Create a loan simulation fund. So, you know the general picture of the installment term. For example, you apply for a loan of 24 million rupiahs with 10% interest every year. So, if you take a 2-year tenor, the installment is 600 thousand rupiahs. This is calculated from the amount of installments and interest. You can find out more on this now.
Look at the admin fees before borrowing. Sometimes there are also unsecured online loan services that give special requirements to administrative costs every time you apply for a loan. So from that, do not let these admin costs burden you and make it difficult for you to manage your finances later.
The solution to Overcome Loan Arrears
How to deal with arrears on loan money is actually easy. One way is to mediate the banks. To do this, contact the bank first, and then meet with the bank mediator directly. This mediation can work if the debtor has loan arrears of less than 500 million rupiahs. In addition, this method can be done for those who have never submitted mediation before.
Next, you will get 3 ways to pay the loan arrears until they are settled, rescheduling, reconditioning, and restructuring. This rescheduling is a process to arrange credit agreements from the beginning. It’s to reschedule payments and repayment tenor whereas reconditioning is to propose a comprehensive change of the credit agreement, including changing other requirements.
Furthermore, restructuring, this is the last way if the two previous methods have not found a bright spot. This restructuring is where the bank will lower the interest rate so that you can pay off the debt quickly and be free of interest. That way, you can easily pay off loans that have been in arrears.
Even without having to leave the house you can get a loan online just bypassing the application from a smartphone. Although it is quite practical, it turns out there is a negative side if you are not careful and wise in making funds online, one of the examples is the demand to pay very high interest loans. Well, to avoid things that are not desirable because of online loan debt, let’s refer to the following tips.
Avoid Borrowing from Government Unlisted Companies
There is currently widespread indirect fraud or extortion that applies a quite high loan interest rates through online loan fund applications without official permission from the government such as the Financial Services Authority. Therefore it is highly recommended for you who want to get a loan online, you should first examine the company or application that you will use.
Understand clearly the Amount of Interest Applied
Keep in mind, the amount of interest charged by online loan companies is on average greater than the conventional loan companies. The various additional costs included, such as administrative costs, penalty fees and so forth. Choose an online loan fund company or application that offers affordable interest fees so as not to incur excessive financial burdens in the future.
Don’t Propose a Fund Loan for Personal or Consumptive Needs
It is not recommended to use online loan funds only to fulfill your personal needs. Personal needs or consumptive means here is like buying goods that are not a necessity but for prestige alone, such as shopping and spree-spree. So use online loan funds as best as possible to open a business or business.