Now, more and more things can be done online. From shopping, transportation service orders, hotel bookings, to booking airplane tickets, everything can be done as long as there is internet access. Not only that, you can also enjoy the ease of accessing financial facilities. One advantage that is quite popular lately is online money lending.
If in the past you had to just borrow money and have to go to a bank or a finance company, now via a smartphone, you can apply for a loan. In addition to being easy, applying for an online money loan is certainly also efficient, because not much time is wasted just taking care of the loan application.
However, behind the convenience provided, you also need to be aware of things that should be anticipated from the beginning. Moreover, this online money loan wasn’t originally from a bank, you know.
Now many online money lending providers have sprung up, also known as financial technology or fintech companies. Because of the large amount, you must be vigilant and selective before applying for a loan.
There are several characteristics that determine whether online money lending providers are trusted or not. What are its characteristics like? Let’s find out in the following review.
1. OJK registered and supervised online money loan providers
This is the most important and you should check first. One of the characteristics of a trusted online money loan provider can be checked its status in the Financial Services Authority (OJK). Make sure his name is registered and overseen by the FSA.
Because fintech runs activities in the financial services sector, the OJK is certainly responsible for conducting oversight. OJK will provide information to the public as clearly as possible about companies already registered with OJK.
Of course, companies that are already registered with OJK are considered responsible companies and the public does not need to worry about being harmed. Because OJK will take action against these companies if there is a problem.
2. Can a positive review or testimonial
Not just installing, application users can also give a review or testimonial as their impression while using a loan service. Reliable online money loan providers will certainly give good testimonials.
It’s different from a loan provider that is dubious or can’t be trusted. Users will certainly bombard the application provider with bad testimonials.
In addition to testimonials, you can also know that online money loan providers are trusted or not from how many stars are given on the Play Store. If there are a lot of stars received by the application, that is the initial sign that the application can be trusted.
3. Set interest fairly fairly
Actually it is still unclear how much interest should be charged by fintech when lending money online. OJK itself claimed that it could not interfere too far in matters of flower arrangement.
So, how do you know if the loan interest is reasonable or not? It’s easy You can just compare the loan interest offered. If one loan provider charges too high an interest compared to another, it’s better not to borrow funds there.
At first, it will be good to borrow money from the provider. After the credit runs, you will feel strangled with the interest given. This is a sign that you have entered the online moneylender trap.
Interest rates vary. There are those who charge 1 percent a day, so if a month it becomes 30 percent. In fact, there are those who charge 1 percent interest for 12 hours you know!. Eat, must be selective. Do not until you are harmed because of the large interest.
4. The phone is just for verification
Not only when collecting debt to be called on, even a loan of money was also offered very intense you know. The name is clearly an online money loan. Continue to make calls and ask questions?
It’s okay to call if it’s limited to verification. It’s just that it’s not fair if you repeatedly call just to offer a loan. Well, if you are aggressively like this, you should be aware. Once trapped, you can become a cash cow later.
That was the four characteristics of a trusted online money loan provider. Despite our status as recipients of funds, we still have to be vigilant so as not to get caught in loan interest.
Do you really want to be chased every day by a debt collector because of a loan arrears? Therefore, it needs carefulness when trying to apply for a loan by paying attention to the characteristics above. Hopefully the information above is useful!