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December 20, 2024 | 03:23 pm
TEMPO.CO, Jakarta - The House of Representatives (DPR) Deputy Speaker Cucun Ahmad Syamsurijal expressed his bewilderment at the government’s failure to make progress in resolving the online lending issue, despite overwhelming evidence of its destructive impact on society. He called for stronger enforcement of the law against illegal online loan facilitators.
“There is no political will from regulators to firmly eradicate online loans. The cases of online loans that have led to lives lost should serve as a wake-up call for the government and law enforcement to pay more attention to the welfare of the people,” Cucun, who also serves as the DPR's Coordinating Chair for Social Welfare, said in a written statement on Thursday, December 19.
The National Awakening Party (PKB) politician highlighted the increasing number of suicide cases related to online loans. According to him, this issue has become more than just a financial one—it has disrupted various aspects of life, including the socio-economic fabric of society.
"The number of people who have taken their own lives because of falling into the trap of online debt is not small," he said.
As of October 29, 2024, there are 97 legal online loan companies registered and licensed by the Financial Services Authority (OJK). While the government has closed many sites offering illegal loans, Cucun noted that lenders charging unreasonable interest rates remain widespread.
He believes that the lack of access to healthy, affordable loans provided by the state is driving people to seek unregulated loan services due to their easier requirements. However, the long-term impact is severe due to the high interest rates.
"Online loans have become a shortcut to getting money simply because of the easy requirements. These are factors that have not received enough attention from policymakers," he said.
Cucun urged the government to address the online lending issue more comprehensively, from root to finish. He also called for stronger enforcement against facilitators of illegal online loans.
Editor’s Choice: OJK Urges Responsible Use of Online Loans Ahead of Christmas and New Year Holidays
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