Here’s How to Borrow Money at the Bank for You the First Time to Submit

When it comes to urgent funds, bank lending is always the solution for most people. But not everyone knows how to apply for a bank loan. For those of you who are the first to apply for a bank loan These are the easy ways you can follow!

Anyone must have had a difficult time where we needed funds in a very demanding situation. Economic difficulties are inevitable, especially if the funds in the savings can no longer be relied upon as emergency funds that can be used at any time. When it’s like this, people tend to think of lending money. There are several cash lending sites such as Pawnshops, cooperatives, offices, and of course banks. Of these lending places, banks most often accept cash lending applications. Have you ever applied for a bank loan yet? If it’s your first time applying for a loan, it’s best to know how to lend money to your bank so that your application can be accepted immediately.

Get to know the Bank Loan Type

Get to know the Bank Loan Type

The first thing you need to understand before figuring out how to borrow money from a bank is knowing first-hand what type of loan is available. In fact, bank loans come in many forms, but those in the cash-lending category have two, namely, unsecured credit and multipurpose credit.

A multipurpose credit is a credit that requires you to provide a guarantee or collateral when applying for a loan. Another name for multipurpose credit is collateral credit. It may include home certificates, Motor Vehicle Ownership Books such as cars or motorcycles, and other valuable papers. The loan amount is usually around 80% -70% of the value of the loan. So suppose that your home loan is worth $ 200 million, then the bank’s allowance can range from USD 160 million to $ 40 million.

In contrast to multipurpose credit, unsecured credit is a credit that does not require you to provide collateral or collateral so the process is classified as faster because it does not require the asset valuation process first. For unsecured credit, the amount of the loan loan provided depends on each bank. But the average loan lends at least $ 5 million to over $ 30 million. Whereas the term loan lending is not so different from multipurpose credit as it has an average term of up to 60 months (5 years).

How To Lend Money To The Bank In Five Easy Steps

How To Lend Money To The Bank In Five Easy Steps

Once you understand the nature of a bank loan, it’s time to know how to borrow a bank loan. Just follow the easy steps that are below ya buddy!

1. Keep Your Credit History Clean

The first step is to make sure you have a clean credit history. Banks will not lend to people with bad credit history. Credit history is a history of all the credit you have had before, such as motor vehicle credit, home ownership credit (mortgage), business credit, and credit card. If there is currently a credit issue in arrears of unpaid aliases, resolve it immediately so that there will be no delinquency until the credit history is cleared.

2. Select a Provider Bank and Compare the Interest

Next is to select the provider bank you want to apply to. But remember, don’t look for one. At least look for two to three so that you can compare, which one will offer you the best because of different lending banks, then the terms, loan amount, tenor, and interest rates will also vary. So look for the ones that benefit you the most, especially the flowers. Look for the bank that offers the lowest interest rates to ease the debt burden.

3. Meet the Requirements and Documents Required

If you are looking for a lender bank, please comply with the requirements and documents requested by your bank. If you submit it offline , then provide the document in physical form. But if you submit it online through the bank’s official website, then prepare a scanned digital document first. As your reference material, there are several conditions that banks usually ask for:

  • Photo ID (Citizenship Card)
  • KK (Family Card) Copy
  • A copy of a savings book
  • NPWP (taxpayer identification number)
  • Copy of salary slip (there is a bank that sets minimum wage)
  • Photocopy of the marriage certificate (for married couples)
  • Credit card (if taking out a loan without a loan)
  • Bankruptcy submission (if taking a Multiple Credit Loan)

4. Apply for Extra Loans

4. Apply for Extra Loans

Then decide how much money you will borrow. Remember my friend, even if the bank provides a maximum loan ceiling is very high, but that does not mean you can define a high loan because the banks will adjust your monthly income ceiling for loans. So, just ask for it because more loans can make your debt load more.

5. Determine the appropriate Installment Period

5. Determine the appropriate Installment Period

Although it may seem trivial, but determining the timing of the installment is crucial. By specifying the installment period, you can find out how many nominal funds you need to set aside each month to pay the installment. The longer the time taken, the smaller the monthly installment per month, but the overall amount of debt will increase as interest rates pay off. But if you take a short period of time, then the monthly installment per month increases. But the overall debt will be smaller as interest rates are reduced.

If everything is set up then you should go to the lender’s bank or visit the bank’s official website to apply for a loan. Isn’t it easy?

Bank Loans Won’t Run, Get Online Loans Only!

Bank Loans Won

Not a few people who lend their loans to the bank simply get rejected. There are usually a number of reasons why their application is rejected, such as incomplete data and document requirements, poor credit records, insufficient income, and so on. If it’s like this, then what are you going to do? While your current state of affairs really needs urgent funding. No need to worry because there are still online loans you can count on. What is an online loan?

Online loans are a type of loan that are used online, whether through an official website or an application. This online loan is provided by a P2P lending company. Loans range from $ 1 to $ 20 million. Whereas for a given installment period is a maximum of 180 days (6 months). For those of you who want to apply for an online loan, the process is really easy. Try the steps below:

Now you just have to wait for the loan application to be processed. If the loan is approved, then within a few days, the funds will be transferred to the local bank account you previously provided. Online loans can be used for any purpose, including hospital fees, children’s school fees, home renovation costs, vehicle repair costs, venture capital, and additional wedding expenses.

The versatility that can be used for any purpose of making an online loan is becoming more and more popular. Want to try applying for an online loan too? Download the app immediately and apply now!