Borrowing Money The Right Solution Online VS Conventional
The changes in the current era have made many emerging money lending solutions right in various regions. In fact, it is not uncommon for loan offers to appear via text message sent to your phone number. The offer also offers a variety of interest rates at least to the highest.
When in difficult times you often find a way to borrow money, whether through close friends to a loan service company. This method you think can help in the hope of returning it as soon as you get a replacement. Although it does not flourish, it is possible that your good relationship will be damaged.
It’s not just when you need money for your personality, when you want to open a new business or business, you obviously need funds and capital in the beginning. When this happens, you are unlikely to borrow from a friend because of the large enough amount. Then you look for a large amount of loans.
Money Becomes a Life-Supporting Thing
Money is still often a problem for the community because of the many needs that need to be completed. Then people make great efforts to earn income to support their lives. Therefore, there is often the saying that money is the solution to many things.
But actually having money by borrowing can be detrimental if you can’t return it immediately. So now there are several loans that can be disbursed quickly. Lending the right solution money is also protected by large companies . At least there are currently two ways of lending that can be used, namely online and conventional.
Pros and Cons of Any Loan Method
Conventional loans are still in use today despite many online loans exploding. In the age of sophisticated technology, knowledge is needed in development. The differences of each of these loan modes will be explained on the basis of their advantages and disadvantages.
To make a money loan , the right solution , of course, there are advantages and disadvantages of both that you need to know before borrowing. A conventional or manual loan means it comes to the place directly to make a loan.
You meet customer service or people who serve on the premises. You will then be asked about the amount of loans required and fill in the data according to the needs of the company. Later your data will be paired with an ID card to state whether you can get a loan or not.
Usually companies that provide conventional money lending services are BANKS. The advantage of borrowing conventional money is the clear inauguration of the company and the lack of need for the use of tools to make loans. But what is missing is that many will eventually go for online loans.
The disadvantage of these conventional loans is the advantage of online lending . One of them is a quick process so you don’t have to spend time waiting in line on the spot. The time you use is not wasted . This advantage is especially felt when needed at once.
Therefore, online lending is often referred to as borrowing money the right solution compared to conventional methods. In addition to being a fast process and can be done anywhere, online lending also has advantages in terms of very easy requirements . You need to prepare some photos of your ID.
How to Make Money Loans Online and Conventional
Even though both methods have their own disadvantages and advantages, but you still have to adjust the needs you can. However, considering that you can currently borrow more easily from online, it never hurts to try some steps to borrow money online as in the below.
- Select a Trusted Application
The first important step for you to do is to choose a reliable online loan application. Not all applications already have an official permit and are under the OJK . Therefore, make sure that the application or company where you borrow already has an official OJK logo.
- Download on Smartphone
In addition, when you have selected, then you are required to download the application on your smartphone. As a cash loan, the right solution is to ensure that the interest from the loan in that place is also low so that you have no trouble paying it.
- Imla l-Identity tiegħek
The third step if the application is already installed, then open the application and fill in your data or identity. Make sure everything is filled correctly and completely. This aims to avoid possible errors that could occur and which would instead be rejected by the company.
If you have completed completing the identity and been confirmed by the application developer , then make the loan with the amount you specified and the time for a full refund . In this step, it is very important to pay attention and should not be underestimated.
- Confirmation from the Company That Made the Application
If you are sure of the amount and time of the loan, then you will be asked to complete the steps and await confirmation from the company. Some companies take a little longer to confirm due to the large number of requests.
However, some companies in just a few hours and even minutes can send a response to the request for the loan of the funds you send.
Considering Using Money Loans as the Right Solution
Before making the above steps to borrow money, there are several considerations you need to look out for when making a money loan, the right solution using the application on your smartphone or conventionally. The considerations are as follows.
- Payment Plans
First of all, in addition to the purpose for the loan, you need to consider the payment plan you want to make. Try to compare the income you get with the loan payment time . Both online and conventional means should take this into account in the same way.
Usually at the start of loan money the right solution that you are required to report profit and loss, a cash flow statement, to be able to analyze the work and business situation you are currently living as a form of guarantee for the company.
- Loan Amount
Secondly, there is the amount of the loan. Not because of the ease of borrowing you end up with and not carefully considering the nominal of your loan. You can borrow the right amount and you don’t have to exaggerate because it will be even more of a burden for you when you return it.
- Collateral or Guarantee
The last of the money loans the right solution that is no less important is to consider collateral or collateral. Either a conventional BANK or an online loan requires collateral or collateral as evidence. You cannot underestimate this because there are often refusals because it does not comply with the guarantees it provides.
However, not few can also provide unsecured loans due to the small amount of loans. Normally the required loan guarantee should be in accordance with the nominal loan to avoid the possibility of being late or not paid at all by the borrower of the funds.
When lending both conventionally and online, you need to make sure everything is safe and make no mistakes. Therefore , it is a good idea to find the best information about the right money loan solution to choose.