STRICT ACTION against online loan companies (Pinjol) that do not comply with the rules must be taken by the Financial Services Authority (OJK).
Because, Pinjol’s notes will make it difficult for people to get access to People’s Housing Credit (KPR) financing.
As previously reported, OJK took supervisory actions and enforcement measures by announcing the closure of three online lending companies due to lack of capital and failure to implement the supervisory recommendations determined by the authority.
OJK also officially released a list of illegal online loans that will be effective on August 1, 2024. There are 654 illegal online loan entities that are declared dangerous because they are unlicensed.
“The OJK’s move could be an entry point for the government and OJK to review and reorganize this online loan business, because in fact it has caused many problems and caused victims in society. The negative impact of online loans is quite large, even to the point of loss of life,” said the General Chairperson of DPP REI Joko Suranto in Jakarta, recently.
The developer company association also asked the OJK to apply the same rules to online lending companies or fintech lending, such as procedures and interest rate limits as those applicable in banking, because the end product is the same, namely credit loans.
Also read: OJK: 40 Financial Services Companies Have Not Met Minimum Capital
In addition, Joko Suranto hopes that OJK will also provide continuous education to the public regarding the potential problems they may experience if they are unable to fulfill their loan obligations.
“There must be serious education, because once they have problems with online loans, the impact of their obligations will be devastating because the loan interest can reach 116 percent per year, and also cause difficulties in their access to financing to banks such as for business capital or home ownership loans (KPR),” said Joko.
REI highlighted the many cases of loan defaults, the impact of which was that around 40% of mortgage applications, including subsidized mortgages, were rejected by banks because their credit scores were poor.
Also read: Regulating Pinjol, OJK Locks Maximum Loans of 50% of Salary
This makes it difficult for them to get a mortgage and lose the opportunity to own their dream home.
In fact, said Joko Suranto, home is the first place for families to educate their children.
On the other hand, Joko Suranto said that when someone is caught in a loan shark and then wants to pay off the debt, it is not certain that their data in the Financial Information Services System (SLIK) or BI Checking has been deleted.
Also read: Distributing Credit and Financing of up to IDR 352 Trillion, Housing Sector Remains a Large Portion
This is because the data does not yet have a valid time frame for when it will be cleaned.
There are also cases where people want to pay off their debts, but the lending company has closed or been closed.
“This condition is a problem because people do not know how to pay off and clean up their debt data at the OJK. We have submitted a proposal to the OJK to tidy up people’s financial history with certain criteria. For example, SLIK or consumer history that is two years old or has been resolved so that it can be corrected quickly,” he explained.
In addition to the OJK’s efforts to regulate, REI also expects the Indonesian Ulema Council (MUI) to reaffirm the legal fatwa on online loans because they cause more losses and have the potential to become a “disease” for society.
“This loan clearly does more harm than good. In addition, there are indications of exploitation because the loan interest is super high, so there is no clarity and certainty about when the borrower can complete (pay off) the loan,” said Joko Suranto.
The MUI Fatwa Commission once held an ijtima of ulama which agreed on the law of online loans in Islam.
The Ulama Ijtima held in Jakarta in 2021 firmly decided that it is forbidden to profit from lending and borrowing contracts, both online and offline. (Z-10)
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