Peer Lending Research Articles

Legal Literature Review of Peer to Peer Lending in Indonesia: Building Sharia FinTech Ecosystem

Abstract: This article investigates the extent to which peer-to-peer (P2P) lending regulations in Indonesia, both in the context of formal law and Islamic law, have been effective in supporting economic growth. Employing a normative juridical approach, the article highlights various regulations introduced by the government to enhance transparency and accountability in the implementation of fintech P2P lending in Indonesia. Although measures such as the imposition of daily interest rate limits have been implemented to protect consumers, concerns remain regarding the effectiveness of supervision, particularly in safeguarding vulnerable consumers. The study also underscores the importance of financial and digital literacy in helping both borrowers and lenders understand the risks and benefits of P2P lending. Key challenges in integrating Sharia law principles, including the prohibitions on ribā (usury) and gharar (uncertainty), have the potential to constrain financial innovation and reduce competitive lending options. The findings suggest the need for a more flexible regulatory approach and closer collaboration between regulators, the industry, and religious authorities to ensure compliance with Sharia law while supporting the growth of the sector. Continuous education for users is also essential to enhance protection and financial inclusion within the Sharia-compliant P2P lending ecosystem in Indonesia. Abstrak: Artikel ini meneliti sejauh mana regulasi peer-to-peer (P2P) lending di Indonesia, baik dalam konteks hukum formal maupun hukum Islam, telah berfungsi dengan baik dan mendukung bergeraknya roda perekonomian. Menggunakan pendekatan yuridis normatif, artikel ini menyoroti berbagai regulasi yang ditetapkan oleh Pemerintah dalam meningkatkan transparansi dan akuntabilitas pada penyelenggaraan fintech P2P di Indonesia. Meskipun langkah-langkah seperti pembatasan suku bunga harian telah diberlakukan untuk melindungi konsumen, terdapat kekhawatiran terkait efektivitas pengawasan, terutama dalam melindungi konsumen yang rentan. Penelitian ini juga menekankan pentingnya literasi keuangan dan digital untuk membantu para peminjam dan pemberi pinjaman memahami risiko dan manfaat dari pinjaman P2P. Tantangan utama dalam mengintegrasikan prinsip-prinsip hukum Syariah, termasuk larangan ribā dan garar, berpotensi membatasi inovasi keuangan dan mengurangi opsi pinjaman yang kompetitif. Temuan dalam penelitian ini menyarankan perlunya pendekatan regulasi yang lebih fleksibel serta kolaborasi yang lebih erat antara regulator, industri, dan otoritas keagamaan untuk memastikan kepatuhan terhadap hukum Syariah sekaligus mendukung pertumbuhan sektor ini. Edukasi berkelanjutan bagi pengguna juga diperlukan guna meningkatkan perlindungan dan inklusi keuangan dalam ekosistem P2P lending syariah di Indonesia.

Impact of Financial Literacy, Transaction Interests and Financial Inclusion on Credit Decisions on Peer to Peer (P2P) Lending in the West Medan Sub-District

The study aims to find out the impact of financial literacy, transaction interests and financial inclusion on peer to peer lending decisions in the West Medan sub-district. This research data is primary data using a questionnaire as a tool to collect data. Data collection technique with snowball sampling, which is the technique of determining samples that are initially small quantities, then these samples are asked to choose their friends to be used as samples. The population in this study was either online borrowers or those who used peer to peer lending of 202 users in the West Medan sub-district. The statistical analysis used in this study is a multiple linear regression analysis using SPSS (Statistical Package For the Social Science). The results showed that financial literacy has a positive and significant influence on the Peer to Peer Lending Credit Decision. Transaction interests have a negative but significant impact on the peer to peer lending credit decision. Financial inclusion has a significant and positive impact on peer-to-peer lending. The results of the F test have shown that financial Literacy, Transaction Interest and Financial Inclusion have a significant impact upon the Peer to Peer Lending credit Decision simultaneously.

