Financial services institution literacy online loans in the community village Cawang East Jakarta

Panggabean, Lenny and M Allo, Yusuf Rombe and Zen, Thomas and Yusuf, Otniel Edwina Priscilla (2024) Financial services institution literacy online loans in the community village Cawang East Jakarta. International Journal of Commerce and Management Research, 10 (1). pp. 68-74. ISSN 2455-1627

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Abstract

The existence of online loans has become a polemic due to the low financial literacy of the Indonesian people. This certainly risks making online loan debtors trapped in a debt trap so heavy that they are unable to pay their installments. Improving the literacy of online loan financial service institutions so that, 1) People are wiser in using online loans, 2) The community understands and chooses online loan providers that are legitimate and legal and have been registered with the Financial Services Authority (OJK) Regulation. This activity will be carried out in collaboration with Cawang Village, East Jakarta. And carried out on Saturday, August 11, 2023 at 09.00 - 16.00 WIB offline with 80 participants who live around Cawang Village, East Jakarta, with a background as Small Medium and Micro Eenterprises (UMKM) actors. The method used to solve these problems is to use several methods, namely: a) Lecture Method: The lecture method is used to convey the basic theories and concepts that the community must know about online loans. So that people understand about online loans. b) Demonstration Method; This method is carried out as a training stage in this Comunity Service activity. With demonstrations and real practices from resource persons, the Cawang community as participants can actually observe and understand the problems they face. In the utilization of online loan funds, most partners use it as additional business capital, namely 42 people or (52.50%), for school fees 23 people (28.75), for consumptive purposes 10 people (12.50%) and who use loans as much as 5 people. funds to pay debts. In the process of returning the loan facility to their startup company, some partners experienced obstacles / difficulties and some partners also did not experience any difficulties at all in the repayment process. In general, partners are familiar with and use online loans for various needs, but do not understand the repayment period scheme, interest calculation and the purpose of online loans. There needs to be continuous education about online loans so that people do not get caught up in the problems of online loans themselves. Keywords: Finance, literacy, online loans, legal, ilegal

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