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Money loan services, especially online loans or credit, increasingly have a place in society. Sudden needs, such as rising hospital costs, children’s school needs, or to cover other unexpected costs make online loans (pinjol) more attractive.
Actually there is a role for emergency funds that should be able to cover these needs. However, not everyone has an adequate emergency fund. Not even a few people who do not have an emergency fund at all. If there is an urgent need for funds, then online loans and credit are the solution.
In matters of credit and loans, the bank actually has a role first. It’s just that, the loan system at the bank used to be more complicated with collateral or guarantees. In fact, what people need is a loan that can be disbursed quickly, without collateral, an easy disbursement process, can be paid in installments, and of course reliable.
To answer this market demand, the bank finally offers an unsecured loan feature unsecured credit (KTA). However, there are many factors that ultimately make the KTA feature at this bank still inferior to online loan services offered by fintech peer-to-peer lending.
So, what are the best online loan applications that can channel funds quickly, at low interest rates, and reliably?
1. My Cash
Tunaiku has the tagline ‘Quick Liquid Online Loans Without Collateral’. This online loan company, which has been established since 2014, is a product of PT Bank Ammar Indonesia and is registered with the Financial Services Authority (OJK). Ammar Bank itself has been established in Indonesia since 1991.
At Tunaiku, you can withdraw an online loan from IDR 2 million to IDR 20 million with a tenor of 6 to 20 months. Installments can be made monthly, for 20 months.
Quoted from the information in the Tunaiku application, loan interest is pegged at 3 percent to 4 percent. The maximum interest per year (APR) is 36 percent to 48 percent. Cash loan administration fees are also pegged at Rp online loan at Tunaiku:
Susi took an online loan of Rp. 10 million. With the interest portion mentioned above, Susi needs to pay monthly installments of Rp 1,167,960 to Rp 1,276,210. This means that the total loan payments paid by Susi in the end amounted to Rp. 14,795,177 to Rp. 16,575,654.
The terms of borrowing money at Tunaiku are quite easy because there are no guarantees. With an ID card, you can get credit online. The loan method is also fast, by filling out the application form (15 minutes), approval (24 hours), contract (1-3 working days), and after that the money is immediately disbursed.
What about other costs? Please note that early repayment fee: IDR 0. Easy late payment fee: IDR 100,000. Late fee: 0.16 percent per day.
2. Kredivo
This application already has quite a name because of its massive promotion on social media. Kredivo offers shopping installment facilities without a credit card and cash loans.
Loan products that given an installment tenor of 3, 6, or 12 months. The interest rate is 2.6 percent per month with a maximum annual interest percentage (APR) of 53.36 percent. The loan limit that can be disbursed is IDR 30 million.
Online loan simulation at Kredivo:
Yanto applied for a loan of Rp. 1 million with a tenor of 12 months, an interest rate of 2.6 percent per month. Then the installment that Yanto needs to pay every month is Rp. 109,340. Meanwhile, the total money that Yanto needs to pay until the end of the installment is Rp. 1,312,080.
The loan terms at Krediovo are also quite easy, Installments of goods or fresh funds only need an ID card without a payslip. Kredivo has also been registered and supervised directly by OJK.
3. Akulaku
This platform provides loan facilities that can be disbursed quickly. You can withdraw an online loan of up to IDR 15 million with loan installment tenors ranging from 3, 6, 9, and 12 months. Akulaku sets a monthly admin fee of 1 percent of the loan principal. In addition, there is an interest per month of 1.5 percent loan principal.
Akulaku’s maximum annual interest rate (APR) is 55.35 percent, including monthly interest fees and monthly admin fees.
Online loan simulation at Akulaku:
Hidayat applied for a loan of Rp 2 million with a tenor of 6 months. So Hidayat is charged a monthly interest fee of 1.5 percent of the loan principal and a monthly admin fee of 1 percent of the loan principal. Then the monthly bill that must be paid by Hidayat is IDR 383,333. This means that the total installment payments that Hidayat must pay are IDR 2,300,000 with an APR of 52.1 percent.
4. MoneyFriends
Money Friends has a product tagline ‘Secure and Trusted Online Loans’. This platform provides short-term micro-loans, suitable for those of you who need unsecured credit easily and quickly.
There are several online loan products offered by friends’ money. Let’s discuss them one by one:
a. Payday / One time payment
With this facility, you can borrow Rp. 1.5 million to Rp. 3 million with a tenor of 65-70 days. 0.8 percent per day with free admin fee.
Simulation:
You borrow IDR 2 million with a tenor of 65 days and an interest of 0.8 percent per day, so your total installment payment is IDR 3,040,000.
b. Lite Installment/Light Installment
You can borrow with a ceiling of IDR 3.5 million to IDR 10 million. The tenors are 3 and 6 months with interest from 15 percent to 18 percent per month or 0.5 percent to 0.65 percent per day. The admin fee is free.
Simulation: We borrow Rp. 10 million with a tenor of 3 months and an interest of 15 percent per month. Then the monthly installments are, the first installment is Rp. 1.5 million, the second installment is Rp. 1.5 million, and the third installment is Rp. 11.5 million.
c. Installment / Installment
You can borrow IDR 5 million to IDR 20 million with installment tenors of 3 and 6 months. The interest is 6-9 percent per month or 0.2-0.3 percent per day. Free admin fee.
Simulation:
You borrow Rp. 10 million with a tenor of 6 months and an interest of 6 percent per month. The monthly installment is IDR 2,266,667. In accordance with OJK regulations, total and the penalty is a maximum of the loan principal. Daily interest is equivalent to 0.8 percent in accordance with the AFPI and OJK code of ethics.