ANALISIS DALAM BERINTERAKSI PADA PEER TO PEER LENDING DALAM KREDIT MACET PINJAMAN ONLINE DAN PAYLATER YANG DIDOMINASI OLEH GENERASI Z

This research analyzes interactions on peer to peer lending platforms with a focus on bad credit online loans and paylater dominated by generation Z. Peer to peer lending has become an easy financing alternative in Indonesia that can be done digitally. However, the rapid growth of peer to peer lending also poses risks, including significant bad debts. This study aims to identify the development of peer to peer lending in Indonesia from 2020 to 2023 and examine the mitigation of bad credit risk in online loans and paylater that are widely used by generation Z. The research method used is qualitative with a descriptive method using a literature review approach, analyzing secondary data from various reliable sources such as OJK reports and journal articles. The research findings show that although peer to peer lending provides easy access to financing, many generation Zs are trapped in bad credit due to their inability to repay loans on time. This research provides recommendations for borrowers and lenders to be more careful in using peer to peer lending services that are legal and supervised by OJK to reduce the risk of bad credit.

Behavioral Intention Fintech Peer to Peer Lending For Young Entrepreneurs in North Sulawesi

Penelitian ini dilakukan untuk mengetahui minat penggunaan Fintech P2P lending para pengusaha di Provinsi Sulawesi Utara. Penelitian ini menggunakan metode kuantitatif, adapun jumlah responden penelitian sejumlah 280 responden khususnya pengusaha yang ada di Provinsi Sulawesi Utara. Teknik pengambilan sampel berupa kuesioner secara online melalui Google Forms menggunakan media sosial. Penelitian ini menggunakan teori, ylaitu unified theory of acceptance and use of technology (UTAUT) model yang ditambahkan dengan variabel perceived risk untuk menjelaskan niat perilaku seseorang untuk menggunakan layanan Fintech P2P lending. Teknik pengambilan sampel menggunakan metode convenience sampling dan data diolah dengan menggunakan software SEM-PLS. Dari hasil penelitian ini menunjukkan bahwa dari semua konstruk yang telah diuji, yaitu performance expectancy, Effort Expectancy, social influence, facilitating condition, perceived risk dapat mempengaruhi Behavioral Intention dari para pengusaha untuk menggunakan Fintech P2P lending sebagai platform pinjaman dalam bisnis usaha.

PENGATURAN PERLINDUNGAN HUKUM PADA PERJANJIAN E-CONTRACT PINJAM MEMINJAM UANG PADA LAYANAN FINANCIAL TECHNOLOGY BERBASIS PEER TO PEER LENDING

The development of globalization has encouraged the birth of the digital era of technology, and the presence of Financial Technology (Fintech). One of the features used is money lending, then information technology-based money lending and borrowing services or Peer to Peer Lending (P2PL) emerged, regulated in Financial Services Authority Regulation Number 77/POJK.01/2016 concerning Information Technology-Based Money Lending and Borrowing Services (LPMUBTI) . The form of bond in fintech contained in an electronic contract arises as a result of an agreement between the Organizer and the Lender, or the Lender and the Loan Recipient. This research is normative juridical, as an approach to exploring law based on statutory regulations. The nature of the research used is descriptive research, aiming to describe clearly and in detail all the information obtained regarding the research subject, namely Fintech P2PL. The research results show that the protection of the parties in P2PL fintech is very lacking, namely loan recipients who lack education regarding P2PL fintech cause losses in default. Nor can lenders lose their money if bad credit occurs.Keyword: Legal Protection, Financial Technology, Peer to Peer Lending

Pertanggungjawaban Hukum Kepada Lender dari Konsep Bisnis Inventory Financing serta Penyelesaian Sengketa

The Inventory Financing business model is starting to develop in the peer-to-peer lending system in Indonesia. The development factor from peer-to-peer lending to Inventory Financing is the existence of collateral that is still controlled by the borrower (debtor). This research examines the legal responsibility of the lender in Inventory Financing, and dispute resolution when one party is negligent in performing its obligations. This article aims to find Inventory Financing arrangements that protect lenders and dispute resolution methods of Inventory Financing. This research uses a normative juridical method (desk research) using secondary data, namely laws and regulations and theories of contract law, development law, and legal protection. The findings in this study are that Inventory Financing is still not regulated, so it has the potential to cause disputes in its implementation. Another finding is that the method of resolving inventory financing disputes can be done through judicial and non-judicial institutions (Alternative Dispute Resolution Institutions). Alternative Dispute Resolution Institutions can be ideal because they can resolve problems quickly, easily, and cheaply.Keywords: Alternative Dispute Resolution Institution, Financial Services Authority, Peer to Peer Lending

Juridical Approach to Legal Protection For The Public Of Illegal Peer To Peer Lending Users

Technology that is developing quickly is utilized in all fields to provide convenience including financial transactions. But, there are also illegal financial transactions called peer – to peer (P2P) lending that do not have a license. The illegal loan operators have access to personal data owned by victims as application users. It is not uncommon to find some illegal loan operators who create conflicts against application users. This research aims to review the legal protection forpeople who use illegal peer to peer lending in Indonesia. This research uses normative law research method, while the research approach uses normative juridical approach. This data of research is secondary data analyzed with aqualitative approach. This research resulted in the existence of criminal law policiesthat used to punish illegal peer – to peer lending for their actions are using Law Number 8 of 1999 because of the position of the public as users of online loans as consumers and Law Number 19 of 2016 concerning Amendments to Law Number11 of 2008 concerning ITE because transactions are carried out using electronic media.

