In this day and age, in addition to borrowing money or cash conventionally at several financial institutions, people are facilitated by applying for loans online. Borrowing funds from financial institutions can be a way as well as a solution for the community to fulfill their needs and desires in life. Besides being easy and can be done from home, borrowing cash online also has several advantages, such as being able to pay in installments, have a flexible tenor, and can be liquidated in a short time.
However, if you choose to borrow money or cash at a money lending institution, you need to be careful and be more aware of illegal financing institutions or loans that can get you in high fines, non-transparent interest, and billing that doesn't comply with the rules. Applying for a loan conventionally or online definitely has risks. These risks are loan defaults, late payments from the due date, and data security risks if a financing or loan institution is hacked. Delays and loan defaults, of course, will have an impact on credit scores and poor debt records. In order to avoid a loan default, here are things you need to do.
1. Tips for Anti-Failure to Pay When Applying for a Loan
1.1 Choose a Safe Financing Institution
Choosing financing or a secure online loan is the first step that must be taken to avoid default. Why is that? By borrowing a cash loan at an official loan or financing institution, the nominal loan amount, interest rate, and fines offered will also be transparent so you can calculate and adjust it to your abilities.
Choosing a financing institution or an illegal loan can increase the risk of default due to high and non-transparent loan amounts, interest and penalties. To make sure whether the institution you are borrowing from is official and safe, you can check it on the OJK official website or contact OJK Whatsapp at phone number 081157157157. You just need to type the name of the loan institution you want to find out for the truth and its permission. OJK will trace the name of the loan and provide an answer to you afterwards.
1.2 Note the Maturity Date and Loan Amount
To avoid default, you can also record the due date and loan amount through a reminder application or mark the date on your calendar. This will remind you that on that date, you must pay the installments.
1.3 Leave Debt on Payday
Having installments or debt wisely will be better if it does not exceed 30% of your monthly income. The next wise step is to set aside income or salary for the first time for debt needs so you can avoid being late in paying installments or the risk of default.
1.4 Debt Restructuring
If you are experiencing poor financial flows, you can restructure your debt to avoid default. Debt restructuring is usually carried out by negotiating with financial institutions to extend the tenor or reduce the number of installments within a specified period of time. But keep in mind, not all financial institutions or loans provide these services.
1.5 Choose a Long Tenor
Next is to choose a loan with a long tenor. If you apply for a loan with a long tenor, your installment amount will also be much less than choosing an installment with a short tenor. However, you also need to know that the longer you have a loan, the longer you will have debt.
1.6 Selling Valuable Assets
The next tip is that you can sell valuable assets that have value to increase your income and avoid default. However, if you are hesitant to sell your valuables, you can do a takeover or pay off the loan in the last place and apply for a new financing place so that the debt is only focused on one hole.
You can apply for a loan without selling the assets you have in BFI Finance. You can guarantee your vehicle's BPKB or home certificate easily, quickly, and reliably. Just visit the BFI Finance website, you can get a cash loan at any given asset price market! You can get the estimated loan amount, the number of installments, and the available tenor options.
Those are some tips to avoid default when applying for cash loans both conventionally and online. May be useful!