Welcome the End of Year Needs, Kredivo Cash Loan Product Release

Kredivo, a digital credit card startup, released a cash loan product to answer the high demand for loans at the end of the year. Party Kredivo targeting the total distribution of financing in the fourth quarter of this year can grow 50% compared to the same period in the previous year, without mentioning the detailed figures.

Head of Marketing Kredivo Indina Andamari said this product had no special requirements. All users Kredivo who already have an active account can take advantage of the product. Once registered, users can withdraw their limit as cash to pay for various needs or use it for shopping at more than 200 merchant submachine gun Kredivo.

"We take advantage of big data and technology machine learning to assess a person's creditworthiness real-time for risk mitigation. In addition, we also have a security system to evaluate user transactions, as well as an effective billing process DailySocial.

Cash Loan Kredivo available in two types, namely Mini and Jumbo. Mini allows users to borrow up to IDR 3 million with a 30 day tenor, while Jumbo has a limit of up to IDR 30 million with a 6 month tenor.

Indina explained, after the user selects the loan amount and term, the funds will be disbursed instantly through the user's bank account within 10 minutes, with no collateral required. It is claimed that this business model is the first in Indonesia.

The interest set is also claimed to be the lowest compared to other loans on the market. Kredivo charge up to 2,95% interest per month, lower than competitors who charge average interest 1% per day.

"Vision Kredivo is to provide credit access to Indonesian millennials broadly at the lowest possible cost. We are delighted to be able to provide this product to all of our users at a low cost, just as end-of-year demand increases."

Currently Kredivo can only serve users who are domiciled in Greater Jakarta, Bandung, Surabaya, Medan, Palembang, Semarang, and Denpasar. Mentioned Kredivo has nearly one million active users.