Transparent With No Hidden Fees
KoinWorks offers much more affordable loan interest rates than those offered by traditional financial institutions for the same loan product.
KoinWorks loans are non collateral and non-bank online loans, in other words, we do not require assets as the collateral. However, when applying for loan, you need to include Personal Guarantee. It means that you will be fully responsible if there is default.
Loans products offered by KoinWorks can be compared with bank credit cards and unsecured loans. The terms and conditions or provisions in the loans are fixed, so your monthly installments will not change, or increase. In addition, you can always make early repayment without being charged any penalties or fines.
When your loan application is approved, your loan will be rated into various credit scorings to then be classified according to its interest, loan approval fee, administrative cost, and the equivalent of the annual percentage rate.
The Annual Percentage Rate shows annual loan interest rate, including every interest and cost related to your loan. Although banks in Indonesia do not use Annual Percentage Rate (APR), the calculation is already used in many countries. Its purpose is to make it easier for customers to compare any available loan products.
Loan approval fee and administrative cost will automatically reduce the total amount of your loan when your loan is approved and disbursed. Hence, please consider how the costs will affect your loan. However, KoinWorks will not charge any fees when your loan application is not approved.
Loan Grades Levels
KoinWorks assigns a grade to each loan starting from A1 to E5, from the highest to lowest. This grade describes the ability of each borrower to pay their monthly installment. Read the following loan grade levels for your note:
Annual Interest Rate
|9.00% - 10.83%||11.29% - 13.13%||13.58% - 15.42%||15.88% - 17.71%||18.17% - 20.00%|
|Origination Fee (depends on tenure, out of Loan Disbursement) : 1.50% - 5%|
|Administration Fee : Rp150,000 - Rp200,000|
|Insurance Fee (depends on tenure, out of Loan Disbursement) : 0.10% - 1.25%|
Annual Interest Rate
|14.00% - 14.80%||16.44% - 19.08%||19.80% - 22.44%||23.04% - 25.68%||26.40% - 29.04%|
|Origination Fee (out of Loan Disbursement) : 0.75% - 1.75%|
|Administration Fee : 0.05%|
Complying with the ethics code of Asosiasi Fintech Pendanaan Bersama Indonesia (AFPI) total cost of loan which is given to the borrower is not exceeding flat rate of 0.8% per day, calculated from the total disbursement given to the borrower.
Administrative Cost consists of two components; Life Insurance Premium and Cost of Credit Services. Every borrower will be protected by Allianz Life Insurance, so the outstanding loan will not be charged to the heirs. We are working together with third parties for our loan services such as bank to proceed the fund, or partners to verify the authenticity of data etc. We charge these costs only after your loan is approved and disbursed.