Dana Rupiah Cepat Guide

Rupiah Funds is an online loan application / online KTA

Things to Look For When Borrowing Online

Have you ever imagined what borrowing funds is like in an online loan application? Before you actually apply for a personal online loan, pay attention to the following points once again.

Study the rules and lending process thoroughly

Pay attention to the amount of interest offered

OJK has determined that the total loan fee per day is a maximum of 0.8%, including provision fees and interest. That is, in a month the maximum fee charged to the borrower is 24%.

Well, you also need to know how to calculate interest that is commonly applied, namely flat interest and effective interest. Flat interest is applied by calculating the interest rate based on the amount of the initial debt principal. Meanwhile, the effective interest calculates the interest rate on the amount of the remaining debt of the borrower.

Calculation of the amount of installments with flat interest is obtained from the initial amount of the loan principal divided by the number of loan tenors proportionally. So, the amount of installments per month from start to finish is the same. Borrowers can allocate a number of funds with a similar nominal value each month. However, the longer the loan tenor, the greater the total amount of money you will pay until the installments are over.

On effective interest, the interest rate calculation is based on the remaining debt of the borrower. In short, the amount of money you deposit each month varies because there are different interest deposit amounts. Meanwhile, the installment amount remains the same. That way, the value of interest paid will decrease over time and decrease with the remaining credit tenor.

Based on this principle, flat interest is often used in short tenor loans, such as Motor Vehicle Ownership Loans (KKKB) and Unsecured Loans (KTA). On the other hand, effective interest is usually used for housing loans (KPR), which are actually long-term loans.

Furthermore, you can compare several online loan applications before applying for a loan. Calculate according to the daily interest rate because the tenor of each online loan can be different. Also check for deductions from provision fees or administration fees because these components have a big effect on the loan amount you pay.

Short tenors are relatively safe

If you really need fast funds for urgent needs and online loans are the only solution, it's better to take a short tenor when applying for a loan. The sooner you repay the loan, the smaller the fees and interest you have to bear.

Don't forget to compare the disbursement funds that have been received and the amount of repayment. This method is quite effective for calculating how much interest you actually have to pay. One more thing, try to pay on time so that your reputation as a customer is maintained.