fintech: financial technology is a financial service innovation combined with a technology system. One of the most popular forms of financial services in the form of fintech is online application-based loan services.
however, in the last few weeks, there have been many reports of the negative impact of online loan application services.
is that right ? are the only negative impacts that we get from this online loan application system?
actually, it’s not like that, let us examine it from a wise point of view, from the negative and positive sides as well.
The negative impact of online loans is that we can install more than 10 online loan applications for free on the Playstore without special terms and conditions.
it is different from applying for credit at a bank or a loan at a cooperative which requires special supporting documents which in my opinion are quite complicated not to mention mandatory collateral or guarantees.
it seems that this does not apply to users of online loan application services, because with only one supporting document (KTP) we can withdraw loan funds. but it turns out that this has some unfavorable impacts on the community for its users.
first: with easy online loan systems without collateral people who are accustomed to debt will flock to try to switch from conventional to online loans, the negative for customers from existing conventional financial service companies will be reduced.
second: because of the ease with which it makes people who have never previously owed debt become indebted, either because it’s just for fun or a need that can actually be resolved without the need to be in debt.
third: creating a culture of debt in the community. This condition of debt will easily become a habit for the community so that what was originally considered a taboo debt becomes a normal thing.
fourth: high debt interest, why do online loan-based financial services apply high-interest rates to their customers, in my opinion, personally as a way to minimize the losses of these online loan companies. this is because it is too risky for a loan agreement without collateral (collateral) which has a big chance of creating a crime gap compared to loans that use collateral.
Fifth: unpleasant experience with debt collectors, who the hell wants to be a fugitive for debts to be chased every time.
Of course, no one wants some of the cases that have occurred that stick out in the public on how the debt collector as the collector of online loan companies treats their customers.
although it has not been proven until the act of violence, the collection of threats in the form of threats clearly violates the law and certainly makes the customer uncomfortable.
sixth: the system is like the experience of one of the online loan application customers, they admit to doing that to cover debts from one application by owing to another loan application.
He is even open about how many applications he has registered, unmitigated there are 10 applications.
therefore for those of you who feel unable to the terms and conditions of an online loan service company, don’t even try, because indeed the interest that is applied is high and can be said to be choking especially if the repayment deadline is passed.
moving on from discussing the negative effects of online loans, let’s discuss: The positive impact of online loans. the first: saving time and effort because it is different from the conventional loan model which requires us to complete the paperwork so that we have to go back and forth to various agencies, not to mention the process which is arguably not instantaneous. have to wait their turn, wait for surveys and others. second: does not require collateral in the form of valuable goods or documents, so anyone who is old enough, physically fit and has a KTP identity can apply for a loan online, does not have to have collateral for land certificates, Bpkb or other valuables. third:
a solution for those of you who need instant funds, because the fast process allows you to make a contract in an emergency.
fourth: train you to have a high sense of responsibility when you have agreed to the terms and conditions of the online company, only for those of you who have a permanent job whose salary may still be delayed for some reason, not recommended for unemployment.
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Fifth: know a little about the world of financial technology, especially in the field of online loan applications that allow you to learn the system and how it works and maybe one day it can be applied to a company on the same basis that you are building with better service and a lower interest system of course.
sixth: giving a sense of satisfaction when receiving a loan easily but also being able to pay on time according to the policies of the online loan company.
the point is when you don’t want to be at risk then run the agreed rules, pay the debt according to the specified time.