This method if you don't want to get into debt fast money loans

Fast money loans are sometimes the right solution when you need funds urgently because they are easy and fast to disburse. But behind that, we are often complacent so that without realizing it, debt has ensnared. How to handle it? Check out TimiKimi's smart way below!

Currently, when people are in urgent need of funds, people tend to choose fast money loans rather than loans to banks. This is because this type of fast money loan offers convenience and various benefits. You don't have to bother leaving the house and queuing at the bank for hours to be able to apply for a loan because through a fast money loan, you can apply for it online from anywhere and anytime. Plus, this fast money loan process is also very fast. Some fast money loan providers even offer a disbursement process in just one day.

Fast money loans or what is often referred to as online loans are provided by the peer to peer lending (P2P lending) types. The filing requirements are also not complicated, on average you only need to provide your Identity Card, Taxpayer Identification Number, salary slips, to personal bank account numbers.

With the various conveniences and benefits offered, it's no wonder that many people are interested in applying for fast money loans. Unfortunately, this convenience is not accompanied by the intelligence of the community in managing finances so that it is not uncommon for people to apply for fast money loans, instead they are in debt for fast money loans because they cannot pay the installments on time.

Follow this method if you don't want to get into debt fast money loans

So that later you don't get caught in fast money loan debt, TimiKimi has several ways that you can apply, namely:

1. Make Debt a Priority in Finance
The first way is to make loan debt a priority in finance after basic needs. We often underestimate the loan installments that must be paid every month so that when we receive a salary, paying the installments is the last thing to do. From now on, make debt a priority after you receive your salary. Set aside funds for basic needs first, then set aside to pay the installment debt. Don't use it first for consumptive needs such as shopping for clothes and so on.

Also read: How to choose the right online cash loan period so you don't get into debt

2. Perform Debt Calculation Simulation
Always simulate debt calculations so that finances can continue to be well controlled. This debt calculation simulation is intended to find out whether the debt you currently have is still healthy or not. The allowable healthy debt is only around 30% of the total monthly income. Then don't try to take another loan before the loan installments are now paid off.

3. Pay the Maximum Installment

Fast money loan providers always offer you to pay the minimum installments. We are often tempted to take the minimum installments because the amount is small so it feels light. But did you know that the smaller the number of installments you pay, the longer the period will be taken and the greater the interest you have to bear? Therefore, if your debt ratio hasn't reached 30%, then take the maximum installment so that the debt is paid off quickly. That way, your debt burden will be reduced.

4. Never in arrears of payments
Which of you has been in arrears for payment? We often forget to pay online loan installment debts, which leads to delinquency in payments. In a fast money loan, if you are in arrears for payments, of course, there will be a fine, and the fine is usually calculated based on days. Not to mention the interest that must be paid. So if you are late in paying the installments within one week, aka seven days, then you don't have to pay a fine plus interest too. So always try to pay the loan installments on time.

5. Avoid Fast Money Loans for Consumptive Purposes

Fast money loans are very flexible so they can be used for any need. But that doesn't mean you can use it for consumptive purposes. If you use a loan for consumptive purposes, there will be no end, resulting in a buildup of debt here and there. Use loans for emergency purposes or other important needs, such as paying for children's school fees, hospital fees, repairing vehicles, working capital, to renovating houses.

6. Find a Fast Money Loan Provider with Low Interest
One of the reasons someone is in accumulated debt is because they choose the wrong loan provider. Some fast money loans apply high interest with an interest-bearing calculation system so that the debt doesn't seem to have paid off. Choose a low-interest loan provider that is registered with the OJK (Financial Services Authority) such as TunaiKita so that it is safe to use. Loan providers who are registered with the OJK will monitor all of their activities, starting from the process of submission, disbursement, payment, to billing.

7. Learn to live more economically

Another way to avoid getting into loan debt is to learn to live frugally. Living frugally will not make you suffer because by living frugally, you are not only free from debt, but you can also allocate a portion of your monthly income to invest. How do we start learning to live frugally? You can start by cutting your budget for lifestyles, such as hanging out in cafes, eating at restaurants, buying clothes, or other fashion needs. Expenditures for his safe lifestyle only range from 5% to a maximum of 10% of total income. So if you have exceeded that number, then you are a wasteful person.

8. Always Record Expenses
It is very important to record every expense that comes out of your pocket. We sometimes underestimate this record of financial expenses. Even though the record of financial expenses is intended so that you can remember and know what expenses you have spent. With a record of expenses, you can also take lessons so that if this month's expenses swell, then you can find out what posts have cost you a lot, and next month you won't repeat the same mistakes. So don't be shy to always record expenses. If you don't have time, you can take a photo of the payment receipt or item that you have purchased and save it in a special folder on your cellphone.

9. Set aside funds for savings

The last way is to set aside funds for savings. We have always been taught by parents since childhood to always be diligent in saving every month so that if there is an urgent need and need sudden funds, there are savings that can be a savior or a solution. It doesn't mean when we save large amounts this month, then next month you won't save at all. The purpose of saving is to practice discipline. So even though you only save IDR 100,000 to IDR 200,000 every month, if you do this regularly, it will become a good habit that will benefit you. Who knows, later on, you will increase the nominal amount of funds that will be saved later.

Now you know the ways to get out of the knot of fast money loan debt. Hopefully, the information above can be useful for you and can make your finances healthier

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