4 Advantages of Applying for a Multi-Purpose Loan – Online money lending specifically for employees to process fast, easy and competitive interest
In life, there will be times when you need large amounts of money, be it to pay for children’s schooling, home renovations, to other sudden needs. You do not need to worry because now there are many financial companies that offer credit products for loans.
In Indonesia, there are two types of credit that are commonly known: Unsecured Loans (KTA) and Multipurpose Loans (KMG). The two types of loans certainly offer loan funds with different advantages and disadvantages. In this article we will discuss 4 advantages if you apply for a Multipurpose Credit compared to Unsecured Loans that require a long process.
Considerable Loan Limit / Ceiling
If you need a large amount of funds, you can apply for a Multipurpose Credit because the loan limit is quite large, which ranges from an average of 2 million to 2 billion dollars. But keep in mind if the greater the loan amount, then the value of collateral needed must also be large. For a large loan limit, usually the collateral needed is property such as a house or land.
Long Periods / Tenors
In contrast to Unsecured Loans which usually only provide 3 years for installments, Multipurpose Loans offer a fairly long installment period of up to 15 to 20 years. The longer the installment period, the smaller the interest you must pay. With this advantage, you can adjust the period and amount of installments according to your ability.
Multiple Credit Functions
By applying for a loan in Multipurpose Loans, you are free to determine the use of credit funds for various things such as starting a business to consumptive things. This is different from Unsecured Loans which are usually only for consumptive matters.
Fast Disbursement Process
After the survey process and funding approval have been issued, usually the process of disbursing funds from Multipurpose Loans such as Lite Lenders Finance is fast; starting from a matter of hours to 14 days. This facility can be used if you are in urgent need and require immediate costs. That is all information about the benefits of applying for a multipurpose loan. Hopefully this article is useful for you in deciding what credit you choose for your needs.