Dude, before you apply for a bank payday loan it is best to take into account any criteria that determine your loan approval. Here’s a review for you.
Your payday loan will be approved if your credit collection is well maintained. Why is that? Because credit collectivity is used as a reference by the bank whether or not you get a loan. Credit collectivity itself as a status or loss of credit installment by the debtor.
Make sure credit collectivity is well maintained
The more smoothly you pay for the credit, the better your credit collection. On the contrary, if you are stuck paying your credit installments, your credit collection will be bad. Be careful buddy!
There are five credit collectivity statuses that are the size of a bank when analyzing a loan application:
- Quality 1 Good status, timely payday loan or performing loan
- Quality 2 status In Special Attention (DPK), debtor delays for 1-90 days
- 3 Quality Credit Lending status, creditors have been on credit for 91-120 days
- Quality 4 Doubtful status, the debtor delays for 121-180 days
- Quality 5 Stuck status, debtor delays for more than 180 days.
So, you should take into account the collectability of your credit before applying for a bank loan. Finish your debt obligations well, Dude.
Adjust the size of the payday loan to the ability to pay the installment
Did you know that? You can lend up to USD. 50 million, but don’t let your bank lend you that much either. Choose a tenor that is also short term. If you do so you will certainly be rejected by the bank, you know!
Calculating the approximate amount of loan installment you can pay is very much needed, Dude. The reason is, the amount of the loan you are applying for can be approved if it is in accordance with the applicable credit rates. The prevailing credit rate increases by 30%. That rate will be multiplied by the amount of your income, so you’ll have a large number of installments you can pay to your bank.
Have a regular job
Dude, if you applied for a payday loan you would find this kind of condition even in almost every lending institution, you would have to attach a payslip and a cover letter. If you work as a freelancer will be very inconvenient for you, knowing that if there is no paycheck and a certificate of this work is certainly difficult for you to borrow money in the bank.
Not to mention that you will have a request for you to attach a savings account for the last three months. For employees, there will probably be no downside to this requirement if you have a payroll account. You should also attach a payslip or savings account for the last three months to help the bank determine the truth of the income you have earned.
For those of you with a full-time job with a minimum of one year’s employment, the chances of getting a loan are greater.
Make sure you meet the requirements
Many of the simple things that hinder you from getting a bank payday loan. Let’s say you provide a phone number that you find difficult to contact the bank. That kind of thing can make you fail to get a bank loan.
For this reason, you should first make sure that you meet the requirements of the bank. The most important thing is to provide an email address or telephone number that is completely contactable.
Here’s how to find out what the bank usually gives you, including:
- The income is minimal according to the loan amount selected
- Complete the application form
- Personal Identity (National ID, Passport, or Passport)
- Proof of income such as salary slip, income statement, and SPT
- Savings accounts for at least three months
- Copy your credit card if requested
For more detailed information you can check with the bank of your choice.
Advantages and Disadvantages of Payday Loans in Banks
Bank lending is great with all its offers. However, before you apply for a bank loan it is best to know the advantages and disadvantages. Anything? Here’s TimiKimi’s review!
The advantage of a bank loan
Many product variants
The first advantage of bank lending is that there are many variants of products, ranging from unsecured loans, vehicle loans, homes, and more. It makes it very easy for you to choose a loan product that suits your needs.
Besides the many variants of the products you can choose from, bank lending is also much safer and more secure, as its own lending process is regulated by OJK (Financial Services Authority) and Bank Indonesia.
3. It’s everywhere
Banks are everywhere even to the far reaches of the region. This makes it easy for you to apply for a bank loan. All you need to do is visit the nearest branch of the bank. It’s easy, right?
Another advantage you can get if you lend to a bank is the obvious interest rate. You can know how to calculate the interest rate. This can help you figure out how much money you need to spend each month to pay for the installment.