As he declares on his site, On Goodpoint believes that under the leadership of a team with many years of experience and a leading position in the financial services industry in the UK, everyone should have access to a simple and reliable loan. The company’s mission is to help hard-working people improve their quality of life and fulfill their financial obligations by offering fair credit terms. On Goodpoint is part of the listed company Penova International, Inc. , which has been providing financial services to over five million customers worldwide over the past 10 years.
What criteria do I have to meet to get a loan?
To receive a loan at On Goodpoint, you must have an active bank account, be at least 18 years old, live permanently in the UK and have regular income. Remember, however, that the final decision belongs to the company. Both the application and the amount you want to borrow can be rejected. Your creditworthiness and repayment options will be assessed. On this basis, you will also determine the interest that you will have to pay back. Of course, the better the ability, the better the offer. Remember to consider taking a loan well. It shouldn’t be a permanent way to survive. We also strongly advise against taking a new loan to pay off the previous one. This can lead to a debt loop. The amount to be repaid will increase all the time and your creditworthiness will decrease. After all, you won’t be able to borrow anything anymore. However, if you are sure that you will have something to pay off your obligations and you have sudden expense, it seems to be an option for you. You can pay installments using CPA or DDI. The first one is a kind of standing direct debit. You no longer have to worry about paying the installment. It means that you give the loan company permission to access your account and withdraw funds without asking for permission each time. Remember that you can withdraw them at any time. Contact the lender or your bank for this purpose. Usually, however, you will need to provide an alternative form of loan repayment. The second form of paying installments is Direct Debit Instruction (DDI). It’s something like an electronic check. On Goodpoint Financial sends a payment notification directly to your bank, and then the bank sends the appropriate amount back to the company.
How much and under what conditions can I borrow?
On Goodpoint offers loans with a loan term from 6 to 36 months. You can borrow an amount of between 150-5000 dollars. So this is not a typical lender. The interest rate is very different and depends on the assessment of your creditworthiness, based on the data that you enter in the application form. At six months, the differences are very large. Interest can amount to 50% base rate, but they can also 275 percent With the extension of the loan period, the upper limit is getting lower. At 36 months, the only option is 50 percent base rate. The same applies to the amount. The higher the lower the upper interest limit. As a result, such loans are more difficult to access. Let’s assume, however, that you borrow $ 500 a year. Consider the best case when the interest rate is 50 percent. base rate and the worst for this option when it is 150 percent. In the first case, the loan installment is 53.79 dollars. In total, you will give back 645.51 dollars, so 145.51 dollars more than you borrowed. This gives 29.1 percent. total interest per year. When your creditworthiness is worse, you will have to pay 150% interest. base rate. In this case, the installment will increase to 82.70 dollars. In total, you will donate 991.17 dollars. That’s $ 491.17 more than you borrowed and that’s the total cost of the loan. The interest rate for this version will therefore be 98.2%. The APR stated on the website is 651.4 percent.
What if I am late or want to pay back sooner?
If you are late with your repayment, you will be charged a $ 15 penalty. Also remember that from the next day you will also be charged interest on all outstanding capital. Usually, however, we know in advance that we will not be able to pay the installment. In such situations, the worst solution is to passively wait for developments. Such companies have experience with clients who have financial problems. It is also in their interest to communicate with you. So always contact the company. You will be able to set a new repayment plan. One that you’ll be able to cope with. It is usually the case that it will be definitely more beneficial for you than the situation in which you hide from the lender.
However, if you want to pay off your debt earlier, On Goodpoint does not charge any fees. You can do it at one time or in part. Remember that it is not enough to deduct the installments you have already paid off from your debt. The remaining main capital counts, it is the amount that you owe at the moment. Remember that in each installment you not only pay the debt, but pay interest. Therefore, for example, if you borrow 1000 dollars, pay back in 500 installments, it may turn out that if you wanted to give everything away immediately, you would have to pay 800 dollars. This means that the 300 dollars you have paid off was intended for interest, and only 200 dollars for repayment of principal.