Loans without a penny – how does it work?

Online loans enjoy unflagging popularity in Poland. This is a very simple and convenient way to get an extra cash injection. To get a loan online you need to complete only a few simple formalities. One of them is sometimes sending a verification transfer from our bank account. Thanks to it, the loan company confirms our identity.

Until recently, confirmation of our identity was possible only through verification transfers. It consisted in the fact that we received the data for the transfer and sent a penny or USD 1 to such an account. The decision to grant the loan was not received at the time of posting the transfer. This mechanism was a kind of block for people who had an overdraft or a block imposed by a bailiff.

How do loans work without a penny transfer?

How do loans work without a penny transfer?

Recently, however, the situation has changed. All thanks to the new Good Finance application. What is this? In the article below, we discuss loans without a penny in detail. We invite you to read carefully!

Many people are certainly wondering how to get a loan without paying a penny. Below are detailed instructions in this regard. When we enter the lender’s website, we must first, of course, choose the amount and complete the necessary forms.

For loan companies servicing Good Finance, data from our ID card is usually sufficient. We do not have to worry about the security of our bank account.

The internet connection is encrypted and the application does not download any data from our account. Nor does it retrieve the operation history from it.

Account when applying for a loan – guide

Account when applying for a loan - guide

How to use Good Finance when applying for an online loan? Contrary to appearances, it is really very simple. When filling out the basic personal data in the loan application, we go to the verification stage. In this situation, we must choose a USD 1 transfer or the Good Finance application.

When we click the “verify using application” option, we will see a special field. Select the bank in which we run our account from the drop-down list. All banks operating in Poland will be on the list. There is no fear that our bank will not be on this list.

The next step is logging into your account via Good Finance. Don’t worry – the connection is 100% secure and there is no reason to be afraid. Never before has a client ever had his data leaked as a result of logging in via Good Finance.

When we log in via Good Finance, the application will automatically verify the accuracy of our personal data – the personal data from the application will be compared with those for which the bank account was created. Therefore, we must remember to log in to the bank account belonging to us.

Credit renegotiation tackled by Capital

There are many media outlets talking about the rate cut, M6 will broadcast on Sunday March 8, 2015 at 9:00 pm a report on real estate including the presentation of the loan renegotiation.

To know about credit renegotiation

 To know about credit renegotiation

It is a banking operation which consists in reviewing the terms of repayment of a mortgage. This is an amendment which sets out the new terms: rate, duration, monthly payment and therefore schedule. This is what is put in place when the renegotiation is carried out with the lender of the original loan.

Otherwise, a new credit contract is put in place if the borrower decides to use a competing institution (bank, banking intermediary). In this specific case, early repayment indemnities are to be expected, they cannot exceed 3% of the amount to be repaid.

The Capital issue on the M6 ​​channel will therefore present this solution, the advantage that can be drawn from it and the advantage of going through a broker, the economic situation lends itself very well to this operation.

How to successfully renegotiate credit?

 How to successfully renegotiate credit?

First of all, the mortgage must be in its first years of repayment (5 at most on average) because it is at the beginning that we reimburse the interest and it is therefore at the beginning that we can realize a gain on the cost of credit.

The initial rate must be at least one point higher than the new rate presented, otherwise the gain will not be significant and the borrower could even lose money with the various costs of the transaction.

Negotiate! And yes, today we can negotiate its rate, the application fees and the early repayment indemnities (of the new contract). You just have to play the competition (internet, broker and bank) in order to obtain an attractive offer.

Brokers, is this the right plan?

credit score

M6 takes for example a renegotiation of credit with a broker, this can be very effective for a borrower but it is advisable to take a few measures before getting started.

First of all, the Lagarde law categorized brokers, they are now intermediaries in banking operations (BIOs) divided into 4 categories: brokers (mandated by the client), exclusive agents (mandated by a single credit institution) , non-exclusive agents (mandated by several credit institutions) and intermediary agents (mandated by the 3 preceding ones).

This information can be verified with ORIAS, directly on the website, just fill in the name of the brand you have contacted to ensure that it is an organization in good standing. To return to the IOBs, they are remunerated by a commission (or mandate) on the renegotiation of credits. In other words, these establishments are more open to negotiations because they prefer to reduce their costs rather than losing a file. They are generally experts in their fields and are able to find very interesting offers. It is advisable to read the credit contract well before signing it.

Renegotiation is not a credit buy-back

Even today, borrowers but also the media confuse a mortgage loan renegotiation operation with a grouping (or repurchase) of credits.

If the renegotiation concerns only the mortgage, the repurchase concerns all types of loans. However, this is not an amendment but a redemption by the new lender of the old stocks with the carryover of the sums due over a longer period and offering a smaller monthly payment. During a repurchase, there is an increase in the total cost of the credit which is linked to the extension of the term but also very often to the addition of a new project by the borrower.