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.
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
Yearly Interest Rate
APR (based on 12 months)
|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.