Legal Protection for Online-Based Lending Consumers
Keywords:
Consumer protection, online lending, regulation, transparency, consumer education, unfair billingAbstract
The legal protection of online lending consumers is crucial in the era of digitalization, given the challenges faced such as fraud, inappropriate collection practices, and unauthorized dissemination of personal data. This study analyzes the effectiveness of existing regulations, such as the Consumer Protection Law and OJK regulations, and evaluates their impact on consumers. While the regulations provide a good legal framework, enforcement and implementation remain ineffective. Key challenges include lack of consumer understanding of loan terms, low transparency of fees, and intimidating collection practices. To improve protection, consumer education, increased transparency by service providers, and stricter enforcement are recommended. Coordination between the government and the financial industry is also needed to ensure consumer rights are comprehensively protected. With these measures, a safer and more reliable online lending environment for consumers is expected.
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Copyright (c) 2023 Faridi Faridi, Didit Darmawan, Rommy Hardyansah, Arif Rachman Putra, Agung Satryo Wibowo
This work is licensed under a Creative Commons Attribution 4.0 International License.
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