How To Recognize Illegal Online Loans?

The rapid development of technology provides convenience for people who need loans. As we know, Financial Technology (Fintech) or commonly known as online loans has been “booming” for the past few years in Indonesia. The presence of this online loan, certainly makes it easier for people who need emergency funds for various needs. Call it the daily needs, business capital, health costs, education, and much more. Not everyone is able to manage their income or salary so well that they cannot meet their needs.

To date, more than 150 online loans have been registered and have licenses from the Financial Services Authority (OJK). Online loans that are officially registered, monitored and licensed by OJK certainly do not need to worry. However, at this time there have been many illegal online loans circulating which are very unsettling to the public because they are considered to be “online moneylenders”. Instead of helping the public by providing emergency loans, these illegal online loans instead burden people who are entangled with choking interest. Many illegal online loan cases have ended up unlucky. Therefore, this time Good Lenders Credit will return to the Fintech Literacy article with the title “How to Distinguish Legal & Illegal Fintech?” Come on, read this article until it runs out.

The Characteristics of Illegal Online Loans:

1. Unregistered, Supervised & OJK Licensed

The simplest way you can do to check whether your online loan is legal / illegal is to check the list of online loans that are registered, monitored and licensed by the OJK. OJK will update this list regularly, therefore, you can check the list here!


2. Invalid Company Address & Identity

invalid Company Address

The second way you can detect illegal online loans is to check whether the address & identity of the online loan is valid or not. Legal online loans registered with OJK certainly have a valid office address and are very easy to find on Google’s search engine. You can also find the company’s identity easily. However, illegal online loans will not do that, Good Lenders Credit. They will use a fake address or even use another online loan address to make it look “real”. They will also not include telephone numbers for complaint services. 


3. Delay Interest & Penalty Does Not Make Sense

loan problem

The third point you should understand is that illegal online loans offer unreasonable interest & late fees. Hmmm, illegal online loans are synonymous with the term “online moneylender”, Good Lenders Credit. They also do not limit the nominal interest and penalties that will be charged to you. Doesn’t it help, it actually suffocates it? Things like this, which makes people afraid of online loans. In fact, official and legal online loans will certainly limit the interest and late fees, the interest offered is not exorbitant.


4. Loan Terms Too Easy

Loan Terms Too Easy

Legal and legal online loans will be selective enough to determine which clients can be given loans. But in contrast, illegal online loans will provide very easy terms and conditions and can even disburse funds in a very short time.


5. Information Not Transparent

loan Information Not Transparent

The next way you can identify illegal online loans is to look at the information provided by the loan. Do they provide transparent information such as interest rates, fees to be paid, to late fees? Legal online loans will certainly provide that information transparently through applications, websites, even to the social media they have.


6. Billing Methods That Do Not Fit the Code of Ethics

billing methods

Various cases of illegal online loans circulating in Indonesia are often related to ways to collect online loans that are not in accordance with the code of ethics. Threats, defamation, are often the most common problems. This certainly will not be done by online loans that are legal and officially registered with OJK. So, always be aware!

So here are some ways you can recognize illegal online loans. Now, to distinguish illegal and legal online loans, the following are the characteristics of online loans that are legally and officially registered with the OJK:

  • Registered, supervised and licensed by the Financial Services Authority (OJK)
  • Have a valid and clear company address
  • Company identity is easy to find
  • There is a complaint service number & customer service that can help
  • Information related to transparent loans
  • There is a maximum percentage of interest and late fees
  • Strict customer selection
  • Loan collection
  • Social media is clear, and verified

Already understand, Good Lenders Credit? How easy can you do to recognize illegal online loans? For those of you who are still confused about finding the right legal online loan for your needs, you can choose Good Lenders Credit online loans that have been registered and supervised by the OJK. Good Lenders Credit offers loans of up to 8 million dollars that can be repaid up to 6 months with an interest of 0.1% per day.

How to recognize a reliable loan repurchase organization?

Buying back credit is an important decision that should not be overlooked because a lot of money is at stake. The market for buying back credit has however become very prosperous and many banks offer very attractive offers. So how do you find the most reliable organization and what are the pitfalls to avoid?


How to choose a bank?


