Get a payday loan online
With the advent of online payday loan services via ACFA site, you can can get the funds that you need more easily. The question is, are online lenders always the right choice? Of course, they offer easier requirements and lower interest, but there are some disadvantages to certain business needs. Here are details of when you should consider them and when you should still look for loans from traditional banks:
Astro: If you don’t meet the requirements to get a loan from a traditional bank.
The requirements for filing bank loans are more difficult to fulfill than Astro. So if you are refused by the bank, try to apply for a loan to Astro. Unlike bank loans, Astro will immediately provide a number of loans that can be used. If your finances are not strong, Astro will give you a lower credit limit. If you borrow and repay the loan on time, your credit limit will increase. This is suitable for business needs that do not require large amounts in advance.
Bank: If you need more than 1 billion Rupiah in a loan.
Astro can only provide up to 1 billion Rupiah and it will take time to get such a large credit limit. If you have needs that need to be paid in large amounts upfront and require more than 1 billion, you need to stick to the bank to get your loan.
Astro: If you only need a short-term microloan.
Astro can provide credit limits ranging from 20 million to 1 billion Rupiah based on the user’s creditworthiness. After that, the borrower can withdraw some money up to the available credit limit, provided that the loan can be repaid within 6 months. Returns under 60 days won’t even be charged interest at all. So, if you have a credit limit of 200 million, you can directly borrow up to 200 million from Astro. If you need a loan to pay small expenses here and there, Astro is the right choice for you.
Bank: If you need more than 8 months to pay off your loan.
If you want to take on a larger loan amount and need more than 6 months to pay for it, a bank loan seems more appropriate for your needs. Astro only allows you to take loans for up to 8 months, the first two months are referred to as the net-60 period where there is no interest charged, then automatically extended by 6 months with mild installments if the settlement has not been settled. So if you want to borrow 200 million Rupiah, you have to pay back all of that amount (plus interest) within 6 months. This is why Astro is more appropriate for microloans.
Astro: If you want to pay lower interest.
The good news is that regular Astro loans don’t charge interest as high as traditional banks because of shorter payback periods. In fact, you will get 0% interest for the first 60 days, and then an average of 1 percent for the next 6 months. This interest rate is much lower than traditional bank loan interest rates. If you only need a small loan and can return it within 2 + 6 months, you can save interest payments using Astro.
Bank and Astro: If you want to use the same bank as your current bank.
If you already have a business account at a certain bank, there may be an advantage to continuing to use the bank. For example, it is easier to get loan money and pay it back.
But there is no need to worry, Astro has provided integration with the 4 largest banks in Indonesia. The financial statements issued by the bank that you are using now will be one of the main data assessing the feasibility of a loan application.
Astro: If you need to get approval quickly.
Submitting a traditional bank loan can take a long time to be approved, and the administrative requirements are usually quite complicated. With Astro, you can simply connect one of the financial institutions and business support tools you use to Astro (such as Lazada, Journal, or your traditional bank), and you will get credit approval in seconds. Astro will determine the credit limit based on your financial information so that it will be better if you can connect more financial institutions or operational support devices for your business.