As we have seen, revolving credit is not a consumer credit like the others. With an excessive and hardly predictable total cost, it is potentially dangerous for the borrower who is not well informed or does not show a minimum of vigilance.
For all these reasons, Good Credit does not offer this type of consumer credit. With us, the urgent need for money can be met without putting your cash in danger, by means of a rapid and repayable credit, at the fixed APR: the personal loan.
The latter does not require any proof of the project. In other words, you are free to use the loan amount as you wish. Consequently, it also presents itself as a good alternative to restricted credit, which is linked to a specific purchase (this is called car credit, work loan, etc.).
Personal loan in detail
In addition, everything is done online from our platform, from the simulation to the credit request, via the sending of supporting documents (identity document, proof of address and income …). Once your file is completed, a response will be sent to you within 24 hours. And when you need money quickly, these details, if any, are far from negligible!
If necessary, this form of consumer credit can be granted both by a bank and by a credit institution. If the steps to obtain it are simplified compared to other types of loans, the fact remains that the personal loan is governed by the Consumer Code.
Before signing the contract, the lending institution must provide you with a lot of information, such as:
- His identity and address;
- The total amount due;
- The total cost of fees;
- The APR (annual effective annual rate), expressed as a percentage of the amount borrowed; and this, with explanations on its method of calculation;
- The existence of a withdrawal period (14 calendar days), during which you can renounce the credit.
As for the amount, it can be between 1000 and 50,000 $ at Good Credit, repayable at least in 6 months.
What about borrower insurance?
This is an optional insurance, which can nevertheless be useful in the event of a hardship. It applies in 5 cases:
- Total temporary incapacity;
- Partial permanent disability;
- Total permanent disability;
- Total and irreversible loss of autonomy;
- Loss of employment (attention, this feature is optional).
Although it is difficult to know what tomorrow will be like, it is up to everyone to measure the share of risk. Anyway, three elements are imperative to be taken into consideration to make his choice: his resources, his heritage, and his need for money (amount to borrow).
Having to face an urgent need for money can happen to everyone, without warning. Good Credit responds effectively and transparently. To get a clear idea of the monthly payments that would be yours, before applying for credit online, do not hesitate to use our credit simulator. It’s simple, fast, anonymous and completely free!