“I am on Good Finance and I need a Personal Payday loan.” This is often the case, so we’ve gathered all the important information and show you how you can succeed in applying for credit if you’re on Good Finance.
Good Finance alone is not enough
Let’s start with the most important thing: in itself, Good Finance as income is certainly not enough for the loan application as the bank cannot count it as primary income. However, a successful loan application requires primary income, which may be a wage, a business income, or a pension.
As Good Finance is a secondary source of income, the bank will count as a maximum additional income. Also, the bank does not accept the following:
It was on maternity leave,
even if the amount of aid reaches the minimum required for the loan application.
So if you have only secondary income, you will not be able to claim credit alone.
You can join the credit transaction as a companion
It is different if you are not the only one who needs credit as a parent at Good Finance, but you are a co-claimant in the loan agreement. In this case, the Good Finance complements the income of the principal debtor, and you can get a better offer from the bank because of the higher total income. It is important that the party named as the principal should have primary income.
Conditions for applying for credit
If you are a co-claimant in the credit agreement, it is a great responsibility for both of you, because in case of inappropriate repayment, not only the primary debtor, but also the co-claimant is responsible for repaying the loan with his Personal Payday assets. If you take a loan as a couple, you must be involved in the credit application process – if you do not want it, you must apply for it separately.
As a collaborator, you must meet certain conditions:
you must be of age
you may not be on the Central Credit Information System (KHR) negative debtor list,
you need to justify your income.
In order to apply, the co-applicant must also present the necessary documents:
a valid identity document (identity card, driving license or passport),
bank account statement (if your account is not in the bank of your choice)
The most favorable Personal Payday loan offers
We checked which bank offers the best offer at a monthly income of less than HUF 250,000. Suppose we need 1 million forints and the term is 60 months. Based on the calculations of the Personal Payday Loan Calculator, the CIB’s Progressive Personal Payday Loan is the most favorable of these terms, with the APR being 11.73 percent. The monthly installment is HUF 21,814 and the total repayable amount is HUF 1,330,840. In order to get credit at the CIB, a certified net income of at least 120,000 forints is required.
For risky situations: have a credit insurance cover!
Credit insurance provides assistance in difficult life situations. Typically, such an event can occur if you lose your job, accident or ill. In the case of a longer illness or death, the insurer may even pay the full outstanding debt. If you lose your job, you will take 3-12 months to pay the installment of the loan, depending on the type of insurance.