4 Tips for Choosing a Safe and Reliable Online Loan

In the midst of the many online loan options, getting one that is safe and reliable can be a difficult homework. Fortunately there is the Internet that makes life easier, including hunting for reliable online money loans. With the online concept, this money loan can be accessed and obtained without the need to go to an online money lender’s office. That means their services are posted on the Internet so they can be easily compared.

In addition, there is no need to open one by one online lender sites to compare. There is already a financial services comparison site that provides help with that. You can see which direct online liquid loans are the fastest process. Likewise, online loans without collateral are safe and reliable.

To choose an online money loan, the following tips can be practiced:


Check the sign has been registered with OJK

credit loans

Institutions that provide online or regular loans must be registered with the Financial Services Authority (OJK). OJK is the party authorized to regulate and oversee the activities of financial institutions in Indonesia.

The online money lender’s site should have listed information already registered with the OJK. Usually the information is at the bottom of the site. Or if the online loan is on a smart phone application, see the information before downloading.

If registered, the application must include that information. Because, registered status is a guarantee that their online money loans are safe and reliable.


Learn the costs

money loans

Don’t be tempted by the promise of a direct online loan. Look and learn first the costs that accompany it. These fees must be clearly notified in advance. Costs that often arise in the loan process include:

– Provision: a kind of service fee because the loan is approved.
– Administration: money to administer loan administration, sometimes combined with provisions.
– Fines: imposed if the installments are late.
– Penalty: charged when repayment is accelerated.

There are online loans that do not charge a provision or administrative fee. This is worth choosing, but look at other costs as well. Fines should be calculated per month, not per day. For example, late payment of seven days, fines should not be calculated for seven days, but for one month. It could be a bad lender by wearing a daily fine, which is ultimately greater than a monthly fine.

The matter of penalty fees must also be clear, whether there is or not. If there is, how is the calculation. Naturally, penalty fees are calculated from the remaining unpaid ceiling. For example, a loan of USD 10 million with a tenor of 10 months and installments of USD 1 million per month. When up to the eighth month or installments have been paid $ 8 million, it turns out there is sustenance.

Then the debt is paid right away. Take for example the 2 percent penalty fee, what should be added is 2 percent x $ (10 million-8 million) = $ 40 thousand. You should avoid online money loans that ask for a penalty in the form of a percentage of the total ceiling, not the remaining ceiling that has not been paid.


Any conditions

loan conditions

Terms of direct online liquid loans are generally easier than regular credit from banks. An identity card is certain. Likewise, the main number of taxpayers. Most also do not require a credit card.

If there are odd conditions, such as giving credit card photos back and forth, it’s better not to use his services. Credit card numbers must be kept confidential, especially the three digit numbers on the back of the card. Therefore, that number can be used as a tool for transaction validation.

Another strange condition is that you have to pay first to get a loan. This is clearly fraud. It makes no sense if someone who needs a loan is actually asked to provide money to the borrower.


Site is locked

Site is locked

Make sure the online loan provider site has a locked padlock sign on the top left side of the address. Look in the left hand corner of your computer or cellphone screen for locked locks. If there is, it means that security is more guaranteed.

A trusted online money lender must make sure there is a locked padlock on his site. If the padlock is open or there is a scratch mark, it’s better to look for a loan somewhere else.

One other way to choose a safe and reliable online loan is to seek the advice of acquaintances or relatives who have used the services of related institutions. But not everyone has ever looked for a loan online. This method can be used as an additional after taking the four previous methods.

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