Dana Tunai - Pinjaman Guide

loans that can be submitted through an online application

What is an Online Loan?

As per the embedded name, an online loan means a loan that can be submitted through an online application. This application is the fruit of technological innovation in the financial sector or commonly referred to as financial technology (fintech).

The existence of fintech facilitates the process of borrowing and borrowing, which was previously known to be troublesome and took a long time. Now without the need for face-to-face meetings, anyone can apply for credit easily and quickly.

All you have to do is download the online loan application via the PlayStore. Then, list and fill in the requirements requested, and proceed to the loan application process. In a matter of minutes fresh funds are available, directly transferred to the borrower's account.

Benefits of Online Loans

Then, what are the benefits that you can enjoy if you use this non-bank personal loan?

Funds are processed quickly

You don't need long to get a loan. The average online loan application provides loan approval submitted in less than 24 hours. Compare with conventional banks which process it for one to two weeks.

Easy requirements without the hassle

Banks often ask prospective borrowers to prepare a number of documents as loan conditions. However, online loan providers only require your ID card and photo. Other document requirements are optional if they are really needed.

Practically no face to face

Because all processes take place online, from registration, submission, approval, to sending funds, you can do it anytime and anywhere. A 24-hour online loan can be obtained quickly as long as you have downloaded the application and meet the conditions requested.

Tenors are flexible

Unlike other types of credit, online loan tenors tend to be short, namely 30 days. This tenor is preferred because it is seen as appropriate to the employee's pay cycle. Contrary to the bank loan period which only gives a minimum tenor option of six months. In fact, not everyone is able to pay installments for a long time.

Borrow without collateral and credit cards

Don't have a guarantee or credit card? Relax, you don't need these two things if you want to apply for a loan that can be paid in installments. Of course the presence of an online loan application benefits those of you who don't really have a credit card. In fact, you don't have to hand over assets as collateral for a loan. Practical and easy.

Online Loan Tenor

Commonly mentioned when you borrow funds, the tenor of the loan is the installment repayment period that must be met by the borrower before maturity occurs. For example, you borrow Rp. 2 million with a tenor of 30 days. You must pay off the loan within the next 30 days. Based on the duration, there are two types of tenors that can be found when applying for an online loan.

Short tenors

The maximum repayment period for short tenors is from 30 days to 2 years. If added up, the total funds returned are lighter. However, automatically the number of installments you have to pay will be greater because the time for dividing the installments is less.

Long tenors

Long tenor terms ranging from 3-5 years to 15-20 years. Usually, long tenors apply to applications for motor vehicle loans and home ownership loans. The amount of installments must be smaller, but the total loan funds paid are greater because there is interest charged every month.