How the Fast Money and Risk Loans Work

The most effective fast money loans are used when pressed or squeezed by economic conditions. Most institutions that offer loans like this give interest of around 1% per day. Some also give interest per month if the tenor is long enough.

With many institutions offering fast money, people are expected to be wiser in making choices. At least, make sure the institution is registered with the Financial Services Authority (OJK) and has a clear work system.

Types of Fast Money Loans

Types of Fast Money Loans

There are several choices of institutions that offer loans that you can use. Every company offers different loans, but the requirements are almost the same.

Here are the types of fast money loans that can be chosen.

1. Cashmofor

Lightning loan service sites, such as Cashmofor, provide loans with a quick disbursement process, which is not up to 24 hours. Loan funds are only Rp.5 million. Because the number of loans offered is not large, the tenor given is also short, which is around 10 to 40 days.

Cashmofor also provides a free program for the first loan. So, you don’t bear any interest at all or 0% interest for the first loan with a tenor of 10 days.

As a condition for being able to get a loan, the borrower must:

  • Have a KTP.
  • Have a permanent job.
  • Income of at least Rp2 million per month.

2. Fumiyo funds

Dana Fumiyo is a loan provider that offers a faster disbursement process, which is only minutes. Dana Fumiyo based application that can be downloaded for free.

The loan size offered at Dana Fumiyo reaches IDR 2 million with a loan tenor ranging from 21 to 90 days. While the interest rate given is 1% per day. For example, if you borrow funds amounting to Rp1 million with a tenor of 30 days, then the total return to be paid is Rp1.3 million.

Special conditions for borrowers in the Fumiyo Fund are:

  • Borrowers must be Indonesian Citizens (Citizens) over 18 years.
  • Have a job and regular income.
  • Provide the cellphone number of the closest family.

3. Plunwer

Plunwer is an application that offers fast loan money solutions. The loan from Plunwer has a maximum number limit of IDR 8 million with tenors ranging from 1-6 months. Interest given reaches 0.33% per day.

You simply fill in your personal data in the Plunwer application and wait for the verification process that is not long. Once approved, the loan funds will be sent in less than 28 hours. But beforehand, you must fulfill the following requirements.

  • Borrowers aged 21-50 years.
  • Have a job as a public or private employee.
  • Based in Jabodetabek.
  • Has a minimum income of IDR 3 million.

4. Anaku

Anaku is a product of Amar Bank with a maximum loan limit of Rp. 20 million. The process is fairly fast because it only takes one day through submission in the application.

Anaku products do not provide a large interest rate each month, which is only 3% per month. However, if there is a delay in paying installments, a fine of 0.16% per day will be imposed.

Loan terms through Anaku, namely:

  • The borrower must have an identity card (KTP).
  • The borrower must have a job.
  • Minimum borrower income of IDR 2 million.

5. Borrow Mik

To borrow from Pinjam Mik, you must fill out the loan application form through the Pinjam Mik application. This one borrowing company is also fairly fast in disbursing money loans, which is not only up to 4 hours the loan money has arrived in a personal account.

The loan system in Lend Mik uses a discount system, which means that payments will be made directly with a service fee of 14% of the loan amount. For example, if you borrow Rp1 million, then the funds you will receive will be Rp.860 thousand.

The loan limit in Lend Mik is IDR 600 thousand, IDR 1 million and IDR 1.2 million, with a loan tenor of 7 days and 14 days. If you are late paying the loan, you will be charged a late fee of IDR 40 thousand (first day) and added a daily penalty of 1% of the loan amount.

The requirements for applying for loans in Mik Loans are fairly easy and almost similar to other loan institution applications, namely:

  • The borrower must be more than 18 years old.
  • The borrower must be an Indonesian citizen.
  • Have a personal account or bank account.
  • Have a fixed income every month.

6. MoneyTow

Produk UangMe offers fast money loans ranging from Rp.400,000 to Rp.4 million, with a 3-4 month tenor. To borrow from UangMe, you only fill in the data on the UangMe application form and wait for verification for 30 minutes.

Interest at MoneyTow is 0.07% per day and service fee is 0.02% per day. Both of these fees will be accumulated and paid with the monthly installments.

For example, if you borrow Rp1 million with a tenor of 4 months, then the interest that must be paid is IDR 21 thousand per month and service fees of IDR 60 thousand per month. That way, the total interest and service fees amounted to Rp324 thousand. So that the total money that must be returned to UangMe is Rp1,324 million.

The requirements for borrowing on UangMe are:

  • Borrowers must be Indonesian citizens aged over 21 years.
  • The borrower is a private or public employee who has a personal account.

Risk of Fast Money Loans

Risk of Fast Money Loans

There are several risks that must be known before applying for a fast money loan through online or the like as below.

1. Beware of high flowers

The interest rates for fast money loans are relatively high, both online and the like. OJK itself does not regulate the loan interest limit, everything is left to the loan company.

2. The amount of the loan is not large

As the nature of loans is given quickly and easily, it impacts on the amount of loans that are not large. For loans in larger amounts, you must still apply at the bank.

3. The loan tenor given is quite short

In addition to the size of the loan that is not large, the tenor given is also quite short, which is generally given 7-30 days. This will charge you in paying installments or installments quickly. As a result, more borrowers are at risk of getting fines.

4. Many loan companies have not been registered with OJK

There are still many loan companies that are not registered with OJK. Therefore, first check the lender application you want to choose regarding its status at the OJK. If not, then you must bear the risk yourself.

5. There is a late fee

Delinquent installments will be subject to sanctions in the form of late fees. Therefore, the borrower must ask or read all loan agreements carefully so that the mechanism of delay is not involved.

Fast money loans tend to provide convenience which is effective in attracting borrowers who are facing urgent economic needs. Even so, make sure your preferred lending institution is registered with OJK. At least that way, the agency operates legally in accordance with applicable law in Indonesia.

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