Tips and Tricks for Choosing the Best Online Loan Application
In this current era, companies are mushrooming in the field of online loans. For people who have difficulty making loans through KTA banks because they have to have a credit card, it turns out now can be facilitated through online loans. But remember, you must be careful in making loans online. Many cases of personal data are spread online because they are late paying their online loan arrears. Therefore, we will provide tips and tricks for making a personal online loan. Let’s just watch this article!
The Best Online Personal Loan Application Tricks
Based on observations in the field, we collected 10 online personal loan tricks. Tricks that can be used to find the best personal money lenders and personal money lenders.
It should be noted that this trick is related to individual personal loans. Not for loans to companies. This is a private money lender.
Mandatory Download of Money Borrowing Application Online
In applying for loans to get disbursed quickly, prospective borrowers must submit via online loan applications. The application is downloaded on Playstore for android and Apple store for IOS.
Almost all fintechs require submission via the application so you cannot submit via the fintech site. The purpose of using the application is the convenience on the customer side and the withdrawal of mobile data for credit analysis on the fintech company side.
Therefore, for those who are interested in online credit, a smartphone is a prerequisite for being able to download a loan and apply for credit.
Tips and Tricks
Personal Online Loan Calculation
One difference with bank loans, online loans offer a daily tenor. Customers do not need to apply for 30 days, but can be daily, for example 10 days of loans.
With a daily loan period, the borrower needs to pay attention to how the interest is calculated. There are two methods of calculation, namely:
Understand Your Mobile Data Taken
Because it offers immediate liquid speed in minutes, without collateral and without a credit card, fintech requires sufficient data to evaluate credit applications.
Flat interest with obligations is calculated based on the loan principal. For example a loan of 1 million for 30 days with 0.5% interest per day then the interest is (0.5% x 30 = 15%) x 1 million to 150 thousand.
Interest interest (compounding) with obligations calculated based on the loan principal and loan interest. For example a loan of 1 million for 30 days with 0.5% interest per day then compounding interest obligations (0.5% 2 x 30 x 1 million) to 161 thousand.
When applying for an unsecured online loan, you see how the interest calculation is applied by the fintech.
The evaluation method used by fintech is different from banks in general. Fintech utilizes data from a customer’s cellphone to calculate credit scoring that determines whether a person is worthy of credit.
Choosing the Best Online Loan Application
The existence of credit scoring with this sophisticated algorithm that is believed to make fintech companies can provide credit quickly, without collateral and immediately liquid in 5 minutes. Of course, consent or permission to withdraw funds must be requested in advance to prospective customers.
Important: customers understand about the withdrawal of this mobile data during the online credit application process.
Because in the media, there are many complaints by borrowers when billing is done fintech to the family, relatives or close friends of customers (contained in the customer’s cellphone phonebook), while actually when submitting, the borrower has given approval about mobile data access and possible billing to the families listed on cellphone.
OJK states that mobile data that may be withdrawn by P2P is Camera, Location and Microphone. Apart from those three things, FSA is forbidden to be withdrawn from cellphone data.