Restrictions Mount over Online Loans, OJK Says

In addition to regulating interest rates, OJK also imposes restrictions on the use of online loan platforms, allowing consumers to engage with a maximum of three platforms. This measure aims to prevent consumers from overextending their financial commitments.

Pernita Hestin Untari & Fahmi Ahmad Burhan

11 Nov 2023 - 17.43
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Restrictions Mount over Online Loans, OJK Says

Illustration of Online Loan Providers (Pinjol) with high default rates. Bisnis/Albir

Bisnis, JAKARTA — The significant impact of online loans, commonly known as ‘pinjol’ on individuals' financial well-being has compelled the government to take action. Regulatory measures have been implemented to restrain the online loan business.

One such legal instrument is the Financial Services Authority (OJK) Circular Letter (SE) No. 19/SEOJK.05/2023, regarding the Implementation of Technology-Based Information Funding Services and Roadmap for the Development and Strengthening of Fintech P2P Lending 2023 - 2028.

A pivotal element of SEOJK No. 19/2023 is the reduction of interest rates on fintech peer-to-peer (P2P) lending or pinjol. According to this regulation, pinjol interest rates will gradually decrease to 0.1% per day.

Chief Executive of Financing Institutions, Venture Capital Companies, Microfinance Institutions, and Other Financial Services Institutions Supervision as well as a Member of the OJK Board of Commissioners Agusman emphasized that the issuance of SEOJK is a tangible realization of the Roadmap for the Development and Strengthening of Fintech P2P Lending 2023—2028. 

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