There is a lot of development in new services for consumer credit. The fast loans become progressively more flexible and more and more lenders are facing the possibility of fast loans in the form of quarterly loans and even annual loans. In addition, it is a not insignificant number of lenders that now also offer the opportunity to apply for a standing account credit instead of applying for a loan for which the money is paid out in full directly.
Soon, the collection of these more modern consumer credits will be supplemented by a credit card linked to a credit similar to a fast loan. This is the fast-loan company Good Finance making this investment and the launch is scheduled for the first half of 2017.
Why a credit card?
There are great advantages with credit cards compared to loans and account credits. The main thing is that the card actually works as a means of payment itself. Thus, only one activity is required to make a payment. Another advantage is that all purchases can be collected on an invoice that is paid afterwards.
With this upcoming product, Good Finance’s idea is to enter a market that is today completely controlled by the major banks and major card issuers. It remains to be seen if the investment will be perceived as interesting to the customers, but it is interesting that no matter what, a new kind of loan form will soon emerge.
For whom can Good Finance’s credit card fit?
Good Finance is a fast loan company that offers slightly larger loan amounts. Here is the opportunity to borrow up to USD 50,000. It can well be concluded that the maximum credit on the upcoming credit card will be the same, ie USD 50,000. This in itself makes the card an alternative to the “regular” cards that flourish in the market.
Good Finance’s terms are not as tough as those that apply to, for example, the major banks. This automatically means that interest rates are a little higher in general at Good Finance (the interest rate is however set individually) and for those with good finances, a credit card with Goodbank or E-Money, for example, should be a better alternative.
Better solution than ordinary fast loans
However, those who do not have sufficient finances to be granted a VISA card or MasterCard from the major banks, and at the same time feel that a credit card would be a better solution than ordinary fast loans and / or account loans, can however take a closer look at Good Finance’s offer when it will be launched in 2017.