There are very many financial organizations offering loan repurchase today, whether it be an online bank or a traditional financial institute. You must first know that the person is not obliged to perform the consolidation in his current bank, he can see elsewhere. Before choosing an institution, it must first consult 3 or 4 banks to see the most attractive offers. Internet comparators can be of great help. However, it should be noted that the banks offering the best rates are not the most reliable. You have to see the details before you rush in and calculate the total cost of credit.


Take into account other costs

money loans

The majority of people limit themselves to studying the monthly payment and the rate. However, it should be noted that there are other costs. First there are the compulsory costs such as administrative costs, death, invalidity and temporary incapacity for work insurance. There are also early redemption allowances. Then there are the optional fees which may or may not be subject to the lender depending on the situation. The lender may be subject to unemployment insurance, brokerage fees or guarantee fees. These fees represent only a small percentage of the total cost of borrowing, however, the figure may be significant.


Avoid those who offer variable rates

loan rate

Currently, the bank may initially offer a very attractive rate to attract the customer. But a variable rate subscription gives him the right to increase the rate at any time. In addition, there are many banks that increase the rate while keeping the repayment tenure. When the person calculates the total loan rate, they may notice a big difference. To find the right bank, therefore, the person can consult the opinion of their loved ones and benefit from their experiences. It may also call on a broker, as available on the site, the latter’s remuneration must be taken into account.

Filling your overdraft with a loan

When your account is in the red, you may be tempted to take out a loan to raise your balance and avoid harassment from your banker. Or even, yes, it has been seen, it is HIM who offers you this credit.

Before signing up, here are 4 reasons why taking credit for your overdraft is a bad idea.


Filling your overdraft with a credit: the wrong plan

Filling your overdraft with a credit: the wrong plan

1) You will not know why you are exposed

There may be several reasons for the overdraft.

You may be overdrawn because you had a large expense that was not budgeted for: a car repair, an emergency purchase of household appliances, or even a drop in income – for example sick leave.

Another reason for the overdraft is improper management. Your expenses are more important than your income and mathematically, it no longer does at the end of the month.

If you settle this overdraft without knowing why it happened, the situation can repeat itself after a few months.


2) An additional charge on your budget

money loan

If you are overdrawn due to excessively high charges, adding a monthly payment will not help, quite the contrary! You will have even less margin and risk being exposed again very quickly. Unfortunately, I see budgets that are already over-indebted and are struggling to be balanced, so if another loan is added to it, it becomes unlivable.


3) Less money available for your projects

An additional monthly loan is less money available for your projects or for your savings. We reach point 2 there. Remember: there is never magic in a budget.


4) Bad habits

debt loan

Taking a credit to report an overdraft is a bit like waiting to win the lottery to raise your account. If your discovery comes from a lack of management, you do not change the bottom of the problem and will continue to spend more than you earn … miscalculation.

So okay, taking a loan to make up for your overdraft, you understand, is a bad idea. But how do I do then? (if I hear you behind your screen!)


How to fill your discovery

loan history

The first thing to do is to accurately estimate the amount of the overdraft (ouch, it can hurt).

To do this, take your last account statement. If you received your salary at the end of the month, you deduct it from your bank balance on the last day of the month.

If you have a deferred debit card, it would also be ideal to deduct all expenses for the current month from your bank balance. The deferred debit card is a cash facility, it can be super practical, but you have to know how to handle it…

Now that you have the amount of your current overdraft, if it is too large, you divide it into monthly payments that go into your budget, and reduce your future expenses by the same amount.

And the most important step, the one that should limit the breakage in the future, and make you take the situation back in hand, well it is to optimize the management of your budget! Learn how to do your accounts what;)

Do you want to become a budget pro, no more stress for your money in 10 days? I present to you “My Zen Budget in 10 days”, an email challenge that teaches you how to put money back in its place: a tool for your projects. 10 days to tame your budget without being afraid, take stock of your relationship with money and finally learn to manage better.

Need a Fast Money Loan? Find the Answer Here!

Needs for the needs that must be met certainly more and more over time. Even personal needs that you have to meet sometimes still feel heavy, even more so, when you already have dependents that you have to pay for. Just mention your wife, children, parents, brothers or sisters who also need financial support from you. Because of the many costs that must be incurred, not a few people who find it difficult to fulfill.

