Unsecured Loans (KTA) and Credit Card Cash Funds are two types of loans that oftenly being offered to you. If it is needed, using one of these two type of loan can help your financial conditions. However, surely you should not be in a hurry to make a loan without careful consideration. Still confused to select KTA or Credit Card Cash Fund? Check out this reviews first!
Definition of KTA Loan & Credit Card Cash Fund
Before choosing between KTA or Credit Card Cash Funds of course you must know first definition. KTA is a loan product issued by a bank without having to lend an asset. Many people rely on KTA when they want to pay for urgent needs. Offering a fast and easy process, KTA is incarnated as a tantalizing option.
While the Credit Card Cash Fund is a type of loan whose source of funds comes from the credit card limit side. This facility allows you to get some cash in terms of credit card limit owned. Furthermore, the funds will be returned in the form of fixed installments listed on credit card bills each month up to a predetermined time period.
Loan Limit and Tenor Repayment
Basically, you can apply for KTA loan as needed. But there are two things that concern the bank when deciding the limit of the loan, the minimum income and credit card limit. Generally, each bank has varying standards regarding minimum salaries. On average, banks set a salary requirement of Rp 3,000,000-10,000,000 per month. While the credit card limit must be used optimally, but not to over limit.
Meanwhile, Cash Loan Fund provides loan limit depending on the side of your credit card limit. Fund loans range from 40-50% of credit card limit amount. For example, you have a credit card with a limit of Rp 35 million. From that limit, you just use Rp 5 million in a month. That is, you have the remaining credit card limit Rp 30 million.
If the bank imposes a maximum
50% disbursement, then the maximum amount you can withdraw is Rp 15 million. The funds will be transferred to your personal account and the bill will be charged into your credit card bill every month in the form of an agreed installment within a certain period of time.
Equation of KTA Loan & Credit Card Cash Fund
Besides offering equally money lending facilities, KTA and Credit Card Cash Fund also have a number of other similarities. Firstly, KTA and Credit Card Cash Fund both require credit card in liquefaction process. Second, they do not need assurance of assets. Third, the interest charged is not as much as other types of loans such as mortgages, KKB, or Multi-Guna Credit. Fourth, the loan term is not long or short, alias standard.
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Loan Interest Rate
The interest rate of KTA loan is greater than the Credit Card Cash Fund. This is because of the length of the loan and the amount of money earned. On average, the Credit Card Cash Fund only sets the interest rate from 0.5 to 0.8% per month with an installment time of 12-18 months. While KTA usually has a larger interest rate of about 0.9 to 1.2% per month with the same installment period.
This difference is related to the bank as lenders take a greater risk when giving KTA. Therefore, it is reasonable if the KTA interest is higher than the Credit Card Cash Fund. But as interest rates are larger, KTA can also be utilized for wider purposes. Like the cost of home renovation, tuition, to the plan to get married.
Fulfill your need for urgent funds by choosing the most appropriate loan option. If you need large funds, just use Danamon Unsecured Credits. Present as a funding solution for various purposes, KTA Danamon.