This cash loan service has a very easy process of finding funds and can be obtained without any collateral. The debtor can simply fill in their personal data and make an application through an application that needs to be downloaded first, then the loan funds will immediately be disbursed in less than 48 hours.
Founded in 2017, a subsidiary of Lite Lending has disbursed loans of more than $40 billion. Looking at the current growth of the fintech industry, the number is expected to increase by up to 10 times.
Applying for a Loan in Lite Lending
This online loan service uses machine learning technology that functions to manage all debtor transactions so that when applying for a loan at Wellraise Finance, the debtor only needs to register by sending face photos, KTP, and personal data information through an application available on Google Play.
The following are the steps for applying for a loan at Wellraise Finance.
- Download the Wellraise app.
- Try simulating a calculator in the application, then click Start Submission.
- Enter the mobile number to start registration.
- Fill in personal data and information requested in the application.
- Verify the video where the debtor is asked to do a face recording with several poses as requested by Wellraise.
- Apply for a loan by following the steps given.
- Wait for confirmation of cash loan approval.
- Cash loans will be transferred to your account.
Conditions to Apply for a Loan in Lite Lending
Although the loan process for cash in Wellraise is fairly simple, but this application-based loan also sets its own terms and conditions in its efforts to anticipate fraud in the loan application process. The conditions include:
- Indonesian Citizen (WNI).
- 21-60 years old.
- Have a KTP and NPWP.
- Have a local bank account.
- Residing in the Jabodetabek area.
- Willing to provide personal contact information and current jobs.
Benefits of Applying for a Loan in Lite Lending
The presence of online loans is one solution to help meet urgent financial needs. Here are some benefits that can be enjoyed by the debtor.
1. Easy cash loan process
Wellraise is based online or can be accessed via mobile phones. That is, prospective debtors no longer need to bother coming to the bank branch to apply for a loan. Simply rely on the Internet network, then cash loans can be directly processed.
2. Disbursement of cash loans within 48 hours
If in general the search for a cash loan at the bank takes 1-2 months, in Lite Lending can get your loan disbursed within 48 hours! In addition, this loan process is also carried out entirely online. So, the debtor will not be called and did not go through the survey process to the house for verification.
3. How to pay loans easily
Repayment of loans in Lite Lending can be done in two ways. The first way is to transfer to the bank account listed in the application and the second through the nearest supermarket, such as Alfamart and Indomaret.
4. Registered OJK
The development of financial technology is currently growing rapidly in Indonesia. This means, more and more illegal online loans are mushrooming in the community. Well, the good news of Wellraise has been recorded on the official website of the FSA. So, the debtor does not need to worry about the risk of fraud when making loans here.
Weaknesses Asking for Loans in Lite Lending
Although offering a quick loan solution for prospective borrowers who need urgent funds, Wellraise also has some weaknesses that need to be considered.
1. Extremely high interest rates
In contrast to bank lending rates which generally apply 1-3 percent per month interest calculations, the Wellraise online loan uses a daily interest calculation system which will certainly be higher, around 0.8 percent per day or equal to 24 percent per month.
2. Short tenor period
Online cash loans generally specify a shorter tenor than a bank. At Wellraise Finance, debtors can only take a tenor of 10 to 30 days.
Keep in mind, the longer the tenure is taken, the greater the interest that must be paid. So, you should adjust the tenure period taken with the ability to pay interest rates.
3. Verification via video is quite troublesome
Although it aims to increase the security of the lending and lending process at Wellraise Finance, video verification requires a capable mobile phone speed capacity to be able to process videos properly.
4. The value of a small ceiling
Cash We offer a ceiling ranging from USD 500 thousand to USD 5 million with a tenor of 10-30 days. However, for debtors who have a good track record of cash loans, they can apply for loans of up to USD 4 million to USD 20 million with a 3-6 month tenor.
That’s some information about our Cash. It should be understood that you can actually anticipate urgent funding needs by implementing sound financial management. That way you do not need to make loans online or at the bank. Hope this article helps, yes.