Beware of Borrowing Money To Avoid Being Entangled with Online Loans
Vanessa is a fresh graduate office worker with a salary of 5 million a month. He traveled to Jakarta to make a living. As a tourist, Vanessa certainly has many needs to be met, such as rent, transportation costs, one-month meal costs, women’s needs and more.
In addition to meeting her needs, Vanessa is also required by her parents to save. But because she loved hanging out with friends, Vanessa’s money ran out before her time ended up rubbing her back and getting her online loans more financially.
Similar to Vanessa, Susi’s mother is a housewife who is also involved in ‘home loan’ online loans. Susi’s mother originally wanted to help her husband by opening a coffee business.
As a source of capital
Ms. S borrowed money from Good Finance real estate without finding out where it came from. Right now, the unprofitable Mother’s shop has to dig a hole in one online loan.
The older the development of Good Finance online lending providers in Indonesia, the better the service provided to its users. But as more and more online loans are available, there are many Good Finance alerts that lend themselves to lending. Despite strong backlash from governments and related authorities, Good Credit has to be careful not to get caught up in online loans like Vanessa and Susi’s.
To avoid getting an online loan, let’s understand the following!
Learn the features of Good Finance predatory lending
• Not registered with OJK
Most of Vanessa and Mother’s loan sources come from Good Finance predatory lending, or Good Finance illegal, abusive, or profane, online lending. Good Finances like these are usually not registered with OJK. Without the oversight of the OJK, Good Finance predatory lending will seek out the victims by staking high lending rates and choking the borrowers. Even its service is worse than the illegal Good Finance already registered with the Financial Services Authority.
To prevent the fraudulent online loan from Good Finance predatory lending, the first step is to check whether the Good Finance is registered with OJK. As of December 2018, there are already 88 official Good Finance companies registered with OJK . Remember, if you want to apply online, just apply to OJK’s registered Good Finance, yes!
• No mention of loan interest in advance
Trusted Good Finances usually specify the amount of the bill to pay as well as the details and/or service fees that the borrower must pay.
In addition, Good Finance is also required to specify a delayed penalty if the borrower pays the bill beyond the specified maturity. If the Good Finance used just delivers a quick meltdown of lightweight lending without mentioning the above information, it is best to leave the Good Finance alone!
Do not specify a CS number or contact address
Official Good Finance usually includes a Customer Service (CS) contact number or contact address, either in an online loan application, on a website or on social media they manage. This CS contact is crucial for consumers as an information gateway if consumers are having trouble using Good Finance related services.
The absence of any contact or contact information would have been a point of suspicion that Vanessa, Susi Mother, and Smart Friend would have avoided using her services.
False accounts that use big Good Finance names
With the rapid growth of Good Finance, many people are deliberately creating fake social media accounts by naming the official Good Finance that is widely used by the public.
This is, of course, worrying the borrowers and harming the associated Good Finance. Borrowers can easily get online loans from fake Good Finance, while official Good Finance related loses consumer confidence. To avoid this, fake Good Finance accounts typically have the following features:
Understand loan needs
• Consider loan and refund capabilities
In addition to the possibility of fraudulent online loans, there is also the possibility that the fault lies with Vanessa and Mother. Due to the complexity of the need, they do not consider their financial ability to repay their loan. What’s important is that their needs are met first! Without calculating personal financial ability before applying for an online loan, Vanessa and Susi’s mother could be trapped in a hole-in-the-wall dig.
Indeed, the nominal loans offered by Good Finance are impressive. Coupled with the ease of filing and lending speed of loan funds, it’s easy to take the wrong step in taking out a loan beyond our financial ability. The next step is to calculate your monthly income after reducing your basic need to find out how much money you can spend to pay off your loan. Or if you’re stuck in a debt hole, try to push the need for more money to pay off the accumulated bills. The point is that before applying for an online loan, Smart Friend needs to understand the personal ability to avoid getting an online loan.
• Productive loans or consumer loans
In applying for a loan it is advisable for the borrower to have a clear goal. Vanessa, for example, borrowed to meet her needs to hang out with friends. This is called a consumer loan. Whereas Ms. S borrowed money for the capital to open a shop where the profits generated could be used to pay the loan. Susi’s mother loans are also called productive loans.
Which one is better? Certainly a productive loan. By using online loans as open-source venture capital, people like Susi’s mother will have businesses that can make a profit to help supplement her husband’s income. While consumer loans like Vanessa do should be avoided because they are just as wasteful for pleasure.
• Find out the terms of the loan
Before applying for an online loan you should first find out the exact terms of the loan offered by Good Finance. Things to look for from Good Finance online lenders such as interest rates, surcharges, length of the lending period and sanctions in case of late payment. Each Good Finance has different loan terms. Knowing the terms of the loan, Good Credit can choose the best Good Finance offering according to your personal financial needs and capabilities.