A Good Finance credit is also called SMS credit, a mini loan or a Good Finance loan. It is a short-term loan with a low loan amount. For a Good Finance credit, other conditions apply, such as when taking out a personal loan or revolving credit. The loan amount is at least 100 euros and a maximum of 1000 euros. The term of the Good Finance loan is always shorter than 3 months. For even smaller amounts up to 500 euros, you often only have 1 month to repay them.
The Good Finance loan falls under the regulations of the Netherlands Authority for the Financial Markets (AFM) and the Financial Supervision Act. On July 1, 2007, the first provider of mini loans opened via SMS and the Internet. All lenders who want to offer a Good Finance credit to private individuals will need a permit by law.
The maximum interest rate of a Good Finance credit is 16% for indexing
Some mini-lenders try to bypass the maximum interest rate by charging additional costs instead of interest. These are additional costs that lenders charge. This administrative cost can be as high as 600% per year and different for every lender.
Some users dare to ask for additional costs in addition to the statutory interest for advice and administration costs. These can go up to 150 euros. Do not take out a Good Finance loan with this, but opt for a safe mini loan provider. Unsafe lenders are often parties that people have never heard of or who have a foreign financial seat. Do not comment on this!
Safe mini loans
We have already done the work for you and specified the mini-credit providers in the table below. The loan conditions are roughly the same for both lenders. However, the request for a mini-loan may differ, at the same time as the amount to be borrowed and the duration of the Good Finance loan.
What information is required?
If you are eligible for a Good Finance loan, the following information is required:
You must forward via SMS or email
- The desired loan amount;
- First name and name;
- Term of the loan;
- Your date of birth;
- The account number to which the money may be deposited;
- The full address;
- For identity card number.