GUIDE ON THE CONTRACT SIGNATURE LOAN AND DISBURSEMENT PROCESS
You have already created your Good Finance account and completed your application for an online loan, you just need the system to give you an answer on your request to be able to sign the contract and proceed to disburse the money; But what are the possible answers to my credit application? What is the contract signature loa? How and where do they give me the money? These are some of the questions we want to answer in this article.
What are the possible answers to my credit application?
Once the form is completed, the system has 15 minutes to give you an answer, which you can see on the same platform or in an email you will receive. Not all requests are approved or rejected immediately, there are 3 possible answers you can receive:
Approved: the system has determined that your financial profile is suitable for granting the value you have requested and will give you the instructions for “Contract signing”. Remember that once you sign, you will receive the money in a maximum of one business day. If 5 days have passed and you have not signed, the offer will lose its validity and you will have to reapply for the credit.
Rejected: unfortunately, our system could not give you a positive response to your request based on your financial profile but do not worry, you can always reapply in 30 days, this time allows the system to update the information and give you a new response.
Why did they reject my credit? Our system carries out an evaluation of more or less 500 variables to determine an ideal financial profile for your request; There is no exact variable that determines whether your credit is approved or not, everything is based on the statistical analysis of our system.
Counteroffer: a counteroffer is generated when the system, after having studied your credit profile, determines that it cannot grant you the value you requested, but it can offer you a value more in line with your financial profile.
When you receive a counteroffer, you can check it in your Good Finance account, by entering through the “My account” button, where you can see your counteroffer in the “Review the offer” option. In addition to the value that will be granted to you, you can see the charges and interests that you must cancel with that value and the total value to be paid for this quota.
If you accept the system offer, you will go to “Contract signature” to finalize your credit application.
Only in your first application we will offer you a counteroffer, from the second one, your credit quota will be adjusted to the value you accepted in the counteroffer for your next credits or if you reject it, it adjusts to the amount that the system granted you. This quota will increase progressively every third loan that you cancel in a timely manner with us.
The signing of the contract.
As in any financial transaction, it is important to record the agreement that is being made between the parties. With Good Finance to obtain your credit, you must make a “contract signature” through a virtual signature, this is a completely legal and current process in Colombian legislation which is covered by Decree Law 527 of 1999 and Decree 1747 the 2000.
The signing of the contract is made only online and through our Good Finance website. You can find the contract in “MY ACCOUNT”, in the option “Sign contract”. When you sign the contract you accept the terms and conditions on which your loan application is made, so we recommend you read each of the points of the contract carefully, so you will have all the information of your credit clear.
In the signing of the contract, in addition to accepting the terms and conditions, you must indicate the bank account number in which you wish to receive the disbursement of your money, indicate if it is savings or current and the banking entity to which it belongs. With this completed information you only need to enter the verification codes to validate your signature.
Code to mobile: you will receive a text message with a code to the mobile you registered.
Code to email: the second code will reach the email you registered.
When you have entered all the information, you can click on “I have read and wish to sign the contract”, there the system will ask you to confirm all the information through the option “ I am sure that my information is correct ”, when confirming all the information, the system will indicate that the disbursement process has begun.
Common questions in the contract signature loan.
Can I go to an office to do the signature? No, the whole process is done only through our website, you should not approach any office.
I haven’t received the email or text message code? In “My account” next to the sign contract button you can find the option to resend them.
Does the system tell me that my account is wrong? It is important that you confirm with your bank the account number for transactions from external entities or for consignments from a different bank than the one you manage.
If I have a savings account at hand express account or similar, is it useful for me to make the disbursement? No, for security and transaction validity reasons, these accounts are not valid for disbursement.
If I don’t have a bank account, where else can I receive the money? The only means we manage to disburse your signature loan is through a bank account, all in order to carry out a safer process.
The disbursement of my credit.
After signing the contract, our system proceeds to perform multiple validations in order to corroborate the validity of your request, which is why we proceed to a validation of information that lasts 1 business day (remember that Saturdays, Sundays and holidays do not count as business days ). The validation process is part of our security system to prevent fraud and impersonations during your credit. It is possible that during this period an advisor will contact you to validate some information, so we suggest you be attentive to your mobile number. After this business day, if the validation process was successful, the system will notify you via email that your disbursement has been successful.
The disbursement in your account is made through an ACH transaction, this is a modality of transfers that is mainly used between banking or financial entities, to give greater security in the transaction. Depending on your financial institution and its filters, these transactions can take up to 24 hours after the disbursement.
Why don’t you still see the money in my account?
If you do not see your money reflected in your bank account after the designated 24 hours, we recommend you contact our customer service lines to validate the process and request a “ disbursement receipt ”. Your bank within 2 business days will tell us why the disbursement could not be made; Once the payment has been verified, we will eliminate your request so that you can reapply.