Borrowing money in a loan service needs to be done wisely, taking a short tenor loan, or with a long period of time? Each option has its own advantages.
If we talking about a short tenor loan, then we should be talking about the readiness for installment payments that the amount is certainly high enough. Yes, obviously, the shorter the tenor, the bigger the installment. Vice versa. The longer the tenor, the lighter the installment.
You need to know the advantages of taking out a loan with a short tenor. And you also need to know the losses that will arise when taking a loan with a short tenor.
Taking a short term loan will give you benefits such as:
But of course, the short tenor also has some disadvantages, such as:
Some of the losses that can occur if you take a loan with short-term tenor include:
To overcome this, some ways you can do is to:
– report additional earnings in your financial statements
– reduce the amount of the loan
– accept a longer loan proposal
That is some of the advantages and disadvantages of choosing a loan scheme with the short term. However, borrowing money must be smart. You can take advantage of short tenor loans in KreditPintar as an alternative funding, and hopefully, you will find the answers you need.