GoodBank Postepay financing: is it really worth it?
A financing solution also suitable for those who do not have a current account or even a simple pay slip to obtain and repay? This is the GoodBank loan of Post Services, which is provided through the collaboration of Cream Bank.
It is in fact a type of financing that requires very few requirements, among which the main one is being the holder of a Postepay or MyPostepay rechargeable card. The request for this loan can also be made by foreigners who have a regular residence permit.
Funding characteristics: use of the different “sizes”
GoodBank funding can be requested in three sizes or amounts: from 750 USD, 1000 USD or 1500 USD. Depending on the amount requested, the duration of the repayment plan is defined, in turn fixed in: 15 months (only for the amount of 750 USD), 20 months (only for the amount of 1000 USD) or 24 months ( only for the amount of 1500 USD).
Undoubtedly, if on the one hand there is a lack of flexibility and the possibility of customizing the loan, on the other hand, the amounts obtainable, the duration of the repayment plan and the corresponding installments to be reimbursed (repayment which will always be done via the postepay).
In fact, each installment will consist of a portion of the principal to be repaid (fixed) and a portion of interest (also fixed). The interest rate will be equal to 4.5 USD for the 750 USD, 6 USD for the 1000 USD and 9 USD for the 1500 USD one.
Advantages and disadvantages related to GoodBank
The amount of the requested and disbursed loan is credited to the postepay, as well as the payment of the installments will always be charged on the same postepay. This makes the financing quite simple to obtain, especially from those who do not have great guarantees, but need small amounts to be repaid in fixed installments over a short / medium time horizon.
The main disadvantage lies in the interest rate, given that GoodBank has interests that are on average higher than those of other personal loans, despite the fact that the system of fixed monthly commission amounts of modest amounts could suggest the opposite.