4 Types of Online Loans You Can Apply for Without Collateral

4 Types of Online Loans You Can Apply for Without Collateral
4 Types of Online Loans You Can Apply for Without Collateral

Megasports4u.comOnline loans are a financial solution that you can use for various needs, from business capital, educational expenses, to other urgent needs.

One of the advantages of online loans is that the process is fast, easy and flexible.

You don’t have to deal with paperwork or wait a long time for approval.

However, there is one thing that is often an obstacle for many people who want to apply for loans online, namely collateral.

Collateral is collateral in the form of assets that you must provide to the lender as a guarantee that you will repay the loan according to the agreement.

If you fail to pay, the lender has the right to take over your collateral.

Collateral is usually in the form of land certificates, houses, vehicles, or other valuables. However, not everyone has sufficient collateral to get an online loan.

Moreover, if you need a small or short-term loan, it’s not worth sacrificing your assets.

Fortunately, there are several types of online loans that you can apply for without collateral. Following are four of them:

4 Types of Online Loans You Can Apply for Without Collateral

Micro Loans

Micro loans are online loans aimed at micro, small and medium enterprises (MSMEs) that need working capital or business development. Micro loans usually have a low ceiling, ranging from IDR 500 thousand to IDR 50 million. The loan term is also relatively short, between 1 to 12 months.

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Microloans do not require collateral because lenders rely more on data analysis and your business profile. You only need to fill out the online form and upload supporting documents such as KTP, NPWP, SIUP, and business financial reports. Some examples of online microloan providers are Amartha, Modalku, and KoinWorks.

Payday loans

Payday loans are online loans intended for formal or informal workers who need fast cash for urgent needs. Payday loans usually have very low ceilings, ranging from IDR 100 thousand to IDR 5 million. The loan period is also very short, between 1 to 30 days.

Payday loans do not require collateral because the lender only checks your personal and income data. You only need to fill out an online form and upload supporting documents such as a KTP, pay slip, or proof of salary transfer. Some examples of online payday loan providers are UangTeman, DanaRupiah, and Cashwagon.

Multipurpose Loans

Multipurpose loans are online loans aimed at various consumptive needs such as education costs, home renovations, weddings, holidays, or purchasing electronic goods. Multipurpose loans usually have quite high ceilings, ranging from IDR 5 million to IDR 200 million. The loan term is also quite long, between 6 to 60 months.

Multipurpose loans do not require collateral because lenders prioritize your credit score and payment history. You only need to fill out the online form and upload supporting documents such as KTP, NPWP, payslips, or bank statements. Some examples of online multipurpose loan providers are Kredivo, Akulaku, and Home Credit.

Educational Loans

Educational loans are online loans that are intended to help pay for your or your child’s education at various levels, from elementary school to college. Educational loans usually have varying ceilings, depending on the type and level of education taken. The term of the loan also varies, depending on the length of the study period.

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Educational loans do not require collateral because lenders are more concerned with your or your child’s academic potential and achievements. You only need to fill out the online form and upload supporting documents such as ID cards, family cards, diplomas, grade transcripts, and school or university acceptance certificates. Some examples of online education loan providers are DanaDidik, Pintek, and Cicil.

Those are four types of online loans that you can apply for without collateral. Before choosing one of these types of loans, make sure you pay attention to the terms and conditions that apply, such as interest, administration fees, late fees, and so on. Don’t forget to pay installments on time so you don’t get into debt.

Hopefully this article is useful for you. Good luck!

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