Currently, online loan applications are highly sought after by people to obtain emergency funds when needed. Despite this, there have been many reports of illegal online loan cases that can harm many users. This can certainly make you worried when applying for an online loan through an app.
Online loans are one of the much-needed aids for business actors today. Therefore, on this occasion, I will provide a brief guide to choosing a trusted online loan application.
The online loan application that I will discuss is an application that not only provides security guarantees for you as a customer but is also registered with the financial services authority.
Based on my observations from various sources, there are at least some characteristics of illegal online loan applications that you should avoid. These characteristics include:
Unreasonable requirements
Illegal online loan applications often offer loans with unreasonable requirements, such as extremely high interest rates or unrealistic collateral.
Unclear application process
Illegal online loan applications often have an unclear or non-transparent application process. They may ask for sensitive information such as ID numbers, bank passwords, or other personal data that should not be required to apply for a loan.
Not registered with the Financial Services Authority
Illegal online loan applications do not have a license from the Financial Services Authority (OJK) to operate as an online lending company. Therefore, make sure to check whether the application you want to use is registered with OJK.
No physical address
Illegal online loan applications often do not have a clear physical address or office. They may only have a phone number or email address that cannot be verified.
Harsh debt collection practices
Illegal online loan applications often use harsh or threatening debt collection practices, such as sending excessive messages or calls to borrowers who fail to repay their loans on time.
Now that you understand the characteristics of illegal online loan applications, it is time to discuss a list of trusted online loan applications that are registered with the financial services authority. To continue the discussion, you can click the button below to go to the next page.
