Comparison Of Pinjol Flowers In Various Countries, Which Amount To England And Malaysia?

Loan interest comparisons in various countries (Freepic)

YOGYAKARTA - Online loan interest is an important thing to pay attention to when you want to use loan services. The Financial Services Authority (OJK) will reduce the loan interest rate from 0.4% to 0.3% per day starting in 2024. Many people are wondering about the ratio of loan interest in various countries.

Online loan users in Indonesia can be happy because OJK will gradually reduce loan interest every year. In addition to the decline in loan interest next year, the loan interest rate in 2025 is also planned to be reduced to 0.2 per day and in 2026 to 0.1% per day.

Considering the amount of online loan interest must be done before you take a loan. This step aims to adjust financial conditions and regulate installment payment strategies or installments. For information, what are the comparisons of loan interest in various countries?

The following is the loan interest rate rule in various countries, reported by Roadmap for the Development and Strengthening of Information Technology-Based Joint Funding Services (LPBBTI):

Let's start with a comparison of loan interest in the UK. The fintech lending business model in this country is specifically regulated in the Policy Statement number PS19/14 by the Financial Conduct Authority. Based on these provisions, there is no limit on loan costs.

However, the provision of lending fees in the UK applies in accordance with the provisions of the price cap on high-term short-term credit (HCSTC) as regulated in Policy Statement number PS14/16. The Policy Statement sets a maximum limit on loan costs of 0.8 percent per day, with a maximum fine of 15 Pundsterling or equivalent to IDR 285,000. In addition, loan recipients are not allowed to pay more than 100 percent of the total loan.

The implementation of the LPBBTI business in Thailand is regulated by its central bank or Bank of Thailand. In Notification 4/2562 Re: The Determination of Rules, Procedures, and Conditions for Peak-to-Peer Lending Businesses and Platforms, regulating the interest on loans provided by LPBBTI organizers must comply with the provisions of the Civil and Commercial Code of Thailand.

The CIvil and Commercial Code of Thailand stipulates that the loan interest rate should not exceed 15% per year. But in addition, the purpose of the loan can also affect the loan credit limit.

Meanwhile, loans used for business purposes have a credit limit that cannot exceed 50 million Bath. Meanwhile, the loan credit limit for personal purposes will depend on the borrower's income.

Provisions regarding the implementation of the fintech lending industry in Malaysia are regulated by Malaysian Securities Comission. Based on Guidelines on Recognized Markets SC-GL / 6-2015 (R9-2022) published by Securities Commission Malaysia (2022b), interest from loan services provided by fintech lending cannot be above 18% per year.

If you want to apply a loan interest of more than 18% per year, the LPBBTI organizers must consult with Malaysia's Securities Comission. Malaysia's Securities Comission does not set rules on the amount of funding the borrower gets, but retail investors are advised not to invest above 50,000 Ringgit.

Although not clearly regulated, the use of lending services from fintech lending is more emphasized for business purposes. Because borrowers are required to provide relevant information including information on business characteristics, business plans, and business finances.

The Philippine state regulates the holding of crowdfunding, including lending-based crowdfunding, in the SEC Memorandum Circular No. 14 (2019) issued by Securities and Exchange Commission Phillipines. In this regulation, there is actually no maximum limit on economic benefits imposed on recipients of funds or borrowers.

Meanwhile, Securities and Exchange Commission Phillipines regulates the nominal interest limit for online lending platforms owned by financing companies and lending companies. This provision regulates loan interest of 6 percent per month or 0.2 percent per day and effective interest of 15 percent per month or 0.5 percent per day.

The loan interest provisions are applied to general purpose loans, including consumptive and productive loans without collateral. The loan amount rule does not exceed 10,000 Peso.

Demikianlah peringatan pinjol di berbagai negara dengan layanan pinjaman online di Indonesia. Baca juga aturan OJK soal penagihan pinjol bagi Anda yang menggunakan layanan pinjaman online.

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