The presence of an online loan business that can make you choose the best one makes some people from the lower middle class who don’t have a lot of collateral assets to use feel really helped. Except that the process is fast, there are few conditions that are asked even though the interest is higher when compared to loans in cooperatives.
However, some prospective customers should be more vigilant when choosing this online loan service. They have to be selective when choosing the best online loan place so that they are free from the game of borrowers whose results can really make a loss in the future. We often see someone offering online loan services either via SMS, spreading on social media, to the form of an Android program
Applying for a money loan through this online program is easier to process than applying at a Credit Bank. That’s because the Bank requires a lot of requirements and must be seen several days and of course it takes a relatively long time.
These online loans offer varying amounts of money that customers can lend. The lowest online loan size starts from IDR 500,000 to IDR 8,000,000. And the timeframe for online loans is generally instantaneous, around between 14-30 days. Depending on the amount of debt and the provisions of the online loan service
Borrowing money through this online method is very easy and the process is very fast. This is a way out for those of you who need money right now and of course have to be able to return it in the next few weeks
Because generally online loan programs take advantage of customer data. For example, Citizen Identity Cards, National Identity Numbers, Family Cards, Individual Cellphone Numbers and in the end do not agree to a loan. And if you are not selective and vigilant when determining online loans, then you can become a victim of fraud and crime.
Also Read: 5 Fast Liquid Online Loans Via Web Long Tenor in 2022
Tips for Choosing the Best Online Loans for 2022
Before you choose and decide to make an online loan through an application, you should pay attention to the following things:
1. High Interest
You also need to know, that if you do a loan online, you will be subject to very high interest. In fact, the amount of interest exceeds the interest when we make debt to cooperatives or loan sharks
As additional information, the Financial Services Authority or commonly known as OJK has stepped in by issuing provisions on online loan interest limits. Regarding the high and low interest given directly to online loan companies.
This loan provider has made provisions for every customer who will take on debt if the interest they charge is very high at the start. This is done because the conditions are easy and the process is also fast.
Even people who make online loans must know that the risks of using loan services include high interest. Therefore they must be self-aware in borrowing so that the debt can be paid back.
In our society, there are more people who borrow money online to open small-scale businesses, because their efforts don’t go well in the end they can’t pay their debts + very high interest.
2. Misused Personal Data
It would be nice for customers to choose online loan services that are truly trustworthy and legal, which do not provide customer personal data to 3rd parties.
Only because with the lure of Rp. 400,000 to Rp. 1,500,000, this online loan supplier can obtain all of the customer’s personal data. Examples include photo selfies with ID cards, photo ID cards, scanned KK, active cell phone numbers and so on.
Even though it’s not certain that this service provider can be trusted and your money is given. Because there are also some fake loan service providers who only take some of your individual data.
There are many reasons why the expected debt cannot be disbursed, sometimes with the argument that the data is incomplete, even though the data provided by the customer to the debt supplier is complete.
Then what is the function of personal data the same as I mentioned above? Data such as ID card scans and selfy photos can be used to recognize a 50,000 credit balance from Kredivo, acknowledge coupons from Tokopedia, confirm social media/e-commerce accounts.
Apart from that, cellphone numbers will also be marketed to several marketing agencies to send SMS offers every day, to register cellphone numbers and so on.
Also Read: List of the Best Online Unsecured Credit (KTA) Recommendations for 2022
3. Relatively Short Loan Payback Time
Online lenders give time to customers to pay off their loans in a relatively short time, a minimum of one week – optimally 1 month. There are even those who only give time for 5 days, 14 days to 45 days.
This fast refund time makes customers ignorant. Where generally the customer’s wages always arrive at the beginning of the month or are used to open a small-scale business but have not yet returned on investment. In the end, it makes customers self-conscious
4. Small Loan Amount
In fact, some online lenders only want to give debt to customers in small amounts, ranging from IDR 400,000 to IDR 1,500,000, because this customer is just making debt for the first time.
The debt given by the supplier will be even greater with a note! the customer returns the money at the right time and does not exceed the day limit given by the online loan service provider.
5. The risk of being terrorized by telephone calls
The risk is borne by people who borrow money and have not been able to pay. If the term has expired, the loan officer will contact the customer several tens to several hundred times a day.
Even some customers who are in arrears will be bombed with thousands of automatic SMS. There is also an automatic call to feel uncomfortable.
Except for contacting the individual number of the person who borrowed the money. Sometimes service providers contact family members, relatives, colleagues and even neighbors who don’t know anything about being contacted to ask for debts from these delinquent customers.