Personal online loans are being talked about as they can be the right solution when you need the funds. But before you submit, first find out what pluses he has so that you won’t regret it later.
Who of you has ever applied for a loan, whether it be a bank loan or a loan to another provider? Offering a loan is the right thing to do because, in life, we are often faced with situations where we need funds as quickly as possible to meet certain needs. Usually, people need urgent funds that need to be paid promptly such as paying for hospital costs, childcare costs, capital expenditures, damaged home renovation, accident repair costs, and so on.
There are many types of personal cash loans available in Indonesia, some of which are most popular are (unsecured credit) loans, multipurpose loans that require you to provide collateral, public equity loans intended for business purposes only, up to personal cash or better known as a personal online loan.
What is a Personal Online Loan?
There may be some of you who don’t know what a personal loan is. Private online lending is a type of loan provided by online lending providers, whether a lending institution or a Good Finance P2P company lending to an individual alias rather than to a company or group.
Therefore his loan funds range from USD1 million to tens of millions of dollars. It’s different when it comes to companies or groups that can reach billions of dollars. This type of online personal loan is a lot of money nowadays because it can be trusted when you need urgent funds.
Plus Minus Online Personal Loans
To become more familiar with personal online loans, it’s a good idea to know more about the plus and minus of these types of loans:
Plus Points from Personal Online Loans
More Efficient and Save Time
The plus points of the first personal loan online is more efficient and saves time because the filing is done online so it can be done from anywhere and anytime. That way you can save time by not having to come and queue in the lender’s place for hours. With the capital of the gadget and also the internet, you can apply for a personal online loan
The submission process is very easy
The next plus point is that the process of applying for a personal loan is also relatively easy compared to other types of loans as you simply go to the website or download the provider’s application on the PlayStore or AppStore. Then you just have to register and log in to be able to apply for a personal online loan. The average amount of time it takes to apply for a personal loan is just under half an hour.
Conditions Not Rigid and No Warranty Required
Personal online loans do not require collateral or collateral so you do not have to worry about getting your assets ready for mortgages. In addition, the terms provided by these online loans are not as difficult as the average lender will only require a National ID (Tax Card) and a Personal Identification Number (NRP) only. But there are also some online lending providers who have added additional terms like a personal local bank account, original payslip, or newspaper account for the last 3 months.
Fund Disbursement Very Fast
Since the process is done online, the funding is also faster as the process of verification and data entry becomes easier with the data being digitally provided so the provider has no trouble transferring physical data into digital data. So make sure that the digital data, including the requirements document, must be legible so that the provider can easily verify it.
Many Provider Options
Private online lending has a huge selection of lenders. This is because more and more today, the public interest Indonesia online personal loan will be higher so as to make many emerging providers of online personal loans. But remember, Dude! Not all of these personal online lenders can be selected. This is because of the ongoing online scams.
To avoid this, you should choose a personal online lender that is registered with the OJK (Financial Services Authority) so its security is guaranteed as all processes are monitored, from the process of filing, disbursement, to installment payment.
Minor Points from Personal Online Loans
Limited Loan Nominations
One of the minus points of a private online loan is that the loan amount is very limited, unlike a bank loan of hundreds of millions. For a personal loan, nominal credit is usually at least $ 500 or $ 1 million. While the maximum allowable fund is around $ 20 million or $ 3 million.
The installment period is very short
With regard to nominal loans granted, the duration of the loan is very short. The minimum online loan installment period is at least 30 days while the maximum can be 180 days or 360 days. Why is the installment count calculated by day? This is because the interest calculation system is also based on the day so the automatic installment period is calculated based on the day too.
Vulnerability to Fraud and Data Theft
The last minus points on personal online loans are particularly vulnerable to the risk of fraud and data theft. You must have heard of cases of online fraud and data theft. This is actually done by a naughty and irresponsible lender. Therefore, as mentioned above, look for a loan provider that is registered with OJK so that it is safe for you to apply.
In addition to seeing if a private online lender is registered with OJK, you can also check the existence of a lender’s office through Google Maps. Online personal loan providers must have the correct information office that you can go to in the event of certain risks.