YLKI: Online Loan Debt Collection Practices Become a Major Consumer Problem
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The Indonesian Consumer Foundation (YLKI) reports that online loans are the business with the most consumer complaints. Collection methods are the main issue in consumer complaints regarding online loans.
YLKI recorded that 22.4% of the total 535 complaints in 2021 were related to online loans. Meanwhile, 63% of total consumer complaints were due to online loan collection methods.
Furthermore, 10% of complaints concerned payment relief. Another 6% of complaints related to debt collection despite the consumer never having borrowed money. Administrative issues also accounted for 6% of total complaints.
Then, 4% of complaints were about contact transfer, 3% about account breaches, and 2% about loan defaults.
It should be noted that the majority of online loan companies reported to YLKI were illegal, specifically 82% of total complaints. Only 18% of the companies were legally registered.
"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."
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