Money Loans The Right Online Solution VS Conventional
The changes of the current era have made many money lending solutions emerging in various regions. Indeed, it is not uncommon for loan offers to appear by sms sent to your phone number. The offer also offers a variety of interest rates ranging from lowest to highest.
When, in difficult times, you often find a way to borrow money, whether through close friends from a loan services company. This method you think of can help in the hope of returning it as soon as you get a replacement. Although it does not bloom, it is possible that your good relationship is damaged.
Not only when you need money for your personality, when you want to open a new business or business, of course, you need funds and capital at the beginning. When this happens, you are unlikely to borrow it from a friend because of the large enough amount. Then you will look for a large amount of borrowing.
Money becomes something that supports life
Money is still often a problem for the community because of the many needs that need to be met. Then people will make great efforts to earn an income in order to support themselves. Therefore, it is often said that money is the solution to many things.
But getting money by borrowing can be detrimental if you can’t return it immediately. So now there are various loans that can be disbursed quickly. The right solution money loans are even sheltered by large companies. At least currently, there are two ways to lend that can be used, namely online and conventional.
Pros and Cons of Each Loan Method
Conventional loans are still used today, even though many online loans have emerged. In the age of sophisticated technology, awareness is needed in development. The differences of each of these lending methods will be explained according to their advantages and disadvantages.
To make a loan of money, the right solution , of course, there are pros and cons of both that you need to know before borrowing. Conventional or manual loan means coming directly to the place to make a loan.
You will meet with customer service or the people who serve in the place. Then you will be asked about the amount of the loan needed and fill in the data according to the needs of the company. Later, your data will be associated with an ID card to indicate whether you can get a loan or not.
Usually, companies that provide conventional money lending services are BANKS. The advantage of conventional monetary loans is the clear inauguration of the business and the absence of the need to use tools to make loans. But what is missing is that many end up switching to online loans.
The disadvantage of this classic loan is the advantage of online loans. One of them is a quick process so you don’t have to spend time queuing up on the spot. The time you use is not wasted. This benefit is especially felt when there is a sudden need.
Therefore, online loans are often called money loans the right solution compared to conventional methods. In addition to being a quick process and can be done anywhere, online loans also have advantages in terms of very easy requirements. You must prepare photos of your ID.
How to Make Online and Conventional Money Loans
Even though both methods have their own disadvantages and advantages, but you still need to adjust the needs that you can. However, since currently, you can borrow more easily online, it never hurts to try some steps to borrow money online as in below.
- Choose a trusted app
The first important step for you is to choose a trusted online lending app. Not all apps already have official permission and are subject to the OJK. Therefore, make sure that the app or company you are borrowing from already has an OFFICIAL OJK logo.
- Download on Smartphone
In addition, when you have chosen, you need to download the app on your smartphone. As a money loan, the right solution is to make sure that the interest on the loan at this place is also low so that you do not have trouble paying it.
- Fill in your identity
The third step if the app is already installed, open the app and fill in your data or identity. Make sure everything is filled in correctly and completely. This is to avoid possible errors that may occur that are rejected by the company instead.
- Ready
If you have finished filling in the identity and have been confirmed by the app developer, make the loan with the amount you specified and the time for a full repayment. In this step, it is very important to pay attention to it and should not be underestimated.
- Confirmation from the company that made the request
If you are sure of the amount and duration of the loan, you will be asked to follow the steps and wait for confirmation from the company. Some companies take a little longer to confirm due to the large number of requests.
However, some companies can send in a few hours and even minutes a response to the request to borrow the funds you send.
Consider using money loans as the right solution
Before you do the above steps to borrow money, there are several considerations that you need to pay attention to when making a money loan, the right solution using the app on your smartphone or conventionally. The considerations are as follows.
- Payment plans
First of all, in addition to the purpose of the loan, you need to consider the payment plan you need to make. Try to compare the income you get with when the loan is paid. Online and conventional means should also take this into account.
Usually, at the beginning of the loan money, the right solution , you need to declare the profits and losses, the cash flow statement, to be able to analyze the work and business situation you are currently experiencing as a form of guarantee for the company.
- Loan amount
Second, there is the amount of the loan. It is not because of the borrowing facility that you end up with and do not carefully consider the nominal of your loan. You can borrow the right amount and don’t need to exaggerate as it will be even heavier for you on the way back.
- Warranty or guarantee
Last of the money loans the right solution that is no less important is to consider guarantees or guarantees . A conventional BANK or online loan requires a guarantee or guarantee as proof. You cannot underestimate this as there are often rejections due to non-compliance with the guarantees you provide.
However, a few may also provide unsecured loans due to the small amount of loans. Usually, the loan guarantee requested must be in accordance with the nominal loan to avoid the possibility of being late or not being paid at all by the borrower of the funds.
When lending both conventionally and online, you need to make sure that everything is safe and doesn’t make mistakes. Therefore, it is a good idea to find the best information about the right money lending solution you choose.