All debtors want to get a low-interest online loan. Because many of them feel suffocated by the flowers given. Many feel that the interest charged is too high and in the end, makes it difficult for you to pay it off.
This is due to the late interest penalty per day imposed by the online loan company. This is what feels burdensome to you and then in the end makes you in debt which gradually becomes a lot.
For this reason, it is highly recommended that you make an online loan to a financial institution that has been officially registered and supervised by the OJK. Why is that, because this financial institution imposes a flat interest rate per year instead of an interest rate per day.
Also read: Effective Interest Is: Definition, Formulas, and Calculations
In order to help you find a low-interest online loan, here are some tips.
1. Define the Guarantee
Online loans from financial institutions do require you to provide guarantees. But you don't need to worry, because the required guarantee doesn't make it difficult for you.
You can provide a guarantee in the form of a BPKB letter for your motorbike or car, or if you have a house certificate, you can also use it as collateral. The smaller the value of your guarantee, the higher the interest rate that will apply.
2. Determine Loan Tenor
The loan tenor you choose will determine the interest rate that will be applied. The longer the term of the loan, the more interest you have to pay.
If you choose a longer tenor, then the monthly installments will be smaller. However, if you take into account as a whole, the interest you pay on your loan is greater than choosing a shorter loan term.
If you don't borrow large amounts of funds, then you don't need a long tenor to pay off your loan. A tenor of 6 months to 12 months, is considered ideal enough to be your choice.
Also read: Home Certificate Guaranteed Loan with 0.6% Interest (Employees Only)
3. Selectively Choose Financial Institutions
As previously described, a trusted financial institution is a financial institution that has been registered and supervised by the OJK. You can see the legality, from the website of the financial institution. It says "Registered and Supervised by OJK".
If there is already an OJK logo, then the financial institution has official legality and its security can be guaranteed. BFI Finance is a financial institution that can help provide high loan ceilings, flat and competitive interest rates.
Your urgent funding needs can be met with several choices of BFI Finance products that will not make it difficult for you. Only by using a motorized vehicle BPKB, or your home certificate, your funding needs will be met.
Before you decide to borrow funds, either through online loan applications or other financial institutions, it's a good idea to learn what interest rates will be applied.
Also read: How to Calculate Loan Interest and Installments You Must Know!
If you apply for a loan from a financial institution, usually they will give you a table that contains how many installments you have to pay according to the tenor you will choose. This can help you to think and predict your future financial condition.
Hopefully, this article can help you in choosing a low-interest online loan according to your abilities.
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