UM Surabaya Lecturer Shares Tips So Students Don't Get Trapped in Loans

• 01 Aug
• 2023

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UM Surabaya Lecturer Shares Tips So Students Don't Get Trapped in Loans

• Article
• By Uswah Sahal
• Education
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The Financial Services Authority (OJK) published a Fintech Lending statistical report for the period March 2023 showing that the age group of 19-34 years (in the Z and millennial generation category) dominates individual loans in online loans (pinjol) fintech lending with a total loan outstanding (billion Rp) Rp. 26,836.95 compared to other age groups.

Arin Setyowati UM Surabaya Sharia Banking Lecturer said, the data shows that there are crucial conditions targeting generation Z and millennials, whose age category is entering the student level. Particularly related to the culture of borrowing money through online loans (pinjol) in the midst of the onslaught of information technology.

In his statement, Arin shared tips so students don't get caught in loans.

First, strengthen financial literacy. Even though they are students, they do not necessarily have adequate financial literacy skills. So, this is important, considering that financial literacy does not only mean knowing about financial management, but also consciously putting it into practice in everyday life.

“This financial literacy skill equips students to be able to sort out their needs and wants. Which should be prioritized to be met first compared to other needs, "said Arin Tuesday (1/8/23)

Second, increase digital literacy. Students need to increase digital literacy in order to avoid and minimize risks when using online loan platforms (pinjol). Particularly related to data theft and misuse, data manipulation related to illegal lending platforms (not registered with OJK).

Based on official data from OJK from the Investment Alert Task Force (SWI) as of February 2023, there are 102 legal loans and 85 illegal loans. Through this digital literacy, students are required to be careful in conducting screening before deciding to access financing through the intended loan, so that the security of the loan platform accessed is ensured.

Third, get used to saving before shopping. The culture of getting used to saving first before wanting to buy something is important to emphasize. Especially for students with the temptation of trends, association and the environment. This is supported by Paylater and CO (Check Out) facilities at emmers which make it easier for consumers to have goods quickly and pay at the end.

"This condition is certainly uncomfortable for consumers who do not have good financial management, because they will be easily tempted by discounts and other offers," he added.

Fourth, protect personal data. The rise of digital-based data theft needs to be an important alarm for students in privatizing their personal data. Be careful in providing personal data to other parties, especially through the loan platform that will be accessed.

"Because self-identity is a valuable asset in this digital technology era," concluded Arin.