Credit Unsecured is one of the financial products provided by a banking service that can provide a guarantee to a creditor without the need for an asset to serve as collateral. Currently, many banks in Indonesia are offering Offerable Credit Offers. Before you take product, first consider the facts of you need to know.

Facts on Loans You Need to Know

1. Does Not Require Warranty

Like the name of this financial product is Credit Lack, where the credit offered does not require an asset as collateral. Where this is an advantage for prospective borrowers. On the other hand, for lenders or commonly referred to lenders, these are high risk products.

2. High Interest Rate Loans

The convenience provided by Credit Unsecured, makes the loan interest rate offer very high compared to standard loans. The interest rate on this Creditless Loan is usually between 20% and 40%.

3. Loan Value Reaches Hundreds of Million dollars

One of the other advantages of Lending Credit products is the value of loans reaching hundreds of millions of dollars. This is an additional point for Credit Unsecured creditors, as potential lenders are not obligated to provide guarantees but can obtain up to hundreds of millions of loans. For the nominal range of loans provided by each institution is approximately equal to USD 5 million to USD 300 million.

4. Simple Multiple Submission Requirements

Credit Unsecured Credit Lending system is very convenient for prospective lenders. But that doesn’t mean has no other requirements. To be able to apply for loan, there are other requirements that must be met, among others.

• Have citizenship

• Minimum 21 years old, maximum 65 years

• A copy of a pay slip, usually a minimum standard of earning a debtor’s income of around 3 million dollars per month.
• Photocopy of Identity Card, Passport, NPWP

In addition to the above terms, your financial institution will also determine your financial history. Information about your financial history can be obtained by the bank through a system.

5. Credit Card Users Will Obtain Credit Facility

The average service provider financial institution provides that a potential customer must have a credit card within a certain time frame. Although not all agencies provide these requirements, most agencies require prospective lenders to attach a credit card front-facing photo as one of the required documents.

The information on your credit card can make it easier for your bank to check your financial history, whether you are a diligent and timely customer of your installment, or whether you are a frequent customer. In addition, the presence of a credit card can help in the event of an emergency.

6. Loan Funds Can Allocate Customers Free

In allocating loan funds, the bank gives the creditor freedom. Whether these funds are used to pay for installments, investments, building renovations, children’s school fees and more. This is another benefit for prospective creditors, because when borrowing funds through working capital loans at banks, the lending procedure to be met will be different.

7. A Relatively Fast Fundraising Process

Lending systems through products will usually be transferred directly to the customer’s account. The funds to be disbursed have been deducted from the expenses incurred. The process of disbursing the funds is so rapid, it can take up to 14 business days for an average bank to bank, and some may even disburse the funds within a week if the customer is considered eligible.

8. Fixed Flowers are Permanent

All banks set a fixed interest rate for . The value of the interest is assessed from the principal nominal debt at the beginning of the deal, making the interest rate more expensive.

9. The Shorter the Loan Tenor, The More Profitable

The term loan tenure usually lasts from 12 months to 60 months. In the case of fixed interest rates, it is safer to pay off the installments as soon as possible.

Take a look at the various amenities that offers before you apply

Credit Without Credit has a lot of benefits, but not a few things to keep in mind about. By reading the above facts, we hope to improve your information on Credit Lending. Please meet the criteria before applying for a loan.

There are currently so many credit card options that users don’t know which one to apply for or which one is the best option for them. Several years ago having a credit card was almost a luxury that not everyone could afford, however, conditions have become people can even have a credit card online without any problem. The latter is very useful for small purchases and online; however, if a higher quota is needed, it is time to investigate the best option.

What should you consider before applying for a credit card?

If you have never had a credit card, but if you have a debit card, you should know that they work very differently. Although with both you can make purchases, pay and withdraw, with the credit card you can defer payments to installments and also pay with money that you do not actually have available, this being the main difference of credit and debit card.

Before applying for a credit card, you must consider its advantages and disadvantages. Depending on the type of credit card, for example, visa credit card, you will notice that the interest rate is different, and that is very important because you will also receive the same month-to-month interest.

Even so, there are other great advantages of credit cards, for example, many offer discounts at certain establishments with which they have agreements, you can also make cash withdrawals, something you cannot do with debit cards. Remember that these money withdrawals are usually deferred to several installments and are something specific to each bank and card.

It is important that you investigate bank cards and that you use online tools that help you buy different options since selecting a credit or debit card is a very important decision.

The idea is that you have the one that offers the most benefits, with the lowest interest rates in the market. Even some credit cards offer miles and points that you can later redeem for different prizes.

What is the operation of a credit card?

