Money Runs Out After Eid? Get To Know This Risk Before Withdrawing Loans

Illustration (Photo: Doc. VOI)

JAKARTA The momentum of Eid Al-Fitr 2023 has just been passed together. In the middle of this week is an early period for workers to restart productive activities.

Not infrequently, some of them often complain about the large enough expenditure on the special day of the peak of Ramadan. As a result, many are looking for financial solutions because of the extra income from the Holiday Allowance (THR) as if it was just a 'pass pass'.

Meanwhile, one of the most likely solutions is to make online loans (pinjol) through fintech peer to peer lending. It is known that the 4.0 technology-based financial institution offers various conveniences, such as fast disbursement, easy conditions, so that it can be done anytime and anywhere.

Citing information released by the Financial Services Authority (OJK), the loan is intended to fill the gap in financing needs in Indonesia and open access for those who do not have access to banking services or other funding institutions.

"Bagai on two sides of the currency, on the one hand, fintech lending is made to make it easier for consumers to provide for their needs or develop their businesses. On the other hand, it is easier to get a loan fund, sometimes we are complacent to borrow frequently without taking into account our ability to pay off the loan and it is even more dangerous sometimes the loan is made only to meet consumptive needs," said OJK quoted Wednesday, April 26.

So, what points should be considered before making loans using the online system? The following is a summary of the editorial for readers.

1. Borrowing at a registered/licensed company at the OJK

Make sure to only make loans to companies that have been registered/licensed at the OJK by checking the legality of the lender via the OJK 157 Contact phone or at www.ojk.go.id

2. Borrowing according to your needs and abilities

Melalui kemudahan yang diberikan, jangan sampai terlena dan meminjam lebih dari yang dibutuhkan. Total pinjaman yang diperbolehkan adalah maksimal 30 persen dari total penghasilan.

3. Pay installments on time

Always pay off on time installments to avoid swelled fines. In order not to forget to pay, put a reminder on your cellphone or sign the calendar at home or at the office.

4. Avoid digging hole cover holes

Do not pay a loan with a new loan to avoid being in debt. This method is not to make bills paid off quickly but instead to add more bills which can be more difficult for us to pay off.

5. Know interest and loan fines before borrowing

First study the interest and fines offered, conduct a survey of several fintech lending companies as comparisons before making loans.

6. Understand the agreement contract

Read carefully the agreement contract offered, and ask questions if it is not clear. If we do something that violates the provisions, the result is an approximate sanction.