Illegal Online Loan Risks for Customers.
Without OJK’s permission, this illegal online loan company creates risks for customers, namely:
Not carrying out the practice of lending and borrowing in accordance with the provisions and legislation in force to the detriment of the customer.
Illegal contact companies intentionally disguised their identities and addresses so that it is difficult for customers to contact them.
Fintech illegally charges interest per day and is accumulated indefinitely. Meanwhile, licensed fintechs set maximum limits on the burden of liabilities to customers.
Fintech illegally accesses all contact data and personal info on the customer’s cellphone, which when it fails to pay, that info is used to terrorize the customer.
Make Sure Again, Be Able to Pay Interest Loans
The ease of online loans that promote a one-day unsecured process, without a credit card, without a paycheck and only need a KTP, is arguably very attractive, especially for those who are desperate for fast funds for emergency needs.
But, once again, the speed and ease, there is ‘price’. Therefore, one thing that is mandatory and must always be considered when you decide to apply for an online loan is the amount of interest to be paid.
Can you pay interest on time and whether your finances are sufficient to settle fintech company obligations if you get an online loan.
Risks of Illegal Online Loan
You should not be easily tempted by the lure of a quick liquid process in 5 minutes, borrowing money can be 5 or 10 million immediately liquid without conditions and guarantees. First consider the legal status of the company offering the loan product, registered with the OJK or not.
If the online loan company is not registered with the OJK, we recommend that you avoid and seek legal. It’s much better to deal with legal fintech.
Types of Personal Online Loans
In addition to the immediate liquid process and enough with just KTP terms, online loans offer many types of credit products that are more varied than most KTA banking products.
Types of personal non-bank online loan products include:
Daily Tenor Loans
Namely starting from 10 days to 30 days. At maturity, the customer must pay the principal and the loan at the same time.
Loans With Installments
In contrast to banks, installments are offered short-term fintech, under 1 year. Interestingly, installments can be made weekly, for example, payments every two weeks.
Loans to Stores or Online Merchants that Sell on the E-commerce Platform.
This is interesting because banks do not provide loans to businesses that do not have a physical form, while fintech makes bold breakthroughs to credit to online stores.
Customers online risks
Loans for Continuing Education
You can pay by tuition fees and course fees, up to 100% of what is needed. No down payment, with interest starting from 1% flat per month.
You can determine which type of loan product best suits your needs.
Benefits of Borrowing With Legal Fintech Registered at OJK
There are several advantages associated with legal fintech registered with OJK:
Transparent interest costs
And is limited to a maximum of 0.8% per day. This is the latest provision from OJK
The Fintech Company is Easy to Contact
If a problem arises or there is a customer complaint. OJK conducts a number of screening so that registered P2P fintech companies have an adequate customer service and complaints system
Using the Right Collection Billing Method
In accordance with OJK regulations. There is a possibility of inhuman billing methods due to extra tight supervision by OJK
Access to Personal Data on a Mobile Phone Is Regulated
And is strictly restricted by OJK, so that privacy and security related to online loans are guaranteed.
Risk of personal online loans not registered with OJK (illegal Fintech)
Meanwhile, applying for a personal online loan to an online loan that is not registered with the OJK has a number of risks for borrowers, although it offers a number of attractive features such as unsecured and monthly installments.
Missing Personal Data Access
The illegal Fintech Lending application in offering personal money loans online will request access to all personalities in the User’s mobile phone which are then misused to make a billing when the loan is in arrears. And it is very difficult to delete personal data in this illegal online loan. Whereas Fintech Lending registered / licensed by OJK is only permitted to access the camera, microphone and location on the user’s mobile phone.
Extraordinary Loan and Loan Conditions Harm Borrowers
Loans at illegal fintech lending Organizers tend to be very easy, unsecured, immediately disbursed within 24 hours and without a credit card, without asking the loan requirements. Whereas the fintech lending provider registered / licensed by OJK needs to know the purpose of the loan and require documents to carry out credit scoring.