An overview of the prerequisites for granting a loan at Good Finance: The online processing of personal loans is strictly organized at Good Finance, only a few steps are necessary to complete all the formalities.
In order to make optimal use of these processes, it is advisable to prepare the documents to be submitted. This gives you the opportunity to dispose of the requested money within a very short period of time.
The basic personal requirements
In general, Good Finance is only open to private individuals, i.e. both accounts and loans are only set up for private purposes. You should have the following prerequisites to receive a loan approval:
- You are at least 18 years old, have a good credit rating and want to apply for a private loan.
- You receive a regular income as an employee, worker, pensioner or pensioner.
- Even as a freelancer, you have the opportunity to get a personal loan from Good Finance, but not as a trader, as a business start-up, or in agriculture or forestry.
- You have your place of residence and place of work as well as your account, which is used for your salary or remuneration, in Germany.
- If you are married, please apply for the loan at Good Finance together with your spouse or spouse. Prerequisite: you have a common home address.
If you apply for a private loan as a freelancer, this must not be used commercially, which is very important to Good Finance.
Financial requirements for loan approval
As a basic prerequisite for a loan from Good Finance, your personal economic circumstances must allow the credit installment due to be paid reliably from the outset. In order to give Good Finance the opportunity to carry out the check, please provide all income for regular expenses, such as living expenses, utilities, electricity and telephone costs, insurance contributions and other charges. If you service further loans or leasing contracts, the monthly installments and the outstanding residual values are required.
In any case, please indicate whether you would like to apply for additional financing or plan to reschedule existing liabilities. Since in the latter case there is no existing monthly charge, the liquidity check is carried out under different conditions.
Credit Bureau information is essential
Obtaining a credit report is an indispensable element of the credit check; Good Finance also requires your declaration of consent. The Credit Bureau is used by a wide variety of banks, service providers and trading companies to provide a wide range of information on the one hand and to call up the score value if necessary. Both personal information and data on payment behavior, such as the number of accounts, credit cards and financing, as well as possible payment disruptions, are included there.
For security reasons, it is advisable to request a free self-assessment from Credit Bureau once a year. You will then receive a list of the information stored there and can compare it with reality. If there are deviations or errors, you have the option of correcting them, for example if negative entries were not deleted as agreed three years after the process was completed.
Important documents for your loan application
All of the information you have already provided online must now be filled in. Prepare the following documents:
- Your bank account in Germany, to which your income will also be transferred
- Proof of income: for income from employment, the last three pay slips or proof of remuneration, for freelancers, copies of the last two tax assessments
- List of monthly expenses
- Information on existing loan liabilities with residual value, rate and term
Credit Check Process
When you enter your personal data in the online form, a first check is carried out, but you need a printed application. If you are not yet a Good Finance customer, you will also receive a form for the post-identification process. Please go to a post office and present your valid identity card or passport so that identification can be carried out in accordance with the Money Laundering Act.
At the same time, you hand over the complete documents and the completed loan application, the documents will be sent to the bank immediately. As soon as the examination has been completed, you will receive a notification from Good Finance and the money will either be paid out or used as agreed to settle existing liabilities.