5. JULO
Through JULO, you can quickly borrow fresh funds of IDR 500 thousand to IDR 8 million, without collateral. The installment tenor is in the range of 61 days to 180 days (6 months). The interest is 4-7 percent per month, with a maximum annual interest rate (APR) of 48-84 percent.
Online loan simulation on JULO:
You borrowed IDR 4 million with a tenor of 6 months and an interest of 4 percent per month. The monthly installment is IDR 827 thousand. This means that the total installment payments that need to be repaid later are IDR 827 thousand x 6 = IDR 4,962,000
6. Adakami
AdaWe have the tagline ‘Unsecured Online Cash Loan Application Licensed by the OJK’. The products offered include online loans with a limit of Rp. 400 thousand to Rp. 10 million, tenors of 3, 6, and 12 months. Maximum annual interest rate (APR) of 19 percent with zero percent service charge.
Online loan simulation in borrow Rp 2 million with a 6 month installment period. Then the monthly rate that will be charged is 19 percent divided by 12 months = 1.58 percent. Monthly interest = IDR 2 million x 1.58 percent = IDR 31,666.67
The amount of installment payments per month is (Rp 2 million/6) + Rp 31,666.67 = Rp 365,000
Total interest = IDR 2 million x ((19 percent/12) x 6) = IDR 190,000
So the total cost of returning = IDR 2 million + IDR 190,000 = IDR 2,190,000
At Adakami, you can apply for a loan without an ID card and without collateral.
7. Tokopedia
Tokopedia turns out to not only act as a marketplace, but also offers online loans. The title of the feature offered is called ‘Tokopedia Online Loan’. This product is a loan service that can be applied for quickly, and works with a number of trusted banks and financial institutions.
Online loans that can be applied for are limited to Rp. 1 million to Rp. 3 billion. How to apply for a Tokopedia online loan, directly select a loan product according to your needs, fill out the form, and complete the data required through the Tokopedia application.
The installment tenor for Tokopedia online loans is 1 month to 96 months. The determined installment late fee is the 1 day late fee = remaining debt x 10 percent. Late fee for n days = remaining principal x (10 percent + 2 percent x n).
8. Smart Credit
Smart Credit offers online money loans with a ceiling of up to Rp. 20 million. The admin fee applied is 5-15 percent, depending on the amount and period of the loan. The tenor is 91 to 360 days.
Online loan simulation at Smart Credit:
You borrow Rp 2.3 million for 91 days. After deducting the pre-service fee, the total payment you have to make is IDR 2.3 million + (IDR 2.3 million 0.165 percent x 91 days) = IDR 2,645,100.
The maximum annual interest rate (APR) is not more than 11 percent. The terms for borrowing money are not difficult, just an ID card and no collateral.
9. Money Me
Money Me has the tagline ‘Borrow money online in installments, quickly disburse and fund interest loans Money Me, you can borrow money online with a ceiling of IDR 400,000 to IDR 4 million. The installment tenor is 91-120 days.
The fees applied include the maximum annual interest (APR) of 2.19 percent. Service fee, 24.3 percent to 32.4 percent according to the tenor.
Start an online loan at Money Me:
You borrow IDR 1 million with a tenor of 91 days and pay on time, then the monthly installment is 427,450.
The total payment for 3 months is IDR 1,282,350 which is calculated from IDR 1 million + (IDR 1 million x 24.3 percent (service fee) + IDR 39,350 (interest)).
The interest calculation is IDR 1 million * [(21.6 percent/12) * (1 + (21.6 percent/12)) ^3] / {[(1+21.6 percent/12)] ^ 3}-1}) *3 – IDR 1 million and the fee charged is IDR 282,350
10. Fast Rupiah
Through Rupiah Fast, you can also access online credit without collateral. Loans that can be withdrawn are IDR 400,000 to IDR 5 million, with a loan term of 91-365 days. The maximum annual interest (APR) is 24 percent.
Simulation online in Rupiah Fast:
You borrow IDR 2 million with a period of 91 days. Then the fees charged are:
Monthly interest rate 24 percent/12 = 2 percent
Monthly Interest IDR 2 million*2 percent = IDR 40,000
Total monthly payment, IDR 2 million/3 + IDR 40,000 = IDR 706,666.67
Total interest: IDR 2,000,000*(24 percent/360)*91 days = IDR 121,333.33
Then the total return = IDR 2 million + IDR 121,333.33 = IDR 2,121,333.33
Tips for Borrowing Money from Fintech
After listening to the fintech products or online loans mentioned above one by one, maybe you are confused about which one is the best online loan provider. What you need to realize, even though you are in need of fast and urgent funds, you still need to do a little more research to make sure the online loan you withdraw will not be a problem in the future.
Well, here are some tips that can help you choose the best online loan provider:
1. Choose an Official Fintech Application
What is clear, choose the official one registered with OJK. Only official fintechs clearly comply with OJK rules. OJK also has a mechanism to impose sanctions on fintechs caught being recalcitrant. According to the OJK’s own procedures, the loan interest rate should not be more than 30 percent.
2. Choose Low Interest
This point is certainly useful so that the return you pay is not too swollen. Try comparing one loan to another to find which one offers a lower interest rate.
3. Record the Monthly Due Date
You need to be obedient in paying online loan repayments. If necessary, note the monthly due date so as not to be late. Remember, there will be late interest on loan repayments.
4. Prepare Installments for Every Payday
Don’t take online loans for granted. Once you borrow from a fintech, you must understand that it is a debt that must be paid immediately. You need to routinely and consistently set aside your salary to pay off all loans so that you are immediately free from debt Record Loan Amount
Record and document all loan details in advance. This needs to be done to avoid problems in the future.