Prohibition of the Financial Services Authority (OJK) against official online loan organizers to access contact lists, personal files from the user’s mobile phone are set in POJK 77/2016 and POJK 18/2018 concerning Consumer Protection in the Financial Services Sector. An appeal to make a loan at a company that has been registered and officially has already been done to consumers, here are a few suggestions so that the loan does not lead to a bump:
Check Online Loan Companies Registered at OJK
Borrow For Earning Needs Pay Attention to Your Installment Expenses Do Not Exceed 30% of Your Income. Borrow for productive needs, not consumptive, and not exceed 30% of income so as not to burden. Consider dependents or other installments that must also be paid.
Pay Installments Long Before Maturity
Pay in installments on time to avoid swelling fines. In order not to forget to pay, install a calendar alarm on your cellphone or put a calendar on your home or office.
Avoid Digging the Hole Cover the Hole. Don’t repay loans with new loans to avoid getting into debt. Make paying installments a top priority after receiving a salary.
Learn Interest and Loan Fines
Before Borrowing Learn and survey the interest and penalties offered in advance. Choose an online loan that offers the lowest interest and penalties to make the payments easier.
Read the Contract Agreement
Carefully read the contract offered, and ask questions if it isn’t clear. The rise of online loan companies aka borrowing money that provides high interest loans is also a concern of the Financial Services Authority (OJK). OJK’s Director of Licensing and Supervision Arrangement of OJK Hendrikus Passagi said that currently there are key features that the public must know in order not to become victims of illegal fintech. The main thing is that they provide very high interest loans to the billing process that is not fair.