Get an overview of the requirements for a loan with Good Credit Bank: Short Good Credit Bank concentrates on the online processing of its business without using its own branch network. The processes are structured strictly, so a decision can be made quickly. In order not to delay the processes, we have put together all the requirements below that will enable you to commit to an online loan from Good Credit Bank.
Basic requirements for lending at Good Credit Bank
Good Credit Bank has set up clear rules for its loans. You should, therefore, meet the following requirements for loan approval:
- You are of legal age and have your main residence in Germany.
- Your employer, with whom you have already completed the trial period and have been working for at least six months, is also based in Germany.
- You are in an unlimited employment relationship, are neither managing director or partner, nor self-employed.
- In principle, you should act on your own account and in your own name. If this is not the case, please indicate this.
- You have no negative entries with the relevant credit bureaus.
According to its guidelines, Good Credit Bank does not grant loans to self-employed or freelancers but recommends a partner for such inquiries.
Financial leeway necessary for loan application
To ensure the repayment of the loan applied for, Good Credit Bank will check your liquidity. The monthly income is compared to the regular expenditure. It is best to prepare all the information in detail so that an examination can pass quickly and easily. So record the expenses, such as your rent, as well as all incidental costs, insurance and contributions, as well as other expenses that you have to meet repeatedly.
The evaluation of the information depends on the intended use of your installment loan: If you are planning an acquisition or a larger vacation, the monthly credit installment will reduce your liquidity. So there should be sufficient financial scope.
However, if you want to redeem existing liabilities in order to benefit from the favorable conditions or to change the term, in principle you exchange one loan installment for another.
Please announce this in advance, because the liquidity check can then be carried out under other conditions. At the same time, a different procedure is defined because, for example, a power of attorney must be issued. Good Credit Bank will then repay the existing liabilities on your behalf.
Credit bureaus for credit checks
In addition, Good Credit Bank will start a query with one of the major credit bureaus, such as SCHUFA, Creditreform, Bürgel or similar. Lots of information is collected there, such as the frequency of a change of residence, the service providers and trading companies you use and, of course, information about your payment history.
If, for example, qualified dunning procedures occur, again and again, the service providers or banks concerned report this to the credit reporting agency.
All this information is converted into a score that gives the querying bank valuable information on credit security. At Good Credit Bank, this value does not affect the conditions for the loan.
Negative entries, such as account, credit card or loan terminations, affidavits or insolvency proceedings, resulting in the rejection of loan applications. This prevents the bank from risking the default of the loan. Since errors can occur, regular self-disclosure is recommended, which you are entitled to free of charge at SCHUFA once a year.
Documents to be submitted and the course of the credit check
As part of the online loan request, you already provide the Good Credit Bank with the relevant information that decides on an initial selection. At the same time, the query is started at the relevant credit agency, which leads to a result in the shortest possible time. If you meet all the basic requirements, you will receive a credit application by post or email, which you should fill out and complete with the following documents :
- Copies of two payslips
- Copies of bank statements that span more than four weeks and confirm receipt of salary (please note that deletions on bank statements are not accepted by Good Credit Bank).
- If further documents are required, the Good Credit Bank will comment on this in the cover letter.
You can use either the Post-Ident procedure or WebID for identification according to the Money Laundering Act. Every bank is obliged to do this, you need a valid ID card or passport. As soon as Good Credit Bank has checked all documents and approved the loan, you will receive the money shortly or the redemption will be carried out as agreed.