Goodpenny Bank loans: practical guideOn August 13, 2019 by Earl Lipton
Goodpenny is not only synonymous with reputation and brand awareness in the large- scale retail sector but is also a well-known player in the credit and financing market . It is not just products that can be ascribed to and referable to the consumer credit market, but Goodpenny Bank manages to be a strong player in the personal loans sector and, even, in mortgage loans. And the commercial offer of Goodpenny Bank does not end here as it is able to offer credit cards and insurance. We see in this guide the segment of loans offered by Goodpenny Bank .
Guide to loans
We start with the useful commercial and contractual information that a credit consumer must have in order to choose the right “customizable” loan based on different needs and financial needs, taking into account the fact that Goodpenny Bank, like any other intermediary, will carry out the right assessment of the creditworthiness of the potential subscriber of the personal loan. Before concluding the contract or before consenting to a significant increase in the amount granted, Goodpenny Bank must collect information on the consumer’s ability to repay : for this reason, he can consult a database where he can find information on his credit history. In fact, there are data banks, public and private, which collect information on financing obtained from citizens and also any negative information, such as a refused financing or non-fulfillment in the payment of installments.
Promotional messages and the advertisements available
For the credit consumer, the promotional messages and the advertisements available on the Goodpenny Bank website allow to have a first orientation among the credit offers. For the consumer to be able to evaluate the offer with ease, the law requires that the announcements are as clear and understandable as possible. If it reports the TAN or other credit cost figures (even the 0 is a digit!), The announcement must: “
- indicate the essential information in a clear , concise and graphically highlighted form compared to the rest: interest rate, expenses that determine the total cost of the credit, total amount of credit or maximum amount that can be requested, duration of the contract, amount of individual installments ( if they can be determined in advance) “
- give the APR at least the same evidence of all the other information “
- provide a concrete example illustrating the characteristics of the loan “
- indicate any obligation to sign contracts for one or more additional services, unless the costs related to the contract are already included in the APR.
Before the conclusion of the contract and for the entire period in which the consumer can exercise the right of withdrawal , Goodpenny Bank is obliged to provide free complete clarifications on the essential characteristics of the loan, on the contractual conditions, on the obligations deriving from the contract and on the consequences of the failure to pay installments. The consumer has the right to request and obtain a free copy of the contract ready to be signed, in order to be able to evaluate it calmly at home.
Commercial offer of the Loans
The range of Goodpenny Bank in relation to loans is varied and heterogeneous due to the following products:
- personal loan for an amount ranging from € 5,000 to € 30,000, the duration of which : from a minimum of 24 months to a maximum of 120 months, repayment methods by direct debit on current account and methods of disbursement via transfer to current account,
- car loan: you can get € 16,000 and repay in 84 installments of € 246.77 fixed TAN 7.00% fixed APR 8.44% to finance the purchase of a vehicle ,
- home loan: you can have € 18,000 and repay in 9 6 installments of € 258.48 fixed TAN 7.90% fixed APR 9 , 20%,
- loan to finance a wedding or any other special event: you can get up to € 30,000; refund the first installment after 30 days and carry out your project in comfortable installments up to 120 months,
- loan to finance your free time: finance your stay with a variable amount up to € 6,000 and repay in 72 installments of € 106.56 fixed TAN 7.00% fixed APR 10.00%.