Sometimes, urgent situations require us to obtain cash quickly—whether to cover emergency expenses, pay school fees, or prepare business capital.
However, before deciding to apply for a loan, it is essential to understand the different types of cash loans available, along with their requirements, interest rates, and potential risks. This way, you can make a safer decision that truly matches your financial capability.
In this article, we’ll explore various ways to get cash loans, from banks and fintech platforms to other practical alternatives. Let’s dive in!
What Is a Cash Loan?
A cash loan is a way to obtain funds quickly from a bank or other financial institutions. Some loans require collateral, such as a motorcycle or car registration certificate (BPKB) or a property certificate, while others are unsecured and do not require any collateral.
According to Indonesia’s Financial Services Authority (OJK), the base lending interest rate varies from one bank to another. That’s why comparing multiple loan options is crucial to finding the one that best suits your financial condition.
Benefits of Cash Loans
Before choosing a cash loan, it’s helpful to understand the advantages it offers. Here are some key benefits:
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Fast Disbursement for Various Needs: Cash loans can be disbursed quickly, helping you handle urgent expenses without long waiting times.
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Flexible Installments: Loan tenors can usually be adjusted to match your repayment ability.
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Competitive Interest Rates: Some lenders offer attractive rates depending on the borrower’s risk profile.
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Suitable for Productive Purposes: Cash loans are often used as business capital, to expand operations, or to purchase inventory.
Ways to Get a Cash Loan
To make the process easier, it’s important to know the various options available. Here are several ways to obtain cash loans you can consider:
1. Borrowing from a Bank
If you’re looking for a safe and officially regulated option, banks are often the best choice. Generally, there are two types of bank loans you can choose from based on your needs and financial capacity:
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Unsecured Personal Loans
These loans do not require collateral and usually have a faster process. Applicants typically only need an ID card, salary slip, and tax identification number. However, interest rates are higher, loan limits are smaller, and repayment tenors are shorter—making them suitable for short-term urgent needs. -
Secured Loans
These loans require assets such as property, vehicles, or land as collateral. They offer lower interest rates and higher loan limits, making them ideal for larger funding needs. However, if you fail to repay, the collateral may be seized by the bank.
2. Online Loans (Fintech)
Online loans through fintech platforms are increasingly popular due to their convenience and speed. With just an ID card and a digital application form, funds can be disbursed within hours or days.
To stay safe, always choose fintech companies that are licensed and supervised by OJK. Don’t forget to check the interest rates and repayment period to ensure the loan matches your financial capability.
3. Credit Cards
If you own a credit card, you can use features such as cash advances or installment plans. Keep in mind that credit card cash withdrawals usually come with higher interest rates and additional administrative fees.
Credit cards should only be used for urgent needs, and you must ensure timely repayment to avoid accumulating debt.
4. Cooperatives
Savings and loan cooperatives often offer lower interest rates compared to banks or fintech lenders. However, borrowers usually need to be cooperative members and meet certain employment requirements based on the cooperative’s policies.
The application process is relatively simple, and interest rates are more affordable—making cooperatives suitable for small business capital or education expenses.
5. Salary Advances from Employers
Some companies offer salary advance (cash advance) facilities for employees, with repayments deducted directly from monthly salaries. The main advantage is that these loans often come interest-free, making them lighter than bank or fintech loans.
Typically, this facility is available only to permanent employees, and the loan amount is limited.
6. Borrowing from Family or Friends
Borrowing from family or close friends can be easier and often interest-free. Even so, it’s important to clearly agree on the loan amount, repayment schedule, and payment method to avoid misunderstandings and maintain good relationships.
7. Participating in a Savings Group (Arisan)
A rotating savings group, commonly known as arisan, can be a practical way to obtain cash periodically. Members contribute a fixed amount regularly, and a draw determines who receives the funds first.
While arisan is an interest-free option, make sure the group is trustworthy to avoid fraudulent schemes.
8. Applying for Business Loans
If you need capital for your business, you may consider applying for People’s Business Credit (KUR). This government-backed program offers low interest rates and simpler requirements, making it ideal for supporting small and medium enterprises.
9. Financing Companies
Valuable assets such as gold, jewelry, high-value electronics, vehicles, and property certificates can be used as collateral at financing companies. This option allows for quick cash disbursement, often with lower interest rates compared to online loans.
Secured financing is more flexible because you can reclaim the collateral once the loan is fully repaid. However, timely installment payments are crucial.
Things to Consider Before Taking a Cash Loan
Before applying for a cash loan, remember that every type of financing comes with risks and responsibilities. The funds you receive represent a commitment that must be fulfilled throughout the repayment period. Here are some key considerations:
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Late Payment Penalties: Delayed installments may result in fines and negatively affect your credit history.
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Risk of Asset Seizure: If you use assets as collateral, they may be repossessed in case of default.
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Fluctuating Interest Rates: Some lenders may adjust interest rates based on internal policies or economic conditions.
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Personal Data Security: Applying through unlicensed institutions increases the risk of data misuse. Always choose legal and trusted providers.
Requirements for Cash Loans at BFI Finance
Before applying for a car BPKB cash loan at BFI Finance, it’s important to understand the eligibility criteria and required documents to ensure a smooth application process.
Borrower Eligibility
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Indonesian citizen
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Aged 21–60 years
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Marital status: single, married, or divorced
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Residence: own house, living with spouse/family, or annual rental
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Employment: permanent/contract employee, civil servant, or entrepreneur
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Profession must comply with applicable laws
Required Documents
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Applicant’s ID card and spouse’s ID card (if married)
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Family Card (KK)
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Electricity bill or property tax receipt (PBB)
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Vehicle registration (STNK), BPKB, and purchase invoice
How to Apply for a Cash Loan at BFI Finance
BFI Finance offers a fast and simple process so you can access funds without hassle. Follow these steps:
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Fill Out the Online Form
Complete your personal details and asset information, such as car BPKB, through the online form. -
Consultation with BFI Finance
The call center will contact you to discuss loan amounts and suitable tenors. -
Asset Survey and Validation
The BFI Finance team will inspect the vehicle to ensure it qualifies as collateral. -
Fund Disbursement
Once approved, the loan funds will be transferred directly to your bank account and are ready to use.
That’s a complete overview of cash loans and how to obtain them. By understanding the various loan options and procedures, you can choose the most suitable solution for your needs and financial capacity.
Proper financial preparation helps you handle urgent situations without disrupting your overall financial stability. With the right strategy, cash funds can be available exactly when you need them.
If you ever need additional funds while your savings are not sufficient, BFI Finance can be a reliable option for fast cash loans. With collateral options such as motorcycle BPKB, car BPKB, or property certificates (houses, shop-houses, or offices), the application process becomes easier and more transparent.
With over 40 years of experience and official licensing from OJK, BFI Finance provides secure and trustworthy services. The cash funds you receive can help you manage urgent needs with confidence—because #ThereIsAlwaysAWay with BFI Finance.
