You need money to buy goods or open a business. But unable to comply with the requirements of the bank? Don’t worry with today’s technological developments. You can easily get a loan from a non-bank institution.
There are various types of non-banking institutions. From multi-company (leasing) P2P lending companies to the latest payment mechanismHow to apply for a non-bank institutional loan like this and what are the conditions? Check out the following comments:
How to borrow money in non-bank institutions
1. Choose a legal company
It is undeniable that although it provides convenience to customers. But the existence of technology and loans from non-banking institutions today are also quite vulnerable to fraud. fraud crimes. to overcome this The first step you need to take is to choose a legitimate financial company.
Make sure the company is maintained by OJK. Don’t rely solely on the legal claims made on the company’s website. But also check the registration number on the official website of the country’s independent agency.
2. Choose a company that fits your needs
There are different types of non-bank financial institutions that provide credit services. Each type of institution has its own characteristics.
Many financial companies and P2P lending etc. If you want to borrow money to buy a motorcycle directly from a party that works with a dealer or store. Many finance companies are right for you. On the other hand, if you are looking for a business loan in the form of working capital. P2P lending companies are suitable.
3. Know the prerequisites
The third way is to find out the terms offered by the company regarding the loan you want to apply for. Some companies require surveys to approve customer credit. and some companies do not want
Below we’ll cover the most common non-bank loan requirements. For more details and complete specifications. You can go to the nearest branch office of the credit company. Download the company’s application form. (Since a large number of loan applications are being applied online nowadays) or by contacting the customer service of the relevant company.
4. Your credit terms
Did you know that both banks and non-banking institutions can view your credit history in the same database? This means if you have a bad credit history at a bank or haven’t paid off at that institution and want to apply for a loan elsewhere. The other party can find this information.
As a result, your loan application may be rejected or approved. But there are fewer This is to prevent customers with bad credit history from applying for more credit. Therefore, installments should be paid to banks in various forms. regularly
5. Read the conditions offered by the company.
both when you choose a non-banking institution and when you are about to sign a contract. Please read carefully the terms of the loan offered by the bank. These terms, such as the installment amount interest rate for the period Payment methods and more
This is because many Indonesians are trapped in unbanked loans with daily interest rate mechanisms. Just because they weren’t careful to read this provision. Even if necessary, go to the nearest institutional office to inquire about anything you do not understand.
Borrowing conditions at non-banking institutions
Here are some conditions for applying for a loan with a typical non-bank institution:
1. Registered as an Indonesian citizen (WNI).
The first requirement you must meet is to officially register as an Indonesian citizen (WNI). This can usually be proven by uploading a KTP, SIM or passport file. Take a photo with your ID card. The goal is to make sure that the KTP is really yours.
2. have a sufficient age
Not everyone can get a loan from a bank or non-bank institution. This includes children or the elderly (elderly). Normally, the company limits the age of the youngest borrower to be 18-21 years old and the oldest is 65 years old.
The age range of 18-65 years is considered the appropriate age for money management. because they can have their own jobs and healthy enough to manage finances consciously
3. Have sufficient financial status
In addition to national ID cards and other identification, credit companies often require payslips or other proof showing a prospective client’s modest earnings. for companies This is important in determining the customer’s ability to pay.
This is because, of course, companies Will not grant credit to customers who apply for credit that is much higher than their income. Or customers who have sufficient income but have had a lot of debt from banks or other financial institutions before.
Is it better to borrow from banks or non-bank institutions?
A credit line at a non-bank institution provides practical credit on relatively simpler terms than a bank loan. However, this does not mean that a loan at this institution is better than others.
This is due to questionable legal issues that are not yet clear. Credit Laundering Mechanismsand the lack of accessible physical offices. Not to mention that the interest rates on non-bank loans are generally comparatively higher compared to banks. This is a form of compensation for simplified loan terms.
in terms of legality Of course, the bank is rather superior. Considering that banks are the strictest regulated financial institutions in Indonesia. In terms of credit relief, you can request a discount on interest rates or relief from the bank, of course, by bringing supporting documents.
meanwhile Until now, a similar mechanism for non-banking institutions is unknown. It would be a good idea to ask about this with the sales department of the relevant company before applying for a loan with the formal institution. The goal is to predict the bad things that could happen to you or your business.
The availability of a line of credit at a non-bank financial institution makes the process of obtaining venture capital more practical and easier. However, there are several things that you need to consider before applying for a loan with this institution. including various conditions