Unsecured online loan funds are an alternative that has recently been used as an option in getting quick liquid funds, both for urgent needs and other basic needs, such as business capital. As a borrower, of course, you must fully understand the requirements that must be met before applying for a loan, including the costs that must be met.
Apart from interest, there are a number of other costs that you should take into account. These costs, excluding interest costs, must also be repaid by you. By understanding loan products well, of course you can prepare the funds and apply for a loan according to your ability to pay.
Also read: What are the Advantages of Borrowing Business Capital?
1. Provision Fee
The provision fee is a 'repayment' fee that is charged when your loan is approved. This fee must be paid at the beginning of the loan process. Generally, these fees range from 1-5% of the total loan.
2. Administrative costs
Generally, this fee ranges from IDR 100,000 to IDR 250,000 and is fixed. This fee will also generally be billed in the form of an annual administration, but the amount is lower than the initial administrative fee. In unsecured loans, the stamp duty is also part of the administrative costs in case of correspondence.
3. Fines and Penalty Fees
A penalty fee is charged when you are late paying a fine. Generally, online lenders charge a fine of Rp. 15,000-Rp. 40,000 per day. While a penalty fee is imposed if you intend to pay off the loan faster than the previous agreement. Generally, the penalty fee is around 1% of the remaining loan value.
Baca juga: Loan Applications That Are Suitable for MSMEs
4. Tips for Dealing with the Costs Above
4.1 Study the Terms as Best You Can
Before you take a loan, make sure that you have read the terms and conditions as well as possible, including the amount of interest and other fees that must be paid. By understanding all the provisions, you can prepare the costs to be paid carefully and planned.
In addition, also study the terms of the tenor or maturity of the loan. Make sure that you choose a loan product with the shortest tenor so that the amount of interest and fees above can be paid off immediately and not swell.
Baca juga: Assets That Can Be Collateral Loans With Collateral
4.2 Ensure the Ideal Installment Amount
So that the above costs do not burden you, even more, make sure that you apply for a loan that is in accordance with your financial capabilities. Ideally, the amount a person owes is a debt or loan whose installment amount is no more than 30% of your monthly income. Because, if it is more than the ideal amount, you will be burdened with the number of installments and additional costs that will further drain your monthly expenses.
Baca juga: Business With Minimal Side Business Capital During a Pandemic
4.3 Discipline in Paying Installments
Most importantly, don't delay paying the installments during the payment process. Make sure that you put the loan on the priority list when you pay your monthly bills. This is to avoid interest and fines that will increase if you delay paying the installments. You are also at risk of bad credit because the existing funds have run out to pay for other expenses.
Hopefully, the reviews above can help you get to know unsecured online loan products better, yes. Come on, apply for a loan at a trusted BFI Finance as your financial solution.
.jpg)
