The changes of the current era have created many emerging money loan solutions in different regions. In fact, it is not uncommon for loan offers to appear via SMS sent to your phone number. This offer also offers various interest rates from the lowest to the highest.
During difficult times, it is often found a way to borrow money through close friends to lending service companies. I think this method you think can help with the hope that you will return it as soon as you get the replacement . It won’t bloom, but your good relationship may have been damaged.
Not only when you need money because of your personality, but also when you want to open a new business or business, of course you need funds and capital at first. When this happens, you are unlikely to borrow it from a friend for a large enough amount. Then look for a large amount of borrowing.
Money Supports Your Life
Money is still often an issue for the community because of the many needs that must be completed. That way, people will make great efforts to earn income to support their livelihood. Therefore, there is often a saying that money is the solution to many things.
However, actually borrowing money can be detrimental if it cannot be returned immediately. So now there are various loans that can be paid immediately. Money loans with the right solution are also protected by large companies. At least currently, there are two ways of taking out a loan, online and traditional.
Pros and cons of each lending method
Traditional loans are still used today, even though many online loans have emerged. In an era when technology is becoming more sophisticated, it is necessary to be conscious of development. We will explain the differences between these lending methods based on the advantages and disadvantages of each.
To take out a money loan, the right solution is, of course, both pros and cons that you must know before borrowing. Conventional lending or manual lending means coming directly to the place and making a loan.
You will meet customer service and the people who serve at that location. You will then be asked about the amount of loan you need and fill in the data according to your company’s needs. Later your data will be checked against your identity card to indicate whether you can get a loan or not.
Usually, companies that offer traditional money loan services are banks. The advantage of a traditional money loan is that there is a clear inauguration of the company and there is no need to use the tools to form a loan. But what is lacking is that many people will eventually move to online loans.
The downside of this conventional loan is the advantage of online loans. One of them is a fast process, so you don’t have to spend time waiting in line on the spot. No time is wasted. This benefit is felt especially when there is a sudden need.
Therefore, online loans are often referred to as the right solution, called money loans, as compared to traditional methods. Apart from being a fast process and being able to do it anywhere, online loans also have advantages in terms of very simple requirements. You will need to have several photos of your ID.
How to Make Online and Traditional Money Loans
The two methods have their own drawbacks and advantages, but you still need to adjust your possible needs. But now, given that you can borrow from online more easily, it is okay to try some steps to borrow money online as below.
- Selecting Trusted Applications
The first important step for you to do is to choose a reliable online lending application. Not all applications already have official permission and are under OJK. Therefore, make sure that the application or company you rent already has an official OJK logo.
- Download on your smartphone
In addition, once we have made our choice, we will have to download the application on our smartphone. As a money loan, the right solution is to make sure that the interest from Lorne in that place is also low and that there are no problems with the payment.
- Fill in your identity
If the application is already installed, the third step is to open the application and enter the data or ID. Make sure everything is entered correctly and completely. This is intended to avoid possible mistakes and instead be rejected by the company.
Once the identification has been completed and confirmed by the application developer, you will be able to execute the loan with the specified amount and the time of full refund. In this step, it is very important to pay attention to it and should not be underestimated.
- Confirmation from the company you applied for
If you are sure of the amount and time of the loan, you will be asked to complete the procedure and wait for confirmation from the company. Some companies take a little longer to verify due to the high number of requests.
However, there are also companies that can send you a reply to your request to borrow funds that you have sent in just a few hours, minutes.
Consider Using Money Loans as the Right Solution
Before following the steps above to borrow money, there are some considerations that you need to pay attention to when making a money loan, using an application on your smartphone or making the right solution as usual. Considerations include:
- Payment Plans
First, in addition to the purpose of the borrowing, you must think about the payment plan that must be created . Compare the income you earn to the time of the loan payment. Both online and traditional means should consider this equally.
Usually, at the start of the loan money, the right solution should be to be able to report the profit and loss, cash flow statement and analyze the work and business situation in which you currently live as a form of company guarantee.
- Loan amount
Second, there is the amount of borrowing. It is not because of the ease of borrowing you ultimately and do not consider carefully the nominal of your loan. You don’t have to exaggerate as you can borrow the right amount and it will be even more of a burden on you when you return it.
- Collateral or Guarantee
The last but not so important right solution for money lending is to consider collateral or collateral. Either traditional banks or online loans require collateral or collateral as evidence. You cannot underestimate this as there are often refusals due to failure to comply with the guarantees you provide.
However, due to the small amount of loans, there are many people who can offer unsecured loans. Usually, the requested loan guarantee must be in the name of the loan to avoid the possibility of being delayed or not paid at all by the borrower of funds.
When renting out both conventionally and online, you need to make sure everything is safe and you don’t make any mistakes. Therefore, it is advisable to find the best information about the right money loan solution you have chosen.