You Can Only Apply for a Personal Online Loan If You Have Done These Things!

Personal online lending is often the solution when it comes to needing funds. But before applying, there are a few things to do first. Check out the full explanation here!

You must have heard many personal online loans are being talked about these days. This is because a personal online loan can be a solution or a helper when we are in a state of urgent need of funds. For example, when paying for hospitalization costs, childcare costs, home renovation costs, and repairing damaged vehicles.

Although they are in good economic condition, in fact, the average Indonesian people tend not to have the savings, savings, or insurance that can help when they are at risk of unwanted things. If this is the case, then a personal online loan will be the solution.

Introducing Personal Online Loans

Introducing Personal Online Loans

Before talking about personal online loans, you should first consider what private online loans are. Personal online lending is one of the kinds of loans that give people money online so you can do it anytime and anywhere without having to go straight to the lender’s office. For a private online lender, it can be a bank or fintech company.

Both have different conditions, ranging from the loan amount, loan term, interest rate, as well as the terms and documents requested. In general, the average bank loan amount online is larger than a fintech company because it can reach hundreds of millions to billions.

But of course, getting a personal online loan from a bank takes longer than a fintech company that can liquidate your loan within 1-7 business days. In addition, the requirements provided by the fintech company are not as numerous and as strict as the requirements provided by the bank. This is why Indonesian people are now more interested in applying for personal online loans through fintech sites.

Things to Do Before Applying for a Personal Online Loan

Things to Do Before Applying for a Personal Online Loan

Although it offers a lot of conveniences, it doesn’t mean that you can apply it without proper preparation. Rarely do people who have their applications rejected or feel sorry for applying for a personal online loan in one place because it feels like a better place. Therefore, you can only apply for a personal online loan if you have done six of the following:

Find a Safe and Trusted Loan Provider

The first thing to do is to find the right and reliable lender. There are many private online lending providers currently on the market, but not all are safe. You must have heard many cases of online fraud in the name of online personal loans. Then how do I choose it?

First, make sure that your lender is registered with the OJK (Financial Services Authority). Private online lenders who are already registered with OJK can be safe as they are monitored and operating in accordance with the rules set by the government. One example of an OJK registered personal online lender is Good Finance.

Select the Gifted Friend

If you are looking for a secure and trusted online personal loan provider. Now is the time to look for a personal online lender that can offer low-interest rates as well. That’s why you need to compare more than one private online lender. That way, you can get the best flower offer. Remember, there are some providers that distinguish interest based on nominal loans. The larger the nominal loan, the less interest a loan is given. So you have to pay attention to it.

Choose the Right Tenor Time


Next is to choose the right tenor or term of the loan. Why should a tenor watch? It is not just the interest that can affect the monthly installment of the nominee, but also the tenor term selected. If you do not choose the right tenant, you may have difficulty making the installment payment because you cannot pay the amount.

The longer the tenor period, the less the amount of installments per month payable. But the total debt will surely increase. On the contrary, if you choose a short term tenure where the loan is larger but the total amount of the debt is less because the interest payable is also less.

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