Applying for a loan is often the solution in financial problems. Things like this can happen to anyone, including you millennials. But before applying for such a loan, you certainly have to understand well your own reasons and needs.
This is important, given that these loans will be a burden inside finance, so it should be well planned from the beginning.
Basically, there are many types of loans that you can consider. Not only from financial institutions such as banks, some other non-financial institutions also provide easily accessible loans.
In addition to the loan amount, interest as well as various costs applied also deserve consideration in choosing. Plan this loan application well, so that you can get the maximum benefit.
Here are some types of loans that millennials can choose from:
You're Confused Find the Best Non-agreed Credit Product? Take a closer look at the solution!
1. Credit Without Collateral (KTA)
The KTA represents one of the most popular loans among others. This one loan is even in high demand, so it's no surprise that almost all banks provide this product.
KTA is a loan product provided by a bank, where you can access this service without the need to apply for collateral (guarantee) at all. This becomes one of the excess KTAs, when compared to other loan products issued by banks.
Basically, each bank will have a special policy related to the submission of this KTA. However, when compared to other types of loans, the requirements for applying for KTAs are indeed easy.
The process of applying for these loans is also fast, some banks even require only 2-3 days of application process. This will be an important consideration, especially if you need funds in a fast time.
The interest offered by the KTA should also be a consideration, because when compared to loans with collateral, this KTA tends to be higher. This is certainly natural, given that banks also risk greater losses in these loans.
KTA funds can be used for various needs, such as: education expenses, home renovation funds, medical expenses, and others.
2. Multipurpose Loans
A multipurpose loan is a loan product that you can access by applying for collateral (guarantee). That is, you must have assets that can be used as collateral to obtain these loan funds.
This condition often makes this loan application process slow. Bank or financial institution parties will require lengthy processes to take decisions, where a survey of guarantees will always be necessary.
But behind the terms and also the complicated process, you will also benefit in some ways. Multipurpose loans usually apply only lightly crossed interest, so it does not burden your mortgage.
In addition, this loan may also be obtained in large ceilings, depending on the value of the collateral you apply for. Some non-bank financial institutions also provide these multipurpose loans. But make sure you're always observant in choosing, at least the institution such should be on the OJK list.
3. Online Loans
Online lending became one of the most numerous and popular over recent years. In accordance with its name, access to these loans can indeed be done online and of course quickly.
The conditions applied are usually easy and you will be able to meet quickly. The disbursement of online loan funds can usually be made in a time that is relatively fast.
But this one loan will apply very high interest rates, some could even be 1% for each day. In addition, the amount of administrative costs and others will also burden you.
Make sure you are selective in choosing this online loan, so that you won't get into trouble one day. In addition to being listed in OJK, choose online loans that do have a good reputation and do not apply various rules that make it difficult for you.
4. People's Enterprise Credit (KUR)
A KUR loan would be the right choice for those of you who intend to start a business. This one loan is indeed specifically intended for micro entrepreneurs who need capital to start or even grow their businesses. To be able to faxes loan KUR, you will need a Trade Business License (SIUP) and other conditions.
The interest on KUR loans is relatively light, because from the beginning it was intended for small businessmen who needed capital. However if given that these loans will be used for venture capital, then it is essential to plan their allocations appropriately from the beginning.
Don't get into trouble or even the default condition, just because this loan is not