Basically, with a credit card, the one that pays for your purchase or your withdrawal is the bank. And you will have a month or less, depending on the term and day, to return that amount. This is a very basic explanation if you don’t know what a credit card is. Also keep in mind that you can select the number of installments when paying with your credit card, if you do it only, you will have no interest at the time of payment.

As a curious fact, credit cards are the most widely used method of payment throughout Spain, and on average, each person has between 1 and 2 cards, not counting if they are debit and credit, they could even be more.

As we mentioned before, with all the cards, if you make the payment in a single installment, no interest will be generated, but if you decide to defer that payment in several installments, the interest can vary between 20% and 27% APR; Although most banks offer 25 days at 0% TIN, however, we know that it is not always easy to pay a debt in such a short time.

Why have a credit card?

There are currently online credit cards that work like a debit card, as they are recharged with money from the savings account and can be used in online purchases; An example is the Bank prepaid card. However, this online credit card does not have a physical plastic, so it is limiting when you leave. That is where the main advantage of credit cards comes, because on a trip they are always available and accepted in the vast majority of stores.

In addition to this, you have 25 days without interest, so if it is a short trip, you can use your credit card without a problem, and pay once you return. Keep in mind that if this money is not returned in those 25 days, the interest increases considerably.

Another advantage is that you can apply for a credit card online, depending on the bank you wish to complete the process with. Many times it arrives directly at your house without having to go out and make long lines.

Some credit cards include travel insurance related to accidents, lost luggage and flights; In this way, you will not only have advantages in the payments of your trips, vacations, garments, appliances, etc., but you also have a bank support on your credit cards, something that a debit card may not offer you.

Care you should have when requesting a credit card

Although a credit card has many advantages, it also has many responsibilities that cannot be overlooked. Each bank credit card will have an assigned quota, and will not be the same for all users, as this also depends on their risk profile, credit history, and income. Therefore, requesting credit cards is not so simple for everyone, as banks have to ensure that money can be returned.

Another factor of credit cards that must be taken into account is their interests that can often be raised without realizing it. Equally commissions and monthly payments. The vast majority of bank cards have a monthly cost that must be paid only for having such a benefit. And all this must be taken into account before applying for a credit card.

When thinking about obtaining a credit card, keep in mind your needs and the different types of credit cards, as some, such as the revolving card, is a bad option due to their great interests.

If you really need it just to make purchases online, a prepaid card or wallet is a better option for you. If you are traveling, you can get one with lower interest rates, and if you need only a sum of money, a personal loan may be a better option. Find out and make the best decision according to your needs.

The consortium is a modality of access to credit that has its own legislation and several rules issued by the Savers Connection Bank. And although it is easy to understand its dynamics, there are several rules that may be unknown even to those who are already consortium members. In today’s post, we will reveal 5 curiosities about the use of the consortium credit.

1. You can purchase used goods

In the use of credits linked to the acquisition of motor vehicles, aircraft, boats, machinery, equipment and real estate, it is possible to purchase used or semi-new goods. The administrator may establish, in the contract, rules regarding the time of use of the assets.

2. You can purchase another item and choose the supplier you want

Even if your contract is referenced in a certain item, you can purchase another one, provided it belongs to the same category. Thus, even if you have made a consortium for the purchase of a car, you can, when contemplated, opt for a motorcycle, since both are part of the same category. Get to know the categories directly in Circular BC 3,432 / 09, which addresses this issue in item XIII, of Art. In addition, no matter which administrator you made your consortium in, you will always have the right to choose the supplier or service provider that best suits you.

3. You can withdraw credit in cash

You can receive the consortium credit in cash provided that you have paid off the entire balance and 180 days have passed since the date of the contemplation meeting. It is worth remembering that, although it is allowed, the consortium’s objective is always the acquisition of a good or the contracting of a service, OK?

4. You can use credit to pay off financing

It is possible to use the consortium credit to fully discharge the financing of its ownership of goods and services that can be acquired through the credit obtained. For example: the credit referenced in a vehicle cannot be used to settle a mortgage, only a vehicle. This possibility is subject to prior approval by the administrator and compliance with conditions established in the contract.

5. You can use up to 10% of the credit amount for other purposes

The consortium allows you to use up to 10% of the credit amount to pay for expenses related to the acquisition of the good or service. Examples are property transfers, taxes, notary records, registration institutions and insurance.

It is worth remembering that the consortium is regulated and supervised by the BC. All of these possibilities for using credit are set out in Law 11,795 / 08 (Consortium System Law) and Circular BC 3,432 / 08. If you have doubts, in addition to consulting the regulations.