Have you ever imagined what it would be like to borrow funds in an online loan application?
Before you actually apply for a personal online loan, with the I online loan wallet application you can pay attention to the following points once again. The points regulated include the maximum interest amount that can be charged to the borrower, the maximum amount of funds that must be returned, late fees, and billing methods.
Thus, if you encounter an illegal online loan, there must be a process that violates these rules and risks harming you as a borrower. That is, in a month the maximum fee charged to the borrower is 24%. Well, you also need to know how to calculate interest that is commonly applied, namely flat interest and effective interest.
Flat interest is applied by calculating the interest rate based on the initial principal amount owed. Meanwhile, the effective interest calculates the interest rate on the remaining amount owed by the borrower.
Calculation of the amount of installments with flat interest is obtained from the initial principal amount divided by the loan tenor proportionally. Borrowers can allocate a number of funds with the same nominal value each month. However, the longer the loan tenor, the greater the total money you will pay until the installments are complete. At the effective interest rate, the interest rate calculation is based on the remaining debt of the borrower.
Furthermore, you can compare several online loan applications before applying for a loan. Calculate according to the daily interest rate because the tenor of each online loan can be different. Also check for deductions from provision fees or administration fees because these components have a big effect on the amount of the loan you pay.
If you really need fast funds for urgent needs and online loans are the only solution, it's better to take a short tenor when applying for a loan. This method is effective enough to calculate how much interest you actually have to pay.
DISCLAIMER
I Clue's online loan wallet only contains online loan guides and we don't cooperate with any party. So be wiser in choosing online loans
Before you actually apply for a personal online loan, with the I online loan wallet application you can pay attention to the following points once again. The points regulated include the maximum interest amount that can be charged to the borrower, the maximum amount of funds that must be returned, late fees, and billing methods.
Thus, if you encounter an illegal online loan, there must be a process that violates these rules and risks harming you as a borrower. That is, in a month the maximum fee charged to the borrower is 24%. Well, you also need to know how to calculate interest that is commonly applied, namely flat interest and effective interest.
Flat interest is applied by calculating the interest rate based on the initial principal amount owed. Meanwhile, the effective interest calculates the interest rate on the remaining amount owed by the borrower.
Calculation of the amount of installments with flat interest is obtained from the initial principal amount divided by the loan tenor proportionally. Borrowers can allocate a number of funds with the same nominal value each month. However, the longer the loan tenor, the greater the total money you will pay until the installments are complete. At the effective interest rate, the interest rate calculation is based on the remaining debt of the borrower.
Furthermore, you can compare several online loan applications before applying for a loan. Calculate according to the daily interest rate because the tenor of each online loan can be different. Also check for deductions from provision fees or administration fees because these components have a big effect on the amount of the loan you pay.
If you really need fast funds for urgent needs and online loans are the only solution, it's better to take a short tenor when applying for a loan. This method is effective enough to calculate how much interest you actually have to pay.
DISCLAIMER
I Clue's online loan wallet only contains online loan guides and we don't cooperate with any party. So be wiser in choosing online loans
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