The Right Steps to Find Loans Online

Today, there are many banks that offer loans online without a credit card and without collateral. The economy continues to change even though needs continue to increase. This condition certainly makes many people difficult. Looking for a loan of money is one of the most popular alternatives, especially when they have urgent and emergency needs.

However, can you get a fast cash loan without a credit card? The answer is “Yes”. Besides banks, there are also financial institutions that offer similar services. Even without a credit card or without collateral, there are still terms and conditions that must be fulfilled by prospective debtors. The existence of these requirements is not to complicate prospective debtors but is intended to ensure the ability to repay loans.

For completeness of administrative documents, prospective debtors must prepare a valid identity card and salary slip. Because using the online system, the loan applicant or prospective debtor does not need to come to the bank concerned. All verification and approval processes will be notified online and the results can be known by the debtor immediately. Administration fees and loan interest rates will be calculated based on the tenor or loan term. If a problem occurs later, the payment will be rescheduled.

The process of applying for a loan without collateral with this online system is very easy. Nevertheless, banks or lenders still provide conditions that must be fulfilled by prospective debtors. Here are some mandatory requirements that must be fulfilled by prospective debtors to be able to get cash loans online:

Indonesian citizen

Indonesian citizen

This loan product is only intended for people who are Indonesian citizens. To prove this, the debtor candidate must include a valid Resident Card or Sim.

Age

Age

To be able to apply for cash loans online, the age of the prospective debtor is at least 21 years to 60 years. However, most lending institutions will reconsider if the applicant’s age is 60 years because they are considered at risk.

Income 

Each online lending service provider has different policies related to the monthly income value of the prospective debtor. The policy is determined by the company’s internal policies and the economic conditions in the area where the institution operates. Here, the minimum wage or regional minimum wage is used as a reference. If the prospective debtor’s income is above the minimum wage, it is probable that the loan application will be approved. conversely, if the fixed income per month is below the minimum wage, it is possible that the loan application will be rejected because it is assumed that the prospective debtor has difficulty meeting basic needs.

Loan Limit

Loan Limit

Most online loans are short term, ranging from 15 to 30 days. The loan limit itself is not large, especially when compared to other loan products. Loan interest charged to debtors is around 1% per day so that in 30 days the debtor must bear 30% interest. Delay in installment payments will also be subject to a penalty. In fact, if the creditor sends the debt collector to the debtor’s house, the debtor is also charged a collection fee that varies between 5 to 10% of the loan value.

Salary slip

Salary slip

This loan product is more suitable for employees who have a fixed salary, but not as a credit card holder and do not have assets to be used as collateral. However, employees who apply for this loan are also required to attach a certificate from their place of work.

To apply for a loan online is quite easy because it does not need to come directly to the financial institution concerned. The following is the loan application process online:

  • Visit the website of the desired financial institution
  • Select the loan amount to be proposed and the loan term
  • If the application is approved, the creditor will contact by telephone or email so that the prospective debtor completes the required documents
  • The debtor will then be sent a sample agreement letter by email to be studied by the debtor.
  • The original agreement will be sent by post to be signed by the prospective debtor
  • After being returned, the creditor will check the debtor’s data. If it meets the requirements, the money will be immediately sent to the debtor’s account.