Illegal online lenders operate outside the financial services system: OJK

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Jakarta (ANTARA) – Illegal online loan providers are not part of the nation’s recognized financial services system, the Financial Services Authority (OJK) Investment Alert Working Group said.

“These illegal online loan providers are found outside of recognized financial services institutions. Can we, for example, call lenders in traditional markets who have suddenly texted us as a legitimate financial service provider? not, “said the head of Investment Alert. OJK task force Tongam L Tobing said Friday during an online discussion in Jakarta.

Institutions are only recognized as financial service providers when they are registered in the OJK system, which ensures that all recognized institutions are properly organized as a public enterprise with transparent sources of capital and permits, infrastructure and complete systems, he informed.

“We do not recognize providers of illegal loans as legitimate financial service providers,” he said.

Illegal loan providers exploit victims who urgently need money quickly and resort to their loan application, Tobing said. Illegal loan providers then charge unreasonable interest, high fees, unlimited penalties and often intimidate borrowers, he added.

Related News: Police Chief Reveals Modus Operandi of Fraudulent Online Loans

Illegal loan providers always violate their agreement with borrowers, he said. For example, they only transfer 600,000 rupees per million rupees agreed to borrowers, then unilaterally increase the agreed interest from 0.5% to 3% and change the loan term from 10 days to 7 days, he said. informed.

“This is extortion and fraud, and it is clear that the providers of illegal online loans are not financial service providers but criminal syndicates. by them, ”Tobing warned.

In addition to taking action against rampant illegal loan providers, Tobing urged authorities to improve financial literacy and public education.

“We have noticed that the providers of illegal loans are exploiting the public’s lack of financial knowledge and knowledge, their financial problems and their urgent need for money quickly. Therefore, we need to deal with this problem in depth, from illegal services to the public. “said Tobing.

Related News: Public Losses Due to Illegal Investments Rise to Rs 117 Trillion: OJK


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