Currently, there are many banks that offer loans online with conditions without a credit card and without collateral. The economy continues to be different even though the actual needs are increasing. This situation is sure to get some people in trouble. Looking for online loans is the most preferred alternative, especially when they have pressing and precarious needs.
However, can you get a fast money loan without a credit card? The answer is “can”. Apart from banks, there are also financial institutions that offer the same service.
Even without a credit card or without collateral, there are still terms and conditions that must be met by prospective debtors. There are conditions that are not to make it difficult for prospective debtors but are aimed at ensuring the ability to repay debts.
For complete administrative documents, the prospective debtor must prepare a valid identity card and wage slip. Because it uses an online system, the loan applicant or prospective debtor does not need to come to the relevant bank.
All clarification or approval processes will be notified online and the results can be found by the debtor as soon as possible. Administrative costs and loan interest rates will be calculated based on the tenor or time period of the loan. If in the future there are problems, then implemented scheduling repeat payment.
The process of applying for an unsecured loan with this online system is very easy. Even so, banks or lenders still provide provisions that must be fulfilled by prospective debtors.
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Terms of Applying for Online Loans
Here are some requirements that must be met by prospective debtors to be able to get cash loans online when you are looking for:
1. Indonesian citizens
This loan product is only intended for citizens with status as Indonesian Citizens. To provide evidence, the prospective debtor must include a valid Citizen’s Identity Card or Driver’s License.
To be able to apply for a cash loan online, the minimum age of the prospective borrower is 21 years to 60 years. Even so, a large number of lending agencies will reconsider if the applicant’s age has reached 60 years because it is considered effective.
3. Income or Earnings
Each agency that provides online loan services has different regulations regarding the monthly income value of prospective debtors. The regulation is determined by the company’s internal regulations and economic conditions in the area where the agency works.
Here, the UMR or regional minimum salary is used as a reference. If the prospective debtor’s income is above the UMR, it is likely that the loan application will be agreed upon.
On the contrary, if the regular monthly income is below the UMR then there is a chance that the loan request will be rejected because it is likened to if the prospective debtor has difficulty meeting basic needs.
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4. Loan Limits
Most online loans have a short period, which is between 15 and 30 days. The loan limit itself is not too large, especially when compared to other loan products. The loan interest that is borne by the debtor is in the range of 1% every day until within 30 days the debtor must bear 30% interest.
Failure to pay installments will incur a penalty. Even so, if the creditor sends debt collectors to the debtor’s house, therefore the debtor is borne by the billing fee which varies between 5 and 10% of the loan value.
5. Salary Slips
This loan product is more suitable for employees who have a steady income, but are not credit card holders and do not have assets to serve as collateral. However, employees who apply for this loan are required to include an information letter from their place of work.
When you are looking for and have gotten to submit a loan online, the submission requirements are quite easy because you don’t need to come directly to the financial institution in question.