Unsecured Loans: Terms to Know
Unstable economic conditions and increasing needs make it difficult for people to meet all their needs. Looking for a loan to cover needs is an alternative choice that is very popular with the community. Especially when you have an urgent need, but problems arise when you don’t have a guarantee or credit card to apply for a loan from the bank.
Certainly can. If you can get cash loans without collateral and without a credit card, you will not be charged later. As is known, applying for a loan with a guarantee or credit card ownership can provide a double burden, if not disciplined to pay installments until paid off.
There are several unsecured and non-credit cash loan options offered by banks, according to the customer’s ability. If you do not want to deal with banks, there are still many other financial institutions that offer. Usually, the loans offered are short-term loans, with a hefty amount of loans, ranging from 3 million to 5 million.
Although these loans are unsecured and without credit cards
There are still requirements that must be met by the customer. These requirements are not intended to make it difficult for potential customers, but to ensure that you are able to repay and repay loans. So that there will be no financial problems during the installments.
Prospective customers need a payslip and an identity card for completing administrative documents. The decision to accept or reject a loan can be immediately given by the lender because the loan application is processed with sophisticated technology.
Administrative costs and the amount of loan interest charged, calculated based on the length of the loan, a maximum of 30 days. If there are financial problems in the future, then there is a policy of rescheduling payments.
Unsecured loans and credit cards are quite easy to apply, even filing can be done online. Although applying for an online loan is easy, there are still some procedures and conditions that must be met to get it.
Here are some conditions that must be known and fulfilled by prospective customers to get a loan:
Indonesian Citizen (WNI)
This loan is provided for Indonesian citizens (WNI). The most important requirements that must be met are having an Indonesian Citizen Identity Card (KTP WNI) and settling in the territory of the Indonesian State.
The age limit for applying for this loan is 21 years to 60 years. Although some loan service providers provide concessions, people over 18 years can apply for loans. It is better not to apply for a loan before 21 years old. This is related to the maturity of the mindset, aged 21 years and above have a more mature mindset than the age of 18 years.
You will better understand the procedures and requirements for applying for a loan, and most importantly know all the consequences that will be faced in the installment period. If you are more than 60 years old, you should not apply for a loan. Most likely your application was rejected.
Each loan service provider has its own policy regarding the minimum income limit per month for prospective customers. In addition to internal policies, local economic conditions also determine the minimum income limit for prospective customers who apply for the loan. So that the Regional Minimum Wage (UMR) becomes standard.
If the monthly fixed income is above the minimum wage, it is likely that the loan application will be approved. Conversely, if the fixed income per month is still below the minimum wage, the loan application will be difficult to approve. With assumptions for daily needs are still lacking, how can repay loans?
This loan is a short-term loan, ranging from 15 days to a maximum of 30 days. The nominal amount offered is quite decent between 3 million dollars to 5 million dollars. Interest is charged at 1% per day, so the total interest expense reaches 30% in 30 days.
In addition to interest, borrowers are also burdened with late payment fees. For the first day, the late fee is 50 thousand and 10 thousand for the following days.
Even when the collector comes to collect the house, the customer will be burdened again with an additional billing fee of 10% of the money borrowed. If you submit a change in the payment date schedule and increase the loan amount, the customer must pay an extension fee of 180 thousand.
Suppose you borrow a fund of 5 million, then the interest charged in a day is 5 million x 1% = 50 thousand. The term of the loan is chosen 30 days, then the interest charged in 30 days is 5 million X 1% X 30 = 1 million 500 thousand.
This loan is suitable for employees who have a fixed salary, but do not have collateral and do not have a credit card. No need for collateral (certificates and BPKB) and credit cards make it easy for customers to apply for loans. Prospective customers can simply attach a certificate of employment from the company where they work.
The submission process is quite easy because the loan application is processed with sophisticated technology. You can simply apply for a loan online. Following the loan application process:
- Visit the loan website,
- Select the required loan amount and loan period, then click the “Submit Loan” button,
- After the application is approved, the borrower will be contacted by telephone or email to complete the required additional documents,
- Then the borrower will be sent a sample agreement letter by email to be studied before it is signed, including the terms and conditions and the installment schedule,
- After that, the original agreement will be sent by post to be signed,
- After the online loan provider checks the borrower’s data and accepts the agreement that the borrower has signed, the money will be transferred to the borrower’s account,
- Finally, they will send the borrower’s installment due schedule.