Don’t Go Too Much, Check Out 5 Tips When You Need an Online Loan

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Don’t Go Too Much, Check Out 5 Tips When You Need an Online Loan

The high cost of living requires a person to seek as much income as possible.

However, trying to find coffers of income is not easy, especially with today’s difficult conditions.

In the end, many people are forced to borrow funds online to cover urgent needs.

The convenience of online loans is tempting. The easy way to submit and the fast process are one of the considerations for someone to choose an online loan.

But make no mistake, you also need to pay attention to the best steps so that your online loan can stay smooth and not go too far.

Because, not a few people who actually fall because they are not careful in managing finances.

Well, but all of that need not worry you. There are steps and things that you need to pay close attention to so that you don’t go too far when making an online loan. Want to know anything? Check out his review below.

1. Use it for productive not consumptive needs

This one consideration is important. Try asking yourself first, “What will the money be used for? What is your goal in applying for a loan?

That way you will know whether the money is for consumptive purposes or for productive needs.

Because, many people use online loan funds to meet their consumptive needs only.

For that, you must really know whether your needs are productive or consumptive.

Examples of productive needs include, for business capital, education, and health or marriage costs.

Meanwhile, consumptive needs are like buying a new device, for traveling or for going on vacation.

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2. Calculation of ability to pay debt

Even though your funds are used for productive needs, it doesn’t mean you can borrow here and there.

You need to take into account your ability to pay debts later.

Usually, a healthy installment ratio does not exceed 30% of the monthly salary you get. So, if it’s more than that, you need to reconsider.

This calculation is very important as your guide to be able to see the range of debt burden that you will pay later, whether it is in accordance with your income or not.

Don’t let when you pay the installments you become overwhelmed. There are many cases like that, which in the end they are forced to dig a hole to cover the hole.

3. Choose a loan that offers low interest and a long tenor

So that you get light installments and don’t feel burdened with online loan debt, you also need to choose a financial institution that is really friendly.

This means those who offer offers with low interest and long tenors. Because currently many online financial institutions have unfriendly interest rates, up to 1%-3% per day.

It’s a good idea to choose an online loan provider that charges interest that is not far from conventional banks.

Try to be careful and compare with other online loan providers. Then look for one that offers a long tenor. You can choose a long tenor.

The long tenor is indeed quite profitable and can be an option if you have a monthly income that is not too high. Because, it can avoid bad credit.

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4. Find extra income

By having additional income you can support your finances, one of which can help installments.

In order to collect the funds needed to settle the debt installments quickly, we need more income.

Of course, if you can make more money, your finances can be helped and even pay off your debt.

There are some side jobs that you can easily run even without big capital. This odd job will help increase your income.

For example, by selling various culinary delights, becoming an online shop dropshipper or reseller of goods or products, we can also take advantage of private vehicles by becoming drivers of online transportation applications.

Read Also : 5 Fast Ways to Collect Emergency Funds Starting from IDR 0

5. Save money

The last tip is the safest so that you don’t get stuck and go too far with your online loan.

Namely by implementing a frugal lifestyle. You need to apply this frugal lifestyle from an early age.

A frugal lifestyle means that you are trying to manage your finances so that it is not wasteful and that means you don’t spend money carelessly. By being frugal means you can already save some of your money.

There are many easy ways to save money that you can do so that your financial flow is safe.

Some of them are saving on food costs, such as not eating out often, saving by using public transportation instead of bringing a private vehicle.

Reduce light snacks or reduce monthly shopping costs and reduce travel. Because if you save money, the allocation of funds can be used to pay installments.

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