Cash loans are often the solution when you need a quick start. But do you know that there are many types of cash loans available . Before applying, first learn the types!
Who of you has ever experienced times when you were in need of funds while your savings were insufficient? In our lives we are often faced with such situations. In times of financial hardship, the first step is usually to refrain from applying for a cash loan. Cash loans are evaluated to provide solutions as they can be used directly, in relation to funds provided in cash. Different from types of loans like mortgages (Home Ownership Loans), mortgages (mortgages), or mortgages.
If the application is accepted, the cash will be transferred directly to your savings account or you can pick it up directly at the lender’s office. Because they are given in cash, this type of loan can be used for any purpose, depending on the needs you are experiencing. They can pay for hospitalization costs, repair vehicles damaged by accidents, renovations to homes, natural disasters, pay for school costs, and even for venture capital costs.
So how much can you get a loan? The loan packages available vary greatly, depending on the individual lender. But the average loan amount ranges from $ 1 million to $ 50 million. The tenor can last from 1 month to 60 months.
Types of Cash Loans
This type of loan is not the only one. There are five types of loans that are most favored by the Indonesian community, namely:
1. Cashless Credit Loans
The first type of cash loans are unsecured loans or better known as unsecured credit. As the name implies, this type of loan does not require collateral or collateral if you want to apply for a loan so you don’t have to worry about finding a viable asset right away. Since there is no collateral, the loan process does not take long. The average process until the fund is liquidated varies from 1-14 business days, depending on the loan amount applied for. If the funds are low and the requirements document is complete, the funds can be liquidated immediately.
You can get unsecured loans from banks because only banks offer these types of loans. Enrollment requirements include a lot such as a Citizenship ID, Tax Identification Number, Tax Slip, Payroll slip, newspaper accounts for the last 3 months, and active credit card for at least 1 year of use.
2. Loan Cash Loan
The second type of cash funds loan is a mortgage loan called multipurpose credit. Unlike the previous type of loan, a cash loan with this loan requires you to provide a collateral or guarantee if you wish to apply. The types of collateral that can be given are home and building certificates, land certificates, up to ECBB (Motor Vehicle Ownership Book).
The loan portfolio can get an average of 70-80% of the asset’s selling value. So suppose the selling value of your home assets is USD300 million, then the maximum loan amount you can get is USD210 million to USD240 million. The higher the value of the asset, the higher the loan ceiling you can get. Similar to these types of unsecured loans, these types of loans are secured by banks. The conditions are not that different. Just on a loan with a collateral, you need a guarantee. In addition to banks, there are lenders with other securities such as Pawnshops.
3. Cash Loans for Business
Next is a loan for a business that is solely for business purposes. This type of loan is called public business credit and you can get it at a bank or cooperative-type lender. The amount of loan provided varies greatly depending on the type of loan selected. There are two types of loan loans to choose from, namely micro loans that are intended for micro enterprises without the need for funds so that the maximum grant is only USD 25 million and retail loan is provided for small and medium sized enterprises with a loan amount of up to USD 500 million.
Whether it is a micro loan or a retail loan, you will need ID card, NPWP, marriage book, family card, newspaper account, SIUP (Trade Permit), SKDU (Domestic Business Information Letter), business proposal for future set up a business, and fit a photo of 3 × 4 cm.
4. Cooperative Cash Loan
Cooperative loans are often the goal of the public if they cannot obtain bank loans. If you are applying for a cooperative loan, there is no guarantee you will need to provide, but the basic requirement is that you must be a cooperative member first because only a member can apply for a cooperative loan. Interest on cooperative loans is lower than other types of loans. However, loan funds are not available as much as other types of loans because the source of cooperative funds comes only from the members’ dues.
Other conditions for applying for a cooperative loan are a government-issued ID, ID, pay slip or income statement, family card, and electricity or PDAM account as proof of residence. You can apply for a cooperative loan offline by coming directly or applying online.
5. Online Cash Loan
Lastly there is a cash loan online loan online or emerging discussed by society because of extremely high demand. The main reason for many online lending enthusiasts is the easy way to apply and the fast disbursement process. So when you are in need of sudden funds, an online loan can be a quick and reliable solution. But when choosing this online lender, you need to be aware of the fact that you have a fast online loan scam.
If you want to find a secure online lender, you must first check that the provider is already registered with the (Financial Services Authority). Because if you are already registered, then the entire process will be monitored, from filing, payment, to billing.
Regardless of the type of cash loans you will choose, be sure to always consider your decision carefully and perform the calculation first so that you will not regret it later and the installment can be paid off.