Do you need cash?
Today there are lots of online payday loans that promise to be liquid directly or liquid in 5 minutes or less than 1 hour. This offer was very tempting to meet urgent needs. However, before applying for an online payday loan quickly, you should be careful because you pay attention to the following points.
Considerations for Applying for a Fast Liquid online payday loan
1. Small loan limit
Fast liquid online payday loans generally offer smaller loan limits than other online payday loans . The limit given is in the range of IDR 500 thousand to IDR 2 million. For those of you who really need a loan in a small amount, it never hurts to apply for a fast online liquid loan.
2. Relatively higher interest rates
The interest applied to fast liquid online payday loans is usually higher than other online payday loans. This is because the interest calculation uses daily calculations, where fast online payday loans usually apply interest at 1% per day. Therefore, you should not choose a quick liquid online payday loan if you don’t want to get high interest.
3. The tenor is short
In addition to limits and interest calculations, fast liquid online payday loans also set a low repayment tenor, usually in the range of 7-30 days (maximum 1 month). Well, this will more or less charge you.
Check out the following quick liquid online payday loan simulation:
|Loan amount||Rp 600,000|
|Loan tenure / duration||15 days|
|Flower||0.3% per day|
|Administrative costs for
loan application process are fast
|Late fees||10% of the amount of
installments per month
Based on the data above, customers will be charged: Rp. 600,000 (initial loan) + Rp. 24,000 (interest for 15 days) + Rp. 60,000 (administrative costs) = Rp. 684,000 at maturity.
So, in this case for a loan of Rp. 600,000 within 15 days you have to pay a fee of Rp. 83,000 for the loan. In this case, we use a loan with a fairly low interest rate per day at 0.3%.
Imagine if you borrow from a fast liquid online payday loan that sets interest at 1% per day. You have to pay Rp. 144,000 for your loan.
3 things mentioned above need to be your concern before deciding to apply for a fast liquid online payday loan because of the small loan limit , high interest, and very short repayment tenure (some liquid fast loans online do not apply the installment system ). To avoid borrowing from fast liquid online payday loans, try to borrow from trustworthy online payday loans where the company is registered and supervised by LJJ , has a choice of products that can be paid in installments and short tenor products, and applies low interest rates. The process may be a little more complicated than a quick, liquid online payday loan, but it won’t burden you in the end.
One of the trusted online payday loan companies, registered and supervised by LJJ, is GILO . GILO also has 2 product choices namely GILO Mini and GILO Cicil . GILO Mini is a product with a limit of Rp. 1 million and you can pay 30 days later with interest of 0.3% per day or equal to 10% for 1 month. Meanwhile, GILO Cicil is an installment product with a limit of 8 million with an interest of 3-4% per month, this product is also accompanied by a cashback feature of up to 4% for each of your installments if you pay before maturity. You can download the application here .