Islamic loans are a solution for people who want to get funds for personal needs and businesses using profit sharing or capital leases.
This Islamic bank product has become a profitable alternative amid the rapid proliferation of funding offers from various online loan providers that are known to apply high interest rates.
Islamic loans are also an answer for people who often compare the amount of interest and tenor between one online loan with another.
And if we want to get loans with low interest rates, it’s better to apply for loans through banks that clearly provide lower interest rates than other financial institutions.
Difference between Good lenders and Conventional Loans
Islamic loans are often compared to conventional loans. One of the most contrasting is the problem of usury.
Unlike conventional loans, Islamic loans do not apply interest or usury at all because they use the murabaha contract or the yield.
Although the scheme is almost similar to ordinary loans, the murabahah agreement promotes transparency in the sale and purchase of goods that are both known to be related to the amount of capital and profits by both parties.
|Good lenders Loans||Conventional Loans|
|Risk||Are shared||Borrowed by the borrower|
|Return / Interest Percentage||An average of 1-20% per month||An average of 1-30% per month|
|Loan tenure||1-12 months||1-12 months|
|Admin Fee||Free||Paid for|
There are two types of loan payment schemes in the murabahah contract, namely payment in cash and installments. The value of the higher selling price was known and agreed upon from the beginning of the contract.
This yield is a benefit for people who provide capital or loans. According to the borrower gives profits from his business with the capital provider.
The amount of interest on conventional loans is between 1-3 percent per month on average. While online loan interest varies greatly, starting from 5-30 percent per month. While the yield agreed between the two parties starts from 1-30 percent.
Here, too, we can see that conventional loan rates have been set by creditors so that the debtor only accepts it. While in Islamic loans, debtors and creditors agree on the appropriate fee.
Types and Good lenders Loan Products
Good lenders loans have a variety of products, and so do institutions that provide loans to prospective borrowers. The following are some loan products that we can use for various needs.
1. Online Islamic loans
One loan product that is currently booming is online Good lenders loans. We can get loans online from several fintechs that have obtained licenses from the OJK or the National Good lenders Council of MUI.
An online Islamic loan agreement usually uses the principles of murabahah and ijarah. The concept of murabaha is applied to buying and selling and ijarah transactions for leasing transactions. The profits obtained from buying and selling profits that have been known to both parties as well as profits from renting or renting out goods and services.
But in practice, online Good lenders loans are preferred for halal business or venture capital, such as capital to build property, vehicle financing, and other productive needs.
2. Loans without Islamic collateral
This product is the same as a conventional collateral-free loan product. The ceiling provided by financial institutions can be far greater than online Islamic loans. The difference with conventional non-collateral loans, the debtor must explain the purpose of the loan to ensure it is only used for business or legal purposes.
3. Islamic pawnshop
PT Pegadaian (Persero) has long issued several Islamic loan products. The difference, Pegadaian requires collateral or collateral in the form of jewelry or BPKB vehicles. The debtor will be given a number of funds provided that they pay the lease capital with a maximum tenor of 120 days and can be renewed.
4. Good lenders credit card
The term Good lenders credit card might be a bit dubious. Even though this product was already known by DSN MUI. But the term is replaced with a Good lenders card or Good lenders card. The function and benefits are almost the same as conventional credit cards, but the contract is in accordance with Good lenders principles.
- An ijarah agreement that establishes a monthly fee.
- A kafalah agreement that guarantees the debtor of the issuing company.
- A qaradh contract which provides loans to debtors with an agreement to be returned according to the agreed maturity.
Strengths and Weaknesses of Good lenders Loans
Keep in mind that online Islamic loans almost provide funds for productive purposes. In addition, the funds transfer process was not given in cash, meaning that the funds were directly used for venture capital.
If seen from the benefits, Islamic loans have competitive returns compared to conventional loans. The ceiling and tenor are not much different from conventional loans.
However, on the other hand the process of applying for Islamic loans is not as easy as online loans or other conventional loan products when considering the risk that must be borne not only borne by the borrowers, but also charged to institutions that provide loans as well .
An interesting concept that is now offered by fintech in Good lenders online loan products has turned around. Consumers are encouraged not to become customers but to investors so that investors can provide Islamic loans to other customers who need business capital or other productive needs.