Cicil, Installed Fintech Create Job Search Features for Students

A financial technology startup (fintech lending) specifically for education, Cicil, launched the Installment Jobs feature. Through this platform, student borrowers can apply for jobs as survey workers, reviewers of Micro, Small and Medium Enterprises (MSMEs) to influencers.

The move aims to minimize bad credit. Co-Founder and CEO of Cicil Edward Widjonarko said the ability of student borrowers to pay installments decreased during the corona pandemic. The success rate of loan repayment is a maximum of 90 days after maturity or TKB 90 reaches 97.22% during the Covid-19 pandemic.

This means that 2.78% pay installments of more than 90 days. The level of non-performing loans (NPL) in installments has also increased to 1% during this period. “We have to be responsible. Not only to students but also to lenders,” said Edward during a virtual press conference, Friday (11/9).

The Main Focus is on Providing Educational Loans for Students

Installment fintech focuses on providing educational loans to students. Meanwhile, fintech plays a role in connecting creditors with borrowers. “Lenders are worried that repayment has been delayed because of the coronavirus,” he said.

The company also launched the Installment Jobs feature to increase the ability of students to pay. Borrowers can search and apply for jobs through this brand-new feature. Based on the Installment Jobs website, there are six job categories available.

The sixth are data collection, partner acquisition, user acquisition, surveys, internal installments, and influencers. Prospective workers can also choose the form of work, namely permanent, contract, part-time, and freelance. Then determine the location of the company.

In the data collection category, there is a need for workers in the section reviewing MSMEs. Employees will get IDR 10 thousand per UMKM for which their business is reviewed. Students can apply for the job directly on the Installment Jobs website.

The vouchers obtained can be used to repay loans on the Installment platform. In the Internal Installment category there are also several job vacancies. This information is based on Katadata.co.id’s monitoring on Friday (11/9), until 15:34 WIB.

Startup Cicil works with several e-commerce companies to provide job opportunities for student borrowers. However, Edrward did not specify the number and names of his partners. Apart from Cicil Jobs, Cicil relies on the fintech lending data center to assess credit risk (credit scoring).

“This is to prevent loan problems on many platforms. We avoid digging the holes that cover the holes,” said Edward. On the Cicil platform, students can apply for loans to buy learning support items such as laptops, or tuition fees.

Cicil’s Services Spread throughout Indonesia

Its services can be used in 247 universities in Indonesia. Loans to pay tuition fees can reach IDR 30 million with a tenor of up to 36 months. Whereas credit for learning support items, the value is adjusted to the price of the product purchased by the borrower on the Installment platform.

If you apply for a loan for admission and first semester of IDR 12 million for a year, then you will be asked to pay a 20% down payment. Meanwhile, the monthly installments are IDR 947,123. That means the interest is around 19.64% for a year or 1.6% a month.

Overall, the start-up company that was founded in 2016 has distributed loans of IDR 171 billion to more than 67 thousand borrowers. In Indonesia, Cicil competes with Pintek, Danadidik, Danacita, KoinWorks and others who also provide education loans.

Based on statistics on the Cicil.co.id page, the accumulated financing has increased 101.17% for the current year (year to date/ytd) from last year’s achievement of IDR 85 billion. Meanwhile, the total outstanding financing was IDR 21 billion, with a success rate of 90 days (TKB 90) of 97.46%.

CEO & Co-Founder Cicil Edward Widjonarko said that his party only cooperates with lenders (lenders) from other financial services institutions to finance loan recipients (borrowers). Edward said that in the future his party would expand more to several areas, particularly some areas in Kalimantan.