There are many ways that people can get a loan. It started with borrowing from relatives and friends. or borrowing money from financial institutions such as banks, cooperatives, or P2P lending companies. One way to fund a loan is to borrow money from a money lender or mobile banking in plain language.
Mobile Banking Definition
According to the 2015 annual report of the Ministry of Social Welfare for the People’s Welfare A mobile bank or money lender refers to a person or institution that receives funds from investors and distributes these funds to the community in a door-to-door manner.
Other terms that describe mobile banking or money lenders include bank name or plecit of bank (Central Java and East Java), bank emoticon (West Java).
It should be remembered that the difference between debt collection And daily mobile banking are debt collectors, typically third parties sent by financial institutions to collect loans. Mobile banks or money lenders are the lenders themselves. In fact, it is not uncommon for money lenders to not be in the form of institutions that collect community funds for redistribution. But only one line of business is run by a single person or family.
Generally, mobile banks or money lenders are aimed at the lower middle class who need additional capital. Whether for business or to meet daily needs These people are more vulnerable to money lenders because they often fail to meet bank loan requirements or get bank loans but not enough.
Is mobile banking safe?
Unlike traditional banks, mobile banking is not regulated by OJK and uses a higher loan interest rate than conventional banks. In fact, they set interest rates from ten to ten percent infrequently.
not only that This institution may use daily interest if the borrower does not repay the loan on time. Therefore, applying for a loan with this institution is high risk.
How to deal with mobile banking
Are you or your family stuck applying for a loan loan for one reason or another? Here’s how you can deal with either party:
1. Make sure to record the details of the debt.
The first step is to make sure you have a record of the small amount of debt you have to pay on the loan and the interest. The goal is for you to know what you are using the debt for. small amount what is interest When is the due date? And what evidence?
In addition, by recording specific debts You will remember that you have debt with the loan involved. with this memory Hopefully, you won’t be late to pay the debt until the debt is paid off.
2. Installing debt before maturity
Mobile banks often charge daily interest to borrowers who are unable to pay off their loans on time. Of course, this daily interest policy will make it more difficult for borrowers. Considering that the amount payable to borrowers is increasing day by day.
So if you’re worried about not having enough money to pay off all your debts on time. At least pay in installments before the payment due The goal is when the due date is reached. The amount you have to pay will be reduced. so that the effect of daily interest can be suppressed thereafter.
Do not forget that after the installment You ask for proof of payment and installment records listed in a special booklet. If necessary, bring one or two of your coworkers to see the installment process. This is important so that when the due date is reached You have clear evidence and witnesses if you have made recurring payments.
Allocating money to pay off debt can be difficult. This is especially true if you have limited income. However, paying off the loan to a money lender can at least reduce the risk of late payments. not only that It’s also possible for lenders to see you as a disciplined and committed individual. so that when you want They will be able to implement lighter policies.
3. Say hello calmly
If you have done both of the above methods but still unable to pay the specified amount of debt by the due date The first thing you should do is welcome your lender in a warm and friendly manner. with a calm and stress-free atmosphere You can match the debt notes you have with the mobile bank notes.
If you bring your partner to pay in installments Bring your partner during the billing process to witness the installments you have already paid. At least a calm and warm atmosphere will make it easier to communicate settlements with loan creditors. Although it may not solve all your debt problems.
4. Negotiating time and payment method
Usually, mobile banking will not allow default on the due date. Unlike commercial banks that still have a mechanism for extending credit repayment periods or a mechanism for eliminating interest.
to overcome this You can do two things:
- Requesting an extension of the loan repayment period
- Offer another way to pay off your debt or reduce your debt.
The second way you can do this is to provide valuable assets (such as electronics, etc.) as collateral or debt relief. Make sure you know the market price of the asset first. So that you won’t be borrowed cheaply by creditors.
Mobile Banking Alternative Loan Source
There are a number of reasons why the practice of mobile banking or money lenders continues to flourish in Indonesia. Reasons range from lower middle class people who do not meet the requirements of commercial banks. to a low level of financial literacy
Please note that there are also sources of loans outside of commercial banks. mobile banking and family loans Here are some loan resources you can try:
- Rural Bank (BPR) or BMTWhile not as big as a commercial bank, BPR may be a legal financing alternative you can try.
- cooperative. Although cooperatives offer interest-bearing loans But in general, cooperatives operate with a more family-based community system. Members of a cooperative or broad community can enjoy a cooperative loan with some special requirements.
- P2P Loans. P2P Loans It is a relatively new non-financial institution. This institution also uses high interest rates and easy terms like mobile banking. but in general P2P Loan Loans are for business activities only. and for institutions P2P lending is supervised and regulated by OJK so that you don’t get stuck with Pinjol. Make sure you borrow from OJK-approved P2P lending.
- multi-finance companyHave you heard of Mandiri Multifinance, Adira or BFI? can! All three companies are examples of diversified capital firms. different from the bank Generally, these companies only offer credit for certain purchases such as motorcycles, laptops, etc.
If you want these things You can apply for a loan from this institution instead of borrowing money. This is because a diversified company or leasing company is a legally guaranteed institution in Indonesia.
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