Of the many cases that we often see, many online lenders feel overwhelmed by the interest they give. Many find these flowers to be too high and eventually make you overwhelmed.
This is because of the penalties for late-day interest rates imposed by these online lending companies. This is what feels like a burden to you and eventually causes you to get stuck in debt.
Therefore, it is strongly recommended that you lend an online payday loan to a financial institution that is officially registered and overseen by OJK. Because this financial institution applies the flat rate per year rather than the daily interest rate.
Here are some tips to get you the ideal online payday loan interest.
Online loans from financial institutions, however, require that you provide a guarantee. However, you do not need to worry, as the warranty requested does not complicate you.
You can provide a warranty on your motorcycle or car BPPB letter, or if you have a home certificate, you can also make it a guarantee. The lower the value of your guarantee, the greater the interest rate will be applied.
Define Loan Tenor
The tenor of the loan you choose will determine the interest rate that will be applied to you. The longer your loan term, the more interest you have to pay.
If you choose a longer tenor, then the monthly installment you have to pay is small. However, when taken into account, the interest you pay on your loan is greater than if you chose a shorter-term loan.
If you do not borrow large amounts of funds, then you do not need to have a long tenor to repay the loan. Tenor 6 months to 12 months, feels good enough to be your choice.
Selectively Select a Financial Institution
Trusted financial institutions are financial institutions registered and overseen by OJK. If the OJK logo is already in place, then the financial institution is legally obliged to be secure. Good Finance is one of the financial institutions that can help you deliver a high loan rate, a flat rate, and a competitive rate.
The online lending rate offered by Good Finance applied for flats ranging from 0.95% – 2.25% per month. And it ranges from 12% to 27% per year. The interest rate is smaller than the rate charged by unsecured online lending applications. Generally, the interest rate set by them varies between 0.8% per day.
Before you decide to make a loan through an online payday loan application or other financial institution, it’s a good idea to research what interest rates to apply. If you lend to a financial institution, they will usually provide you with a table detailing how much you will need to pay in accordance with the tenor you choose. This can help you to anticipate your financial situation in the future.
Hopefully this article will help you to choose the financial institution with the best interest rate according to your ability.