Pinjol Taught Young People To Attract Debt For The Sake Of Hedonism, What Can OJK Do?

Photo: Doc. VOI

JAKARTA - Three young girls aged around 19 years seemed to be walking hand in hand in front of a row of shophouses.

Two of the three young girls were seen carrying shopping bags containing a number of items.

One of them then asked how they could buy goods without fear of running out of money. While laughing, both of them then answered all of this thanks to the debt of an online loan application (pinjol).

"It can be paid after a salary," said the person.

A moment later, the two teenage girls revealed how easy the debt is, which is meant by the loan facility of up to IDR 50 million and the tenor for a maximum of 12 months.

"Next week we want to shop again," he continued.

Suddenly, the statement made a young woman who asked questions feel interested and intend to download a similar application.

This is roughly the description of a video offer from a loan company licensed by the Financial Services Authority (OJK) which is now circulating on major social media.

Hedonism and high consumption activities targeting among women's teenagers are considered to be a panacea in attracting customers quickly and massively.

In an economic analogy, consumption debt is no better than debt created for productive activities.

For this reason, the company that organizes loans also has a sense of social responsibility to help the government educate the public for a more comprehensive economic development.

It's not just a business interest with a young woman who has not yet reached the settlement level.

The spirit of learning is in line with what was voiced by the Secretary General of the Joint Funding Fintech Association (AFPI) Sunu Widyatmoko.

"AFPI is committed to providing relevant education and socialization through collaboration and synergy with the government and other associations," he said in a written statement some time ago quoted by the editor on Tuesday, December 12.

Meanwhile, OJK as the regulator of the financial services sector also often emphasizes that financial education programs are carried out massively online and face-to-face, including educational programs to universities and schools.

"In addition to credit/financing restructuring, the most common problem for consumers is the issue of objections to the behavior of billing officers," said the OJK in a press release after the Board of Commissioners' Meeting (RDK) for the November period.

In the minutes, it was also revealed that the OJK is still reviewing the maximum limit settings for interest rates charged to fintech peer to peer lending customers, aka lending.

VOI noted that the Head of the Investment Alert Task Force (SWI) of the Financial Services Authority (OJK) Tongam L.

Tobing once said that his party did not determine the upper or lower limits of the cost of repayment of loan funds (interest) channeled by loan companies.

"OJK has never set an upper or lower limit regarding credit (pinjol)," he said in a webinar held in the middle of last year.

According to Tongam, the interest rate was very dependent on the market mechanism at that time.

"It (interest) was handed over to the market," he said.

Tongam argued that the decision to withdraw online loans was entirely in the hands of customers.

Many fintech lending (pinjol) provide services to them (with reasonable interest). So, these opportunities need to be taken by the community so that people can also make smart decisions and have no regrets in the future," he said.

To note, the OJK has received DPR approval for the 2023 budget of IDR 7.45 trillion according to the projected receipts and levies next year.

The budget is claimed to be used for operational activities, administrative activities, asset procurement activities and other supporting activities.