Take Advantage Of Pinjol Wisely For Fast Solutions, Don't Get Trapped

Illustration of online loans (photo: OJK)

JAKARTA - Currently, online loan platforms (P2P lending) are increasingly in demand in Indonesia. Based on data from the Financial Services Authority (OJK), as of August 2024, 12.93 million accounts of online loan recipients were recorded.

In the same period, the value of online lending reached a new record of IDR 27.44 billion, surpassing the previous months in the same year.

This amount increased 0.10% from the previous month. In July 2024, it was known that the loan disbursement was IDR 27.41 billion. Meanwhile, the number of recipients of the account was 12.63 million

Director of Marketing, Communication & Community Development AFTECH, Abynprima Rizki believes that the presence of P2P lending is very useful for the community, especially for productive things.

"Because maybe we have a business, we need a fresh money to be able to run small businesses or carry out some of our business intentions," said Abynprima in a discussion panel at the Indonesia Fintech Summit & Expo (IFSE) 2024.

However, as one of the leading P2P lending platforms in Indonesia, Easycash emphasized the need to think about good financial management before deciding to make online loans.

According to him, the capacity to pay from each individual varies. So, it's a good idea if P2P lending users don't get fixated on the amount of loan limit a platform will provide.

According to Wildan, there are several tips that can be done by everyone who is interested in applying for an online loan, the first is calculating the capacity to pay and cash flow.

"So friends need to identify how much their routine expenses are and when they are issued. This will determine how much loans can be taken by friends," said Wildan at the same time.

Second, Wildan suggested implementing a financial composition of 40-30-20-10. Where 40% of income for daily needs, 30% for installments, 20% for savings and investment, and 10% for social or religious funds such as infaq and others.

"This is to avoid incidental and unnecessary expenditures. So, it must strengthen the needs above the wishes. So, the need first, the desire later," continued Wildan.

But unfortunately, in the midst of massive online loans, there are also more threats following it, including illegal online loans. In fact, Wildan said that the number of illegal online loan platforms is far more than the legal online loan platform that is licensed by the OJK.

As of October 2024, data from the Financial Services Authority (OJK) shows that there are 97 official or legal online loan platforms licensed by the OJK. Meanwhile, illegal online loans are estimated at more than 8 thousand.

"So if it was mentioned earlier, we have a licensed platform, there are 97, while if it is illegal, there was a browsing-crowding about the number (pinjol) that had been closed until this year, the number could be up to 8 thousand," he explained.

Therefore, Wildan emphasized the importance of knowing the differences in legal and illegal online loan platforms before applying for loans. There are several differences that according to Wildan can be seen by all people to distinguish them, including:

Registered With OJK

The legal loan platform definitely has official permission from the OJK. To find out which platforms are licensed, you can visit the OJK's official website, call number 157, or send WhatsApp to number 081 157 157 157.

Data access

According to Wildan, the legal loan application has limited data access and is regulated by the OJK. Where they can only access the camera, microphone, and location of your device in certain situations. Meanwhile, illegal loans often ask for access to all your personal data.

Interest transparency and loan tenor

In addition, illegal loans also usually have very high interest rates and are not transparent. "Just filled in the number, suddenly it has been transferred. It doesn't agree with the interest, it's been transferred suddenly. Meanwhile, those who are licensed must fill in in full, approve the composition of interest, what is the total loan and when it must be paid."

Strict verification process and professionalism in billing

In addition, one of the characteristics of illegal borrowing is the process of applying for a loan that is very easy and fast. Usually, you only need to fill in your phone number, and the funds are immediately disbursed without any special verification process.

Then, illegal loans will also be difficult to track because they do not have a clear corporate identity. How to collect legal loans is also more structured and follows OJK rules, while illegal loans often collect in unprofessional ways.

"If the person is licensed, the billing staff must be certified and that too has collection provisions that must be followed, it is not allowed to collect at times that are like it," he said.