Tips on How to Choose the Best Reliable and Secure Online Loan
You find it difficult to get credit from a bank? You can try online
loans that are rife in Indonesia. We provide 5 tips for finding the best
online loans and reliable, secure loans.
The presence of online
loans has been an important phenomenon in the financial industry since
2016. Driven by Financial Technology (Fintehc) companies, online loans
offer credit to those who have had difficulty getting credit from banks
or conventional financial institutions.
We have discussed in full
various online loans in this article. We see that Fintech provides an
alternative source of financing for the community.
A number of advantages of online loans compared to banks are:
Does not require BI checking and credit card ownership in loan
applications. Of course, the absence of this provision makes it easier
because so far many banks have rejected them because they do not have a
credit history
The disbursement process is much faster than
banks. Only 3 days of online loans have been disbursed compared to the
1-2 week process at the bank
Submitting online through an
application on a smartphone, so the process is easier than having to
visit a bank branch. Time and place restrictions are irrelevant to the
online process
How to choose the best online loan?
We note 5 tips that need to be considered by those who apply for loans online.
# 1 Cost Transparency
Because
it is online, without face to face, clarity of processes, requirements
and costs is crucial from the start. Transparency is key.
How
much interest must be paid, the loan period and related costs are
mandatory information available on the loan website. Ideally,
prospective customers can easily and transparently view all of this
information on the home page of the website.
We found
there is a very transparent online loan website. On the homepage of the
website, they have explained clearly and in detail the terms, interest,
when due and fees.
However, there are not a few online loan
websites that don't clearly include these things. The interest rate is
unclear and the fees charged to borrowers are not transparent. Customers
need to work harder perusing into the website to find this important
information.
# 2 Ease of Terms
What is it for borrowing
online if the conditions are difficult. Maybe that's the reason people
are looking at this type of loan.
Ease of terms is the appeal of online loans compared to conventional credit.
One
of them is the completeness of documents. Because many people find it
difficult to apply for credit to the bank because they cannot meet the
document requirements.
We have found one online loan that only
asks for KTP and Photo as document requirements. This is clearly a
condition that almost anyone can fulfill.
However, we have also
encountered online loans that require quite a lot of documents, such as
family cards, electricity bills and others. Not an easy requirement to
fulfill.
That is, even though it promises convenience compared to
banks, our checking found that not all online loans have easy
conditions.
# 3 Defrost Speed
One of the advantages that online loans highlight is the speed of disbursement. They claim faster than the bank.
However, in the field we see that this speed varies between online loans.
First, there are those who promise a decision within 1 week, but not a few are able to withdraw loans in less than 1 day.
Second, this is a bit tricky, the borrower must pay attention to the definition of the speed promise.
For borrowers, when will the loan approval and funds enter the account. That's the most crucial thing.
The
problem is, in the field not all online loans apply the same
definition. Some say fast approval, if all conditions are met and
verification is complete. There is also a time lag between approval and
disbursement.
# 4 Submission Flexibility
Banks have a number
of limitations in unsecured loan products. Take for example, the minimum
loan is quite large (on average above IDR 5 million), the minimum
credit term is 6 months of installments and if the repayment is early
you will be subject to fines.
Online loans offer flexibility that banks cannot provide. We note the following:
Loans can be lower than IDR 5 million. In fact, one of them gave credit of Rp. 1 million.
There is a daily loan period. There is no need to have to pay in installments.
Early repayment is not subject to fines.
When
you are looking for an online loan, this flexibility can be a crucial
consideration. Compare between providers and see which offers the best
flexibility.
In addition, there are Fintechs that already provide
applications on Android and IOS, some are not. This should also be a
consideration because applying for a loan via the application is easier
than via the website.
You can check on Google Playstore and Apple
Playstore, which online loans are already present at each of these
virtual world stores.
As we remember, not many online loan fintechs have applications. Only a few have committed to creating applications.
# 5 Coverage Area
Because
they are still new, fintech companies that offer online loans usually
still operate only in Jakarta and its surroundings.
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So,
even if you are interested and want to apply for an online loan, you
may not be able to if you live outside the Fintech coverage area.
Usually Fintech services are limited in Jabodetabek.
However,
several Fintechs have developed their wings outside Jakarta. This is
what you need to pay attention to, especially for those who live outside
Jakarta.
Safe Online Loan Tips
The growth of online loans has
been extraordinary in recent years. Fintech loans have multiplied
several times in just a short time. How do you apply for a secure online
loan in a trusted place?
In the midst of this optimism, there
have been many complaints about online lending behavior that are
considered detrimental, ranging from unusually high interest rates,
massive extraction of personal data, non-transparent provisions to
inhuman billing methods.
Plus, what's worse, is the emergence of a lot of illegal online loans that grow like mushrooms in the rainy season.
What to do ? How to find a reliable online loan?
1. Borrowing P2P Companies Registered at OJK
Borrow only at the online loan company OJK.
By applying for an official loan, prospective borrowers are protected from the negative effects of illegal loans.
Official loans registered with OJK are required to comply with regulations and regulations aimed at protecting consumers.
Prospective
borrowers enter the OJK website, where there is a list of official
online loans supervised by OJK. Borrow only from institutions that are
officially registered with the OJK.
The list can also be seen here.
You can also check the official loan list on the AFPI website which houses all P2P companies registered with the OJK
It's
not easy to be tempted by a sweet, easy credit offer before making sure
that the offer comes from an official agency and not an illegal
institution.
2. Have Customer Service
When applying for a
loan, you should choose a company that has clear customer service and is
easy to contact. For example, there is a telephone number, then an
email, if possible there is a WA and an office address.
The goal is that if there is a problem, the debtor can easily contact and get a quick response.
Clear and accessible customer service is also a marker between legal and illegal institutions.
Illegal
loans usually do not have customer service. Obviously, they were
illegal, so they wanted to remain anonymous and cover up as much as
possible.
3. Secured Website and Application
Make sure that the loan is made to a secure and protected site secured by.
Official
online P2P fintech loans are required by the OJK to take a number of
security measures on websites and databases to protect consumer data,
including passing audits and ISO information technology certification,
to ensure that consumer data security is the company's top priority.
The
borrower can see the security of the site from the padlock or padlock
logo on the top left, which can be said that the security of the site is
guaranteed, and this can be an indication that the online money loan
application is safe and reliable.
4. Borrow according to ability
It
is important to note, when applying for a loan, take according to your
ability. Because how about when the loan must be returned, it must be
repaid.
Borrowing according to ability will allow the borrower to pay on time and not have to pay late fees.
In
addition, borrow according to your ability to prevent you from being
forced to "dig the hole cover the hole" by taking another loan to cover
the old loan.
5. Understand the Loan Contract
Read carefully the contract agreement offered, and ask questions if it is not clear.
Because
the contract is the legal basis for lending and borrowing. All rights
and obligations of the parties involved are stipulated in the contract.
Loan
contracts can vary, ranging from simple, short-term cash loans, to
quite complex business-related ones, for example, if there is a
guarantee or collateral for a loan application.
Conclusion
Along
with the mushrooming of the Fintech business, online loans are present
in the community. This is an alternative source of credit and financing
outside of conventional banking and financial institutions.
People
who have had difficulties or have often been denied loans by banks can
try to apply to Fintech. It's just that, in the field there are various
online loan options with different promises and realities.
We provide several tisp to determine the best. Hope it is useful !
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