What is the interest in case of default?

You have already requested and used your Good Finance advancement but another problem arose and you cannot repay your loan installment in a timely manner!

Although it is a problem that can be solved when you go to pay, keep in mind that you are going to have to pay the default interest.
In this article we will address the consequences of not paying on time.

What happens if I cannot pay the Good Finance advance fee in time?


We may not realize it, but the punitiveness for late payment is used daily in the services, if we do not pay on time, we will receive an extra cost that we will have to pay for being paying our bill out of term.
If we cannot pay our commitment to return the money on time, the creditors, in our case Good Finance, have the right to charge a series of interest for late payment when the debtor does not comply in time with the payment obligation agreed or legally established.

Therefore, the default interest of a debt could be defined as that compensation that is imposed on a person (debtor) for the damage that has occurred against the breach of a monetary obligation.

Are default interests regulated?


According to the New Civil and Commercial Code of the Nation, it is established in art. 768: “Moratorium interests. From his default the debtor owes the corresponding interest.

The rate is determined: a) as agreed by the parties; b) as provided by special laws; c) in subsidy, for rates set according to the regulations of the Central Bank ”.
This is why it is always important to read the terms and conditions well and ask as much as necessary before requesting any service!

How is it in Good Finance?


The operation from Good Finance is that we accredit you the Good Finance advance and then discount the loan in two installments of the same account in which we accredited at the beginning.

In the event that we cannot deduct the advance fee as agreed, you will enter into a default due to non-payment. Therefore, from the moment of default you are going to add the default interest (equivalent to 50% of the compensatory). Thus, in addition to the compensatory interest you will have to pay the default interest.
It is important that you consider this, since you will have to dedicate a larger Good Finance amount to be able to cancel your loan .

As a last option if the money owed is not paid, in addition to the interest for late payment, Good Finance can claim the return of the money through judicial means.

That is why it is very valuable before requesting a loan to have an orderly economy and see what income we will devote to paying the agreed fees to avoid extra expenses.
Do not hesitate to use our communication channels for any question!