Frequently Asked Questions for Unsecured LoansOn May 23, 2019 by Irene Luebke
Different from some other types of credit, you can use a Personal Payday loan for any need. Personal Payday is generally used for consumer needs that require fast funds, including:
What are the benefits of Personal Payday compared to other loans?
- House renovation
- Venture capital
Have you ever applied for Personal Payday.
What documents must be prepared for filing Personal Payday?
Some of the documents that are required for submitting Personal Payday include the following:
|No.||Document / type of work||Employee||Entrepreneurship||Professional|
|1||Photocopy of KTP / KITAS||√||√||√|
|2||Proof of Income (Salary Slip / SKP / SPT)||√||x||√|
|3||Photocopy of Credit Card||√||√||√|
|4||Photocopy of Savings Account (last 3 months)||x||√||x|
|5||Photocopy of Professional License||x||x||√|
|7||Photocopy of deed of establishment / SIUP / TDP||x||√||x|
What is a Debt Ratio ?
If you borrow a sum of money from a bank, the bank will take into account the debt ratio . The bank uses these ratios to measure the financial ability of the prospective debtor.
Debt ratio is a comparison between income per month with ongoing credit installments. Debt ratios determined by banks usually do not exceed 30%, this is done in anticipation of bad loans.
Why is the greater the debt ratio the worse? Because if the ratio is more inclined to debt, then you can be sure you will find it difficult to make ends meet.
What is my Debt Ratio ?
Before applying for Personal Payday, you can calculate your debt ratio first by dividing the total debt by the total assets you have. For example, the following is a debt ratio calculation:
- Income: IDR 15,000,000 / month
- Credit card installments: IDR 2,000,000 / month
- Installment of car loan: IDR 2,000,000 / month
- Installment of home loans: IDR 2,000,000 / month
= Amount of debt: Income
= IDR 6,000,000: IDR 15,000,000
How much Personal Payday installments per month should I pay?
Before submitting a Personal Payday, you should also calculate how many installments per month you have to pay to anticipate bad credit. The following is an example of calculating the monthly installments of Personal Payday:
Example: You get a Personal Payday loan of Rp.48,000,000 with interest charged at 12% every year. The repayment time chosen is 24 months.
Principal Installments per Month = ( Main loan: Tenor)
= Rp.48,000,000: 24 months
= IDR 2,000,000 / month
Interest on loans per month = (principal loan x interest: 12 months)
= IDR 48,000,000 x 12%: 12 months
Fixed Installments per Month = (principal installments + loan interest)
= IDR 2,000,000 + IDR 480,000
Conclusion: When you get a Personal Payday loan of IDR 48,000,000 with a loan term of 24 months and interest of 12%, then you will have an installment fee of IDR 2,480,000 per month.
How to pay?
Generally the bank has provided several methods that make it easy for you to make Personal Payday payments, some of which are:
- Interbank transfer
- Direct deposit
- Mobile banking or internet banking
- Auto debit from debtor account
In addition to the payment method, the bank also provides payment flexibility where you can pay a fixed amount with a flat rate or pay the amount according to your ability to meet some of the terms and conditions of the bank.