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Technological developments make various activities simpler, including the problem of borrowing money online. Currently, only with an internet connection you can get a loan through a variety of online loan program options, but all of that is not necessarily safe. I will share tips for safe borrowing money online here.

However, you need to be more vigilant about the growing proliferation of illegal online money lending programs that are causing a lot of customer losses.

Here are 5 safe tips for borrowing money online that you must know before finally deciding to choose the loan application you want.

Let’s listen!

Safe Tips for Borrowing Money Online in the Loan Application

Before downloading, select an online loan application that has been registered with OJK

Before using an online loan application, first check whether the name of the program has been registered with the Financial Services Authority (OJK) or not. Online loan program companies that are legally registered with the OJK will comply with the current regulations. Starting from billing steps, interest rates and customer data security.

Online loan companies that are not registered with the OJK, aka illegal, generally dare to violate OJK regulations, such as charging exorbitantly high interest rates and terrorizing customers.

Also Read: 5 Tips for Choosing the Best Online Loans for 2022 and 100% Secure

Make sure the loan interest is transparent and not too high

When you borrow money online, check the interest rate decided. If the online program that you charge interest is up to 1% daily or 30% per month, you shouldn’t choose that online loan. Because the OJK has decided that fintech companies should not pay interest of more than 0.8% every day.

Apart from interest, understand other loan costs that are charged when borrowing

Unless subject to interest, customers generally also have to pay other fees. Each online loan fintech has its own rules in determining other costs. Generally, customers will be charged administration fees and late fees.

You must recognize this fee before applying for a loan, generally you can check it in the FAQ section. The safest and most trusted fintechs will explain some of these costs openly.

Also Read: 5 Fast Liquid Online Loans Via Web Long Tenor in 2022

Read the Privacy Policy, Make Sure the Company Does Not Sell Customer Personal Data to Third Parties

When you apply for debt, try to be more careful when reading the documents on the privacy policy side. Make sure that the online loan company does not sell your personal data to avoid the risk of data misuse.

Make Sure Fintech Online Loans Have Consumer Services

It is important to pay attention, whether the online loan company that you use has customer service or not. Safe fintech will provide information regarding telephone numbers, office and e-mail addresses and social media for customers to submit complaints.

If you don’t know the telephone number or office address then in the future a problem occurs, you will be in trouble yourself.