Loan money is one solution many people take when they are in need of fast funds. Many ways to get it. From applying for a loan to a bank to applying for an online lender application.
Of the options offered by banks, unsecured loans or Good Credit loans are the most popular and proposed by many people. The conditions are light without collateral and low interest is the reason people want to get loan money from here.
However, many also know the loan application was rejected alias failed. So not a few of those who fail are turning to online lender applications.
Although it can be an alternative source of loan money, there are a number of things that would be a consequence if you borrowed money in an online application. What are the consequences? C’mon, listen.
Terms are easy but subject to higher interest from the bank
Many people are interested in applying for an online loan because the requirements are fairly easy. To get loan money from an online application, you only need to install the application. Then submit the requested documents such as KTP, salary slip, NPWP, to self photos.
In addition to the easy terms, the loan application process is also fairly fast. Compared to the Good Credit approval process which takes 7-14 days, the loan application through an online application can be approved in one day. So, that day submitted, that day was also approved.
Not comfortable borrowing money in online applications that interest is fairly high. In fact, the height exceeds the interest set by the bank.
Administrative costs which amount is not playing
In addition to high interest, a large administrative fee is one that burdens debtors who obtain loans from online applications. There are a number of fees applicable from the initial loan approval to installment payments.
When the loan application has been approved, the debtor will be charged at the beginning. The terms for this fee vary. There are applications that name it as a service fee, there are also those who named it as another fee.
Not only the cost at the beginning of the loan was approved. There are other costs that await you if you are late in paying installments or in arrears. These costs can be in the form of fines, the amount of which is progressive, aka multiplying over the length of the arrears.
Unfortunately, there is an online loan provider that does not include detailed information about the fine. Here you need to actively ask that question so that later you don’t get caught up by online moneylenders.
A little late, the phone has rang
You as a debtor must also know the rules or procedures in collecting loan money. Just so you know, because you don’t know, many people are victims of bad debt collectors. In fact, what the debt collector is doing is clearly in violation of applicable rules.
Just imagine, just a little late, already called the loan provider. Very good, sometimes it can be many times. Actually, sending an email or SMS is enough to remind the debtor’s obligation to pay the bill.
Even more ridiculous, it’s not time to pay bills, the phone is ringing asking us to deposit the loan installments. If you experience this, don’t hesitate to report.
Get ready to be terrorized by a debt collector because of your arrears
This is something that was totally unexpected. However, it is difficult to prevent this from happening if you pay your loan bills until it is stuck. The problem is that it’s his job to collect a debt, aka debt collectors, to clear bad debts.
Even though it is his job, debt collectors sometimes become a source of anxiety for many debtors. The ways they collect debt tend to be embarrassing. In fact, they do not hesitate to carry out terror alias spread threats.
Your days will be held by debt collectors as long as arrears haven’t been paid. Billing will be more intense if you take a loan in an online application.
However, if this bad thing happens, you don’t just accept it. This can be reported to the police as a criminal offense. Because there is an element of violence in loan collection. Especially if you have confiscated property as collateral.
After listening to the review above, I still want to not get money from online applications? It should be clarified that consequences such as frequent phone calls to the debt collector’s visit will not occur if the bill is paid on time.
So, as long as carrying out obligations properly, the two things above can be avoided. Another story with high interest and large administrative costs. This has become a condition of the loan provider.
Besides, online loan provider applications aren’t just one or two companies. How many applications you can choose. Just adjust which one matches your financial profile.