Nowadays, many companies in financial and technology sector provide online credit apps. This phenomenon is happening for a reason. The cardless online installment is chosen based on the interest of users who want to buy something but do not have a sufficient money to buy it.
These online credit apps also offer many conveniences, such as the practicality of the apps (e. g. users do not have to be a customer of a particular bank to make a loan) to the availability of loan simulations to estimate the amount that must be paid every month.
If you are interested to use an online credit app, you can apply these tips for choosing an online loan by Duitku in the article below so your installments will be secure.
1. Choose a Trusted Institution
Before choosing an online credit service without a card, make sure that the online credit app you use is on the list of trusted financial institutions. If it is registered and supervised by the Financial Services Authority (Indonesian:
Otoritas Jasa Keuangan/OJK), then the security of your data is guaranteed to be safe so it is more secure to make transactions.
2. Check the Credibility of Lending Institutions
After knowing the online credit service without the card that you choose is registered on OJK, the next thing you need to check is the credibility of the loan institution. Look at all the terms and conditions contained in the agreement or contract provided by the institution.
For example, the interest policy charged according to OJK rules should not be more than 0.8 percent per day or 24 percent per month. If they give the amount of interest that is more than the OJK rules, it means that the credit provider of your choice is less credible, so it is suggested for you to choose another institution.
3. Don’t be Easily Tempted by a Small Amount of the Down Payment
Besides being easy and fast, online credit services without a card often offer a small amount of down payment program to attract potential users. Be a smart user by not easily tempted by the promo offered. Reconsider whether you really need the loan or just want the promos offered. In addition, re-check your financial expenses before deciding to take a loan. Make sure the maximum installment paid every month is no more than 30% of your monthly income. Don’t let your monthly expenses out of hand due to the additional installments.
4. Decide the Budget
Before taking a loan, determine the installment budget by adjusting it to your income. This anticipatory step is important to do to prevent a bad credit score in the future. Moreover, it is suggested to choose a short tenor to minimize the interest. This is because the longer the tenor, the higher the interest expense charged.
Those are some tips for choosing an online loan that you can apply. Even though it seems practical, it doesn’t mean that online loans are risk-free. Make sure that the installments you submit are in accordance with your income. If you cannot pay, you will get several problems, such as the loan institution will bill your family to the point where even their debt collector must contact your friends or relatives. You surely don’t want your credit info to be known by other people, right? Remember, choose a trusted financial institution so that your data won’t be leaked by irresponsible parties.
For those of you who have a business, an online credit service without a card is one payment option you can add.
With the increasing number of internet users, this option can be an advantage to your business to facilitate customer payments. Online credit payment methods can be activated using Duitku Payment Gateway, as it has been used by Indodana. By using Duitku, Indodana is a trusted institution that offers loan tenors up to 3-6 months and is ready to provide loans up to IDR 8 million.
Be a smart customer and know the advantages and disadvantages you get before applying for an online credit service without a card!