Digital Loan Sharks
Hundreds of people have reported on the burgeoning of online money lenders. This needs to be watched with much more scrutiny.
The Financial Services Authority (OJK) should step up its actions against digital money lenders. Many people have complained about apps for peer-to-peer lending. These include sky-high interest rates and rough, even terrorising, debt collectors.
Hundreds of victims of these online loan sharks have reported their cases to a number of institutions in the past months. For example, Jakarta’s Legal Aid Institute has received some 800 reports,...