If you have a steady income, or income from business, you should be able to finance your living needs and your dependents. However, this will be difficult when you cannot manage finances properly. It could, the income you get every month, runs out quickly, not even until the end of the month. Hayoo confess, there are still many of you who often feel that the monthly salary is just passing through?


Obligation to pay certain costs

money loan

When the money runs out, but you still have an obligation to pay certain costs, maybe the first thing that comes to mind is borrowing money. Many people feel overwhelmed when they run out of money, and immediately seek a fast loan so that their needs can be met as soon as possible. You might think of borrowing from relatives first. However, there are things you need to keep in mind when expecting a fast loan from a relative, Lite Lend Credit. Loans from relatives can be limited, they can bill you at any time, and if you cannot afford it, your relationship with relatives can be bad.

The next choice when you want a fast money loan is to go to a bank. What you need to know too is that a loan at a bank takes time and process, and the possibility of rejection is high. Not everyone can succeed in borrowing at the bank, especially if you need a fast cash loan, for example within one day or several hours in the future, of course it will be difficult to fulfill by borrowing from a bank.


Loan shark

Loan shark

Finally, maybe you could think of borrowing from a loan shark because there is no other choice. However, you are certainly already familiar right, with how the system of borrowing and charging from a moneylender? Don’t let your original purpose of borrowing help to make ends meet, so complicate yourself just because you need a quick loan.

The development of technology makes it easy for humans to carry out various activities and transactions, including when they need fast money loans. Now, the presence of Fintech or online money lending applications is increasingly mushrooming, certainly makes it easier for people who need fast money loans to meet their needs. One of them is Lite Lend Credit! Loan application online with low interest, easy, and fast. Why does it have to be Lite Lend Credit? Come on, consider the following reasons!


The Loan Process at Lite Lend Credit is Very Easy & Fast  

credit loan

You certainly want a fast cash loan that can immediately meet all your needs, not complicated, does not have to follow a process that is difficult and also time consuming. At Lite Lend Credit, you won’t find it difficult when you need a fast loan! Only by downloading the Lite Lend Credit application via the Google Play Store, filling in data, selecting products, and waiting for verification, the funds you need can be disbursed in a short time, Lite Lend Credit. You can apply for a loan anywhere and anytime through the Lite Lend Credit application when you need a fast cash loan.


0.1% interest per day!  

loan interest

When deciding to borrow money through banks, or moneylenders, of course there is interest they charge the borrower. Similar to Lite Lend Credit, when you choose to borrow money on Lite Lend Credit, there is interest that you must pay each month. However, don’t worry, the interest offered by Lite Lend Credit is low and competitive, you know. Starting from 0.1% per day! Guaranteed, the flowers won’t make you suffer!


Can be repaid up to 6 months  

Can be repaid up to 6 months & nbsp;

Need to return money within one week? Two weeks? Or one month? You will definitely find it difficult to repay loans quickly in a very short time. On Lite Lend Credit, you can repay your loan for up to 6 months with a maximum loan of 8 million dollars!

Well, this is one of the most important points for you to pay attention, Lite Lend Credit. When you need a fast money loan, you may become less careful because you are in a hurry to want fast money at hand, without thinking. If you ultimately choose to borrow through an online loan application, make sure the loan is registered and supervised by the FSA so that you avoid fraud and billing that is not in accordance with the code of ethics, yes! Take it easy, Lite Lend Credit has been registered and supervised by the FSA, really. No need to worry anymore when you need a fast money loan, borrowing at Lite Lend Credit is guaranteed safe!


Cashback Bonus Every Pay Installment  

money loan

This last point is very beneficial for borrowers at Lite Lend Credit, which you might not be able to get if you borrow elsewhere. Lite Lend Credit gives cashback each time you pay the installments before the due date until your installments are due, you know! Cashback that you can get up to 3%, you know. Interesting, right?

Although it seems very easy, you must remain vigilant about illegal online money lending fraud applications, Lite Lend Credit! There are still many online money lending applications that are not registered and supervised by the OJK. In fact, this is very important for borrowers. So, it’s good you think carefully when needing a fast money loan, and find out in advance about the place of the fast money loan that you are aiming for. Instead of being confused about looking for a safe and no-hassle fast cash loan, go ahead, download the Lite Lend Credit app and submit a loan of up to 8 million dollars now!