good Loan fee and a 100% discount on the Better Repayment fee ,” explains Lýdia, Spokeswoman of Good Finance.
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Which one is more advantageous?
If you want to borrow a lower amount, at Good Lender you can avoid the service fee and you really only return as much as you borrowed. However, consider the additional costs you will incur in the form of a personal account fee that you need to set up at Good Lender.
You can find more details about the Help Account here . If you have an account with Good Lender, you can draw the loan with zero fee and zero interest.