Up-Front Rates With No Hidden Fees

We believe that at KoinWorks you can get rates which are more affordable than what banks offer on comparable loan products.

Our simple loans are non-collateral loans, meaning we do not take assets as collateral. However, when applying for a loan you will have to include a Personal Guarantee to the loans. This means that you are personally responsible and liable if the loan goes into default.

Our loan products are most closely comparable to credit card and KTA loans from banks. The loan terms are fixed, so your monthly installments will not change. In addition, unlike banks, you can repay your loan early without penalty.

When you are approved for a loan at KoinWorks, your loan will be assigned a credit score with a corresponding interest rate and origination fee, the fixed administration fee and the APR.

An APR shows you the cost of borrowing money on a yearly basis, including all the interest and fees associated with the loan. Although banks in Indonesia do not use APR when quoting loans to borrowers, it is commonly used in many countries so that borrowers can make comparisons between different loan products more easily.

The origination and administration fees will be deducted from the loan amount you applied for when it is successfully funded. Therefore it is important that you calculate this into your original loan application. KoinWorks does not charge anything if your loan is not issued.

Loan Grades

At KoinWorks, we assign credit grades on loans that pass our credit assessment. Loans are graded from A to E in order from the least risky to the most risky level, with 5 subgrades in each grade. The more risky a loan is, the higher are the chances that it will default. To compensate for this, the more risky loans are assigned higher interest rates. Below you will find the different grades and the risk/reward features of each:

Monthly Interest Rate

0.75-0.94% 0.94-1.13% 1.13-1.32% 1.32-1.51% 1.51-1.67%

Yearly Interest Rate

9.00-11.29% 11.29-13.58% 13.58-15.88% 15.88-18.17% 18.17-20.00%

APR (based on 12 months)

25.36-30.47% 30.47-35.72% 35.72-41.12% 41.12-46.64% 46.64-51.14%
Origination Fee: 2% - 4%
Life Insurance: 0.24%
Adminstation Fee: Rp100,000
Early Repayment Fee: None

Administration Fee is composed of 2 main items: Life insurance and the loan processing costs. All of our borrowers are protected with a life insurance from Allianz in the unfortunate event of death, so that the liability of the loan does not pass on to his or her next of kin. As for loan processings, we work with other third-party service providers for processing and servicing of our loans, such as banks for funds processing, or partners in data verification, etc. We charge these items at cost to borrowers for approved and fully funded loans.

Other Fees

Late Payment Fee

If you are late in paying your monthly installment, KoinWorks apply a 6% late charge. This charge is based on the amount that is past due. We understand that there are times when you are busy or when you are unable to make the payments. In such cases, please contact us in advance so we can work something out to avoid the late charges.

Collection Fee

If the loan enters into default and we cannot get any response or if there is not any clear willingness to pay from the borrower, we will make attempts to collect the loan directly on behalf of our lenders. In such cases, any additional costs and fees will also be billed to the borrower. As the costs in these cases vary a lot, we are not able to provide an estimate.

How Our Credit Score Works

Loans are assigned scores from A1 to E5, from the best to the lowest score. The score reflects the likelihood that the borrower can repay the loan. There are several factors that we look at:

Your Business

We look at which industry you are in, and how well the business is run and whether it is growing at a healthy pace.

Your Costumers

We evaluate who your customers are, and how they behave related to your brand and products.

Your Capacity

We evaluate very closely the borrower’s earning ability as to the likelihood that he or she can afford the loan’s installments.

Your Connections

We look at the strength of your connections with our existing community. The more connections you have, the better it is for your credit score.

Our Partners

Need Help? Call (021)-80635899
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