Title : Online Credit Declined, What Causes It?
link : Online Credit Declined, What Causes It?
Online Credit Declined, What Causes It?
Have any of you ever applied? online credit? Today, lending is increasingly made easy by the mushrooming presence of Fintech or online lending institutions in Indonesia. If a few years ago loans could only be submitted to conventional institutions and provide collateral, there are currently many online loans that provide fast funds without collateral or collateral at all. Even though the procedure is very easy and fast, there is still a risk that your application will be rejected. For those of you whose credit applications have not been approved, let's evaluate what might be the cause of the online loan not passing your application.
1 Do you meet the requirements of prospective debtors?
Each lending institution has different requirements that must be fulfilled by potential borrowers. For example, online credit lenders Kredivo have the following requirements:
- Minimum age of 18 years
- Minimum income of IDR 3 million per month
- Based in Jabodetabek, Bandung, Surabaya, Semarang, Palembang, Medan, Bali, Malang, Makassar, Yogyakarta, Solo, Cirebon and Sukabumi
If you do not meet the points above, look for another loan institution that matches your criteria so you don't waste time.
2 Have you completed the document requirements?
The first step in applying for an online loan is to register yourself in an online Fintech account. Some supporting documents needed include KTP / SIM, Family Card, savings book, and others. Often we as debtors or borrowers miss documents that must be attached. Or even though it has been attached, the document is blurry and unreadable. Some Fintech also requires prospective debtors to take a selfie with an identity card. Pay attention to the correct procedures so that there is no risk of rejection, and try to make all documents requested clearly readable.
3 What is your credit history with the bank?
Try to remember again, have you ever dealt with credit at the bank? Your entire loan history can be seen here. Financing institutions will conduct BI (Bank Indonesia) checking to see the track record of loans you have ever done before. If you have bad habits such as arrears of payments or repayments are always late, there is a possibility that online lenders will not process your submission. To check your credit history at BI, you can directly come to his office. If it turns out that your credit performance is not good or even included in the blacklist category, you must first pay off and report the debt repayment to the nearest BI office. Since the beginning, avoid getting into the BI black list, because to "whiten" back up arrears records can take up to 24 months.
4 Is the nominal loan that you are proposing too large?
It is better for us to be wise before submitting certain numbers as loans. Adjust the amount with the ability to pay, because the online credit will analyze whether you have a good repayment ability or not. All credit history in Bank Indonesia data and the documents that you attach will be checked in sufficient detail. The goal is to avoid bad credit that might occur in the future. The amount of funds disbursed by online borrowers is also limited and not too large, usually a maximum of only Rp. 30 million. Not all prospective borrowers can get a loan with a maximum limit, because it will be adjusted again to the amount of income and your ability to pay installments.
5 Have you provided accurate information?
Providing correct information when applying for an online loan is essential. All data that you write will go through the verification stage and check the correctness. For example, you do a salary mark-up and this is identified when the online borrower cross-checks data to your office, just be prepared your application will be rejected.
6 Make sure you can be contacted
Prospective debtors are also required to include cellphone numbers and e-mail that can be contacted. Make sure you always standby to answer calls from online credit parties who will verify the data, because if you miss it, chances are that your submission will be immediately rejected.
Kredivo is a trusted online loan service that offers low interest rates and large limits of up to IDR 30,000,000. Transactions at Kredivo are guaranteed security, because they have been registered with the OJK and use an encryption system that protects all customer data. Kredivo also built its own credit rating technology that is able to produce a person's credit score based on a user's digital footprint processed with machine learning technology so that the customer's eligibility can be properly assessed.
Thus the article Online Credit Declined, What Causes It?
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