Can Personal Loans Be The Right Solution for Your Financial Problems?

Admin BFI
19 March 2020
Can Personal Loans Be The Right Solution for Your Financial Problems?

A personal loan can be an alternative that you can choose for your financial needs. Nowadays, secured personal loans are often chosen to get quick cash for urgent needs. For example, vehicle title loans or house mortgages. 

For some people, ‘Personal Loan’ or ‘Online Loan’ might be related to negative perceptions. This is because several cases of loan applications ended up with intimidation from loan sharks or getting locked in the loans with increasing loan interest.

In fact, these cases arose because some people applied for loans from discreditable financial institutions or those that had not been registered with the Financial Services Authority. Or, when someone applied for a loan without considering their ability to pay. To avoid this incident, you must first understand the ins and outs of personal loans, so that you can apply for a loan according to your needs and abilities.

1. What Financial Needs That Require Personal Loans As Their Solution?

personal loan

Make sure that you apply for personal loans when you really need them. Personal loans are generally used for the following needs:

1.1 Education

If you or your child intends to continue their education to a higher level, of course, there are a lot of expenses for various needs. For example tuition fees, research costs, certification fees, internships, and theses. Fund loans for students can be used for these needs.

1.2 Urgency

Fund loans can also help you to cover unexpected costs. For example, hospital fees and vehicle or home repairs. There are some incidents that you cannot predict in advance. With personal loans, especially online loans, you can get a quick fund in a matter of hours or days to cover these unexpected costs.

1.3 Career Investment or Business Capital

Personal loans can also be used as a career investment, or to increase your business capital. For example, for additional training or small business capital for inventory needs.

If you need some extra cash for one of the needs above, it means that a personal loan is the right alternative for your financial needs.

2. Tips for Applying Personal Loans

2.1 Understanding the Loan’s Requirements 

Before you apply for a personal loan, make sure that you understand the ins and outs of the loan product offered. Thus, you can choose a loan product that suits your needs. Understand the tenor, interest, additional fees, and the funds that you will get through these loan products.

Also, make sure you meet the requirements and prepare all the necessary documents, so that your loan application is easier to be approved.

2.2 Apply for a loan as needed

As mentioned above, after you understand the loan product, then you can estimate how much funding you will get and how long it will take you to pay off the loan. You can determine the monthly payments on the loan through the loan calculator. Make sure to apply for a loan according to your needs and abilities, so you will be able to repay the secured loan. 

2.3 Choosing a Trusted Financial Institution

Finally, make sure that you apply for a personal loan from a trusted financial institution. A credible financial institution must be registered and supervised by the Financial Services Authority (OJK). In that way, clear regulations and sanctions will be imposed in case if there are any problems arise in the transaction process. You can cross check the financial institution you are referring to on the official website of the Financial Services Authority or the financial institution itself.

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