The loan is a financial product in the form of giving money provided by a financial institution to the borrower and paid back in installments in accordance with the agreement. Usually, loan funds are needed when someone is in urgent need of funds.
However, it should be remembered that the borrower must look at the background of the lending company. Suspend your decision if the institution has not been registered with the Financial Services Authority (OJK) as a legal financial institution.
Source of Fund Loans
Based on the form, loan funds consist of two types, namely loans with collateral and without collateral. The purpose of the guarantee here is the goods that the borrower gives to the borrowing institution as assets that can be confiscated or sold if the borrower fails to repay the payment according to the initial agreement.
1. Loan funds guaranteed
For borrowers who want to borrow funds through a guarantee mechanism, there are three products that can be chosen, namely Multipurpose Loans, Pawnshops, and private-owned pawnshops.
2. Unsecured loan
For unsecured fund loans, there are three forms that can be used, namely unsecured loans (KTA), online loans and credit card cash advance . All three have different characteristics, but have the same function to borrow funds without collateral.
Tips for Increasing Opportunities to Get Fund Loans
Borrowers are very free to choose the form of loan funds, can be guaranteed or unsecured. Regardless of the type of loan chosen, it is possible that the financial institution may disapprove your submission.
For this reason, so that financial institutions are more likely to approve your loan, then there are some tips that can be done, including:
1. Meet the requirements requested
There have been many cases of denial of loan funds because the borrower is unable to meet the requirements demanded by the financial institution. Therefore, make sure that you have met the administrative requirements requested, namely:
- Photocopy of resident card (KTP).
- Photocopy of family card (KK).
- Photocopy of NPWP.
- Photocopy or original sheet of paycheck.
- Minimum and maximum age for borrowers according to the policies of their respective institutions.
- The borrower has a place to live.
- Borrowers have regular jobs and income.
- Have a credit card, at least far from the card limit.
- Current account number, electricity account and telephone bill.
Make sure all documents provided are in good condition and neat. Replace torn or dirty paper with new ones. As a suggestion, as each institution has its own terms and conditions, you certainly can choose the least requiring the provision of certain documents to facilitate the success of loan applications.
2. Have a credit card
In the process of applying for an unsecured loan, you should have a credit card. This will make it easier for banks to see and consider the credit history that you have lived.
But be careful, this can also be an obstacle to the process of applying for unsecured loan funds if you save arrears on several credit cards.
3. Ensure clear debt
When applying for unsecured fund loans, make sure you are clear of arrears. The arrears referred to can be from credit cards, housing loans (mortgages), motorized vehicle loans (KKB), and others. When it is overdue, it is ensured that your loan will be rejected by the financing institution.
You can also see your name or someone’s name not on the banking blacklist through the OJK Financial Information Service System or SLIK (previously called BI Checking ). The way to register is as follows.
- Register directly to the nearest OJK office.
- Bring KTP and fill out the form provided.
- Submit documents (forms) to OJK officers.
- The clerk will verify your document.
- After the document is verified, you will get debtor information.
After trying to submit debtor information through SLIK OJK, you will get the results of debtor information. That way, you can see how well your score is running credit:
- Collectability 1: Credit is current
- Collectability 2: Credit in special attention: 90 days.
- Collectability 3: Non-current credit: 120 days.
- Collectability 4: Credit doubt: 180 days.
- Collectability 5: Bad credit:> 180 days.
In SLIK OJK, you will find your status. The following is an explanation of the status received.
Your chances of getting a loan are higher if you have a ‘smooth credit’ status. Conversely, it is difficult to get a loan if you have the status of ‘bad credit’ as you are involved in a lot of debt that is still in arrears for a long time.
4. The bank account must be the same as the loan provider
The bank account that you have must be the same as the bank that is the loan provider. That way will further facilitate the process of disbursing loan funds.
5. Understand minimum income
When borrowing funds, you must understand the minimum income standards obtained. The minimum amount of income is usually listed on various financial institutions. Make sure you belong to the standard of income of the borrowing institution. If so, then the process of borrowing funds will be more likely to succeed.
6. Don’t pay late payments
Don’t pay late payments. That way, your credit history will continue to be good in the eyes of the bank. Until finally, you will find it easy to apply for loans at other fund borrowing institutions.
7. Choose the right time to borrow funds
The exact time is Monday to Thursday because a few days are still in the calculation of the working day. If the terms are approved, the funds can be transferred to your account quickly. If applying for Friday to Sunday, the process will be delayed again on weekdays.
For those of you who intend to apply for a guarantee fund loan or without collateral quickly, then pay attention to the tips above in order to increase your chances of getting it.