Common Mistakes in Applying for a Loan

Admin BFI
22 September 2021
Common Mistakes in Applying for a Loan

The ease of applying for a loan makes many people choose to borrow funds from a finance company when they need funds for urgent needs. What's more, now many finance companies offer online loan services. This of course makes it easier for people to choose loan products that suit their needs.

Unfortunately, not everyone is able to take advantage of loan funds properly. Many just borrow only for consumptive needs or extravagance without thinking about the future impact. In fact, if you are not careful in applying for a loan, you can get caught in more serious financial problems. For example, being in debt until the collateral assets are confiscated.

The following are common mistakes in applying for a loan. Avoid the following mistakes, yes!

Don't Think in a Long Term

One of the common mistakes made by some borrowers is not thinking long when they want to apply for a loan. For example, needs that are not an emergency or production needs. Because they only thought about getting funds, they did not compare various loan products and took into account the interest and tenor according to their needs and abilities.

In other words, they apply for loans impulsively just because they are tempted by the nominal funds that can be disbursed. Avoid applying for loans impulsively without careful calculations. This will only exacerbate your financial problems later on.

Having No Future Plans

Similar to the previous point, many people apply for loans without thinking. They do not take into account their monthly income, interest, and tenor. In fact, the existing income must still be available to meet daily needs, emergency funds, and so on. Make sure that you have sufficient funds to pay the installments and pay for your daily needs in the future. Ideally, your debt is maintained at a maximum of 30% so that your financial condition remains healthy.

Incomplete Loan Application Documents

This mistake is also often made by some borrowers. Thus, their loan application process is hampered. If the documents you submit are incomplete, your loan is at risk of not being approved. As a result, you have to go back and forth to take care of the necessary documents so that you lose time and effort. Before applying for a loan, make sure that you fully understand and study the terms and documents required.

Those are some common mistakes in applying for a loan. Avoid doing that, yes!

In addition, make sure you apply for a loan at a trusted financing company such as BFI Finance.

BFI Finance has been registered and supervised by OJK, so its safety is guaranteed. Get safe, fast, and low-interest disbursement of funds with a vehicle BPKB guarantee or house certificate.

Come on, apply for a loan at BFI Finance!

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