Bunga P2P Konsumtif turun – Apa Alternatifnya?
Sesuai kebijakan terbaru OJK, P2P lending sekarang hanya bisa memberikan bunga maksimal 0.4% per hari kepada peminjam. Ini sudah kedua kalinya terjadi penurunan bunga maksimal yang sebelumnya bisa dibebankan. Setelah sebelumnya diturunkan dari 1.2% per hari ke 0.8% per hari oleh kode etik AFPI (asosiasi fintech pendanaan Indonesia). Hal ini bahkan sudah saya prediksi jauh-jauh hari sebelum pak Jokowi marah-marah soal bunga pinjol.
Meskipun aturan ini tidak dibatasi hanya untuk p2p lending konsumtif. Namun kita semua harusnya tahu bahwa p2p produktif tidak akan terpengaruh aturan ini. Karena memang tidak pernah mengenakan bunga setinggi itu kepada para peminjam produktif.
Sebenarnya p2p konsumtif selama ini mencari celah/loophole dari kebijakan tersebut, dengan cara mengenakan biaya administrasi yang tinggi. Tapi, sedikit atau banyak kebijakan penurunan bunga ini jelas menurunkan potensi pemasukan kita sebagai lender konsumtif.
Terbukti, hal ini sudah bisa dilihat pada produk konsumtif yang sudah menurunkan penawaran bunga mereka dan bahkan beberapa menutup kesempatan pendanaan.
Jadi, apa solusinya?
Solusinya hanya satu, yakni keluar dari zona nyaman kita dan mengalihkan uang kita ke instrumen lain. Disini saya akan merekomendasikan beberapa instrumen investasi yang memiliki karakteristik sama yaitu fixed income. Saya tidak akan merekomendasikan saham, bitcoin, maupun forex karena memiliki karakterisik risiko yang berbeda jauh.
P2P Lending Produktif
Ini adalah alternatif yang paling masuk akal mengingat masih dalam ranah dunia pendanaan, namun perlu diingat bahwa p2p produktif memiliki karakteristik yang berbeda jauh daripada konsumtif:
- Ada risiko telat bayar dan gagal bayar yang ditanggung oleh lender
- Tenor pinjaman biasanya lebih panjang/lama
- Perlu memilih borrower sendiri, dan setiap borrower tingkat risikonya berbeda
- Keterbatasan kesempatan dan nominal pendanaan (tergantung plafon yang tersedia)
Saran saya, bila pertama kali mencoba p2p produktif, cobalah produk yang memberikan mitigasi risiko mendekati 100% agar mirip dengan p2p konsumtif, misalnya Koinrobo dari Koinworks, atau Pinjaman Terproteksi dari Modalku.
Masalahnya, produk seperti itu memberikab return yang jauh lebih rendah, apalagi bila lender jujur melaporkan untuk dipotong pajak (keputusan memotong pajak kembali ke masing-masing lender)
Oleh karenanya, bila sudah mengenal dunia produktif dengan lebih baik, saya sarankan mencoba produk konvensional yang retur nya lebih tinggi (umumnya 16 sampai 21 persen). Saya sendiri saat ini sedang rajin mendanai di Tanifund, Akseleran, dan Komunal.
Reksadana Obligasi
Alternatif kedua yang masuk akal adalah reksadana obligasi, yang didalamnya sendiri terdapat surat utang. Jadi pada esensinya uang kita juga mendanai utang orang. Reksadana obligasi seringkali dibilang sekarang lebih bagus daripada p2p lending karena tax free dan mampu memberikan return belasan persen.
Masalahnya, sebenarnya reksadana obligasi sebenarnya tidak bisa dibilang kategori produk fixed income (meskipun namanya sendiri sering disebut Fixed Income Fund). Alasannya, reksadana obligasi bersifat NAV dan memiliki risiko fluktuasi, bukan return maupun pokok yang dijamin.
Untuk alasan itu, saya kurang menyarankan reksadana obligasi menjadi pengganti head-to-head p2p konsumtif.
SCF Obligasi
Ini adalah produk baru dari SCF (evolusi dari ECF), yang menurut saya akan mulai mengancam eksistensi p2p lending di jangka panjang. Obligasi SCF pada dasarnya tidak berbeda dengan obligasi korporasi yang kerap diterbitkan oleh perusahaan-perusahaan besar, hanya saja bedanya di SCF diterbitkan oleh perusahaan-perusahaan dengan skala lebih kecil yang sering kita sebut UKM (tidak termasuk mikro).
Obligasi yang dipasarkan melalui SCF (ECF belum boleh memasarkan, harus jadi SCF) ini bahkan terdaftar di sistem KSEI (Kustodian sentral efek Indonesia), beda dengan pendanaan p2p lending yang tidak memiliki kustodi. Sehingga kalau penyelenggara SCF amit amit bangkrut/tutup, surat obligasi yang kita beli ini masih tercatat dan memiliki kendali sentral lewat KSEI.
Jadi, karakterisiknya sangat mirip dengan pendanaan p2p lending, dan malah memiliki beberapa keunggulan. Saya juga baru saja mau terjun mencoba mendanai, dan pilihan pertama saya tentu mencoba di Bizhare.
Obligasi Korporasi dan Negara
Sebelum ada p2p lending, obligasi adalah instrumen investasi fixed income yang paling umum ditemui (deposito tidak akan kita anggap). Ketimbang membeli reksadana obligasi yang memiliki risiko NAV, saya lebih menyarankan membeli obligasi secara langsung untuk menikmati kuponnya, dan tidak menjualnya kembali di pasar sekunder agar menerima nilai pokok aslinya saat jatuh tempo.
Memilih antara korporasi dan negara sepenuhnya tergantung selera risiko. Investor yang lebih senior dan risk taker tentu akan lebih tertarik pada obligasi korporasi karena tingkat bunganya yang lebih tinggi, namun memilih obligasi korporasi yang ‘aman’ jauh lebih sulit daripada memilih obligasi negara yang notabene sangat minim risiko.
Asuransi Fixed Income
Terakhir yang mungkin bisa dipertimbangkan, tapi agak maksa, adalah asuransi yang bersifat fixed income. Asuransi jenis ini bisa menawarkan 4% sampai 6% p.a tergantung merk, penempatan modal, dan tenornya. Asuransi masuk kategori produk yang bebas pajak, jadi angka tersebut sudah nett.
Sesuai dengan prinsip low risk low return, returnnya kalah dari obligasi karena sifatnya lebih aman juga (risiko ditanggung si perusahaan asuransi). Selain itu proses administrasi pembelian dan penjualannya jelas masih kolot dan ribet di Indonesia (semua harus serba isi form dan surat menyurat).
Kesimpulan
Sebagai investor kita harus gesit mencari kesempatan. Ketimbang menunggu tanpa kepastian, lebih baik pindah secepat mungkin – apapun pilihannya.
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