The condition of Indonesia’s economy, which continues to experience fluctuations, makes it increasingly difficult for people to meet their daily needs. The price increase that was not accompanied by an increase in people’s income made most people forced to cover their daily needs with loans to and fro. But there are still many people who do not know any place that can be used as an alternative to getting money loans. Then what are some places that we can make alternatives to get money lending?. There are several alternative places to borrow money that you can choose if you are in need of cash to meet your needs, including:
Banking institutions are the most widely used source of money loans by the people of Indonesia. Despite having to meet quite a lot of requirements, applying for a loan from a bank is relatively safer and more secure. If you want to make a loan to the bank but do not have valuables that you can provide as collateral, then you don’t need to worry. Currently there are many banks that provide unsecured loans or unsecured loans that serve this type of loan without asking for collateral from prospective borrowers. The terms of an unsecured loan are considered easier when compared to loans with collateral. But without a guarantee, the risk faced by the bank will be even greater.This affects the loan interest rates applied by unsecured loans. The interest rate on unsecured loans is relatively higher compared to loans with collateral.
One non-bank institution that you can use as an alternative for making money loans is a cooperative institution. To apply for a loan from a cooperative, you must first become a member of the cooperative. By becoming a member of a cooperative, you can get loan funds in accordance with the items guaranteed. In addition, you can also make loans to MFIs or Microfinance Institutions that offer unsecured loans. By applying for a loan at this non-bank institution, you can also carry out a negotiation process regarding the number of loans you need.
Another financial institution with a legal strength that can be an alternative to getting money loans is Pegadaian. Pegadaian is a state-owned company that has long been trusted by the community to overcome the problem of funding with a mild risk with a faster process of about 15 minutes. Prospective customers only need to bring valuable items that can be used as collateral with a maximum loan term of 4 months. The loan term can also be extended by paying capital rent or repaying part of the loan money.
Relatives or Friends
Borrowing money from relatives or friends is the fastest solution if you need a sudden loan. By borrowing money from relatives or friends you are not required to meet complex requirements and do not have to pay interest such as borrowing from banks or financial institutions. In addition, by borrowing money from friends or relatives, you do not need to worry about the time period for refunding because the time period given by relatives or friends is usually more flexible. Even so you still have to be responsible for returning the money in a timely manner so that you don’t lose the trust of your friends or relatives when you want to borrow money again. But borrowing money from relatives or friends also has the disadvantage of not being able to make loans that are too large.
Another place that can provide loan assistance is an individual agency. These individual institutions usually provide online loan services using websites that are promoted through the internet. These individual institutions usually do not have legal entities so you should be more careful in choosing individual institutions that offer money lending services online.
Those are some places that you can make an alternative way to borrow money. Choose a loan source of money that suits your needs and abilities. May be useful.