A cash loan is a product of a company or financial institution that provides loan facilities to prospective new customers (borrowers or debtors). Usually cash loans include two things, namely by accompanying collateral or without accompanying collateral.
If by accompanying collateral, the borrower is required to provide collateral or collateral, whereas if without accompanying collateral it means that there is no guarantee of involvement.
In fact, not only banks provide cash loan products, but other financial institutions are also able to provide such facilities so you don’t need to borrow funds from moneylenders who provide high interest portions.
Cash Loans by Accompanying Collateral
Cash loans with accompanying collateral include three financing products, namely multipurpose loans, pawnshops, and private-owned pawnshops.
1. Multipurpose loans
Multipurpose loans are one of the credit products from banks that provide cash loan facilities to borrowers (debtors) by providing collateral. That way, the size of the loan obtained can be adjusted to the price of the goods or property that the borrower pledges.
The general requirement for multipurpose loan borrowers is to have a monthly income that is in accordance with the selected multipurpose credit product, the age of the loan applicant must be above 21 years to under 55-60 years at the time of repayment.
Examples of multipurpose loans are BFI Finance, Kredit BRIGuna, BCA KKB Refinancing, Danamon Dana Pinjam 200, Batavia Prosperindo Finance Mutiguna, Sinarmas Multifinance, Mandiri Kredit Agunan Deposit, and others.
For those of you who want to make a cash loan, it can be submitted to Pegadaian owned by the Ministry of State-Owned Enterprises (BUMN). The type of loan at Pegadaian is quite diverse and can be resolved quickly and easily.
Pegadaian has an official permit from the Financial Services Authority (OJK) to provide funding or fast funding loans to the public. There are three types of loans at Pegadaian, namely Secure Fast Credit (KCA), Installment Loan (Krasida), and Creative Loans.
Of the three types of mortgage loans, all the requirements are very easy and fast. Borrowers must have an identity card (KTP), family card (KK), marriage certificate for those who are married, and STNK or BPKB for motorized vehicles.
3. Private-owned pawnshops
Many pawnshops owned by private companies also provide cash loans on easy and fast terms.
When borrowing, you must see the status of the privately owned pawnshop, whether it already has a permit and is registered with the FSA or not. If you have, then you are allowed to borrow, if not then leave it.
The requirements given are almost the same, simply submit a resident card (KTP), family card (KK), marriage certificate for those who are married, and STNK or BPKB motorized vehicles.
Cash loans without accompanying collateral
Credit without accompanying collateral is a form of cash loans. This form of credit includes unsecured loans (KTA), online loans, and credit card cash advance.
1. Unsecured Credit (KTA)
KTA is a banking product that is in the public interest. This one cash loan does not need to guarantee assets as collateral. Usually borrowers use KTA products to pay off children’s education costs, medical expenses, vacations, and so on.
To use a KTA loan, the borrower must fulfill several conditions, such as shouting a photocopy of identity card (KTP), a copy of a credit card, a copy of the taxpayer’s main number (NPWP), a pay slip or an income certificate, a copy of a Trading Business License (SIUP) and account bank newspaper.
2. Online loans
If you need extra funds without collateral, online loans can be an option. This is a fund loan facility by online financial service providers.
Online loans of this type can be resolved without difficulty and without leaving the house. You just reach it through an online application that is available on various types of cellphones. So, you don’t have to queue at the bank because credit searches like that have been swallowed up in time.
Usually the online loan requirements include ownership of a resident card (KTP), minimum information on the age of the borrower, Family Card (KK), savings book, and the borrower having a job as well as a minimum fixed income of Rp2 million per month.
3. Cash advance credit cards
Advance cash credit card is the amount of funds provided by the bank to customers. Later, customers can withdraw money from the credit card account from an automated teller machine (ATM).
Credit card cash advance products should be provided by banks, both state-owned and private. Regarding the amount of money customers can withdraw will vary depending on the policies of each bank.
Before making a credit card cash advance, you must pay attention to three things, namely fees charged, interest rates, and credit limits and cash withdrawal limits.
By understanding cash loan products and procedures, you can now be wiser in making choices. Most importantly, make sure the amount of money borrowed is according to your needs and try to be able to repay the installments on time.