Before Taking Fast Fund Loans, First Consider the Following
Need fast funds for emergency needs? You can register and apply for a loan to Lite Credit now. The list process is easy, the loans are fast, and the interest rates are the lowest, only 2.95% per month.
For the sake of security of your personal data and your financial condition in the future, you should not be easily tempted by offers of fast loan loans that often appear via SMS, telephone marketing, to advertisements on social media. Plus, at this time, offers of loan funds also come with very high interest rates, which can reach 1% per day. If you are not careful and checked first, you might even make it difficult and sorry later on.
Of the many outstanding loan fund offers, there are three main points that you must check before deciding to apply, including:
The origin & permission of the company concerned
The origin referred to here is the country of origin of the loan company in question. If coming from abroad, make sure first if the company has a permit and already has a branch office in Indonesia. Because it is engaged in the financial sector, online loan companies or fintech are required to register and pass a series of due diligence at the Financial Services Authority. With the registration of a fintech in the OJK is the same as fintech being feasible and safe for community use. Plus, there is a clear legal umbrella if at any time there is a problem in the transaction process.
If you do not find clear information related to the fintech company you want to use, either on the OJK website or on the fintech page itself, you should avoid using the fintech service. As of April 2018, there were 106 fintechs that have been released and registered officially with the OJK. So, you won’t run out of choices, what’s important, don’t be lazy to research for security.
One of the legal fintechs of the 106 is Lite Credit who works closely with Best Bank to provide online-based fast loan services to the public. Interestingly, Lite Credit can provide a maximum credit limit of up to $ 30 million, adjusted to the profile / amount of income of prospective customers. This non-cash credit limit can later be used to credit goods in e-commerce without a credit card or be liquidated into a cash loan with a tenor of 30 days, 3 months, and a maximum of 6 months, and an interest rate of only 2.95% per month.
How to apply for a loan along with the costs that accompany it
With Lite Credit, for example, besides requiring a photo ID, fill in the form of self data, a selfie photo, Lite Credit will also ask you to connect your internet banking account as proof and income validation as well as 1 of your e- commerce accounts that have a transaction history as proof of domicile. This is related to the requirements for a Lite Credit account list which includes: the age of the applicant must be 18 years or older, earning a minimum of $ 3 million per month, and domiciled in Greater Jakarta, Bandung, Surabaya, Medan, Palembang , Semarang, Bali, Yogyakarta, Solo, Malang, Makassar, Cirebon, or Sukabumi.
In addition, in terms of how to apply for a loan, if based on digital, then the registration and submission should be done online through the website or application of the relevant company. Avoid giving out personal data to other parties who are not known and whose credibility is not clear. When using an application, make sure you only upload your data to the application. Don’t give out let alone lend personal data to other people.
No less important than the documents and how to apply for a loan are the costs that accompany the loan. Not only interest rates, but also fees and late fees. Because, these costs will determine the size of the installments you have to pay. Avoid using fast funds fintech that does not transparently provide information about interest rates and installment simulations. Because later on the interest may change and other additional costs arise that make the amount of monthly installments swell.
Data privacy and security policy
Compared to applying for loans to banks or conventional institutions, lending to fintech applications based online is arguably more risky in terms of data security. For this reason, it is important to check the technology used by Fintech and the privacy policies available on the related Fintech site or application.
We recommend that you do not use fintech where there is no clear information on the site or application on the Privacy and Data Security Policy. Even if there is, make sure you read it carefully, because some fintech states clearly in their privacy policies that fintech has the right or will use your personal data for billing-related needs and other marketing activities.