Online loans have become a popular solution for individuals in need of quick funds. The easy procedures and relatively fast disbursement process make online loans more attractive compared to conventional loans. However, because of the short verification time and fewer supporting documents required, online loans generally come with higher interest rates than traditional loans.
Despite the convenience and speed, some applicants still fail to pass the verification process. This usually happens because certain basic requirements are not met, leading to the rejection or cancellation of their loan application.
Here are some proven tips to help you get your online loan approved:
- Use Trusted Online Loan Applications
Since online loans are technology-based, the application forms are mostly available via apps or websites. Choose a trusted online loan app to make the process easier and faster. You can check the official list of trusted online loan apps on the Financial Services Authority (OJK) website. - Avoid Mistakes with Phone Number or OTP Codes
Errors when entering your phone number or the One Time Password (OTP) code can cause your application to fail. Always double-check every digit of your phone number and OTP before submitting your loan request. - Ensure Clear Photos of Your ID and Selfie
The quality of your ID card photo and your selfie holding the ID also affects your loan approval. Poor-quality images can prevent the system from reading your data correctly. - Grant App Access Permissions
Applicants should understand that online lenders verify applicants differently than traditional banks or financial institutions. Online lenders analyze data on your phone to assess your eligibility. This process can’t happen if you don’t allow the app to access your phone’s data. - Verify Your Address and Emergency Contact Correctly
Besides verifying your application form, lenders may also verify your address and emergency contact. Inconsistent or incorrect information in these fields can lead to application failure. - Maintain a Good Credit Score
Credit scoring tools help online lenders evaluate your loan application based on personal data such as age, employment status, job position, marital status, number of dependents, length of employment, salary, and more.
Hopefully, these tips help those planning to apply for online loans or those who have been rejected before by online lenders.