A STUDY ON SAVINGS AND INVESTMENT: RISK AND OPPORTUNITIES

This study investigates the intricate relationship between savings, investment, risk, and opportunities in contemporary financial landscapes. With financial markets becoming increasingly complex and interconnected, understanding the dynamics of savings and investment has become paramount for individuals, businesses, and policymakers alike. The first part of the study delves into the concept of savings, examining the various motivations behind saving behavior and the factors influencing individuals' decisions to save. It explores traditional saving instruments such as savings accounts, as well as newer forms such as robo-advisors and digital wallets, highlighting the evolving nature of saving practices in the digital age. Moving on to investment, the study elucidates the diverse array of investment vehicles available to investors, ranging from stocks and bonds to real estate and alternative assets. It analyzes the risk-return tradeoff inherent in different investment options and discusses strategies for constructing well-diversified investment portfolios tailored to investors' risk preferences and financial goals. Finally, the study identifies emerging opportunities in the savings and investment landscape, including technological innovations such as blockchain technology and peer-to- peer lending platforms, which are reshaping traditional financial systems and offering new avenues for wealth accumulation and capital deployment. By synthesizing theoretical insights with empirical evidence, this study provides valuable insights into the complex interplay between savings, investment, risk, and opportunities, offering practical recommendations for individuals

PERLINDUNGAN HUKUM BAGI NASABAH PADA PINJAMAN ONLINE MENURUT HUKUM EKONOMI SYARIAH

This article aims to examine the legal protection for customers in the implementation of online-based money loans or known as online loans (pinjol). The research method used is a doctrinal approach where the author will examine legal norms related to customer protection according to the Banking Law, and a number of Financial Services Authority (OJK) regulations related to pinjol. The results of this study conclude that there are several phenomena that occur in the implementation of pinjol that do not get legal protection for customers, namely: First, the determination of interest that does not refer to the interest rate provisions of Bank Indonesia, second, the maximum interest setting on online loans in fintech companies is 0.4 percent per day but the amount of real interest is not regulated in the agreement. Third, Financial Services Authority Regulation No.77/POJK.01/2016 on Information Technology-Based Money Lending and Borrowing Services OJK Regulation No.77 of 2016 is the basis for the implementation of Peer to Peer Lending business activities or online lending and borrowing which is one of the types of fintech, including the protection of customer personal data. Customer personal data collected by fintech providers must be kept confidential in accordance with applicable privacy provisions.

EDUKASI RISIKO PEER TO PEER LENDING DAN SOLUSINYA SEBAGAI PENDONGKRAK PEREKONOMIAN RAKYAT

Technological developments have had an impact on the emergence of technology-based financial institutions or Financial Technology, namely Peer to Peer Lending. The existence of Peer to Peer Lending not only has a positive impact on the ease of obtaining loans but also has a negative impact, namely the emergence of extortion in the community in the form of high interest rates, the spread of data and psychological pressure. Due to this condition, it is necessary to carry out community service through providing education using social media Instagram with the aim of providing understanding to the public regarding Peer to Peer Lending, how to protect themselves, how to report fraud and how to avoid Peer to Peer Lending. This research was conducted with a qualitative approach. The results of the study: evaluation of education carried out can provide an understanding of Peer to Peer Lending from legal and social aspects. This education also opens up people's insight into how to avoid digital loan. Conclusion: education through social media is very effective because of the complete features on social media.

How Does Optimize Peer to Peer Lending Investment

This research uses general data about loans in 5 Credit Grades A, B, C, D and E which can be obtained from the KoinWorks P2PL factsheet platform. The research results show that there are 4 combinations of funding assets in the calculation of the optimal portfolio of the Markowitz Model with the lowest risk preferences consisting of funding assets in Credit Grades A, B, D and E with an expected portfolio return of 24.29% for the year and 2.02. % for monthly and the best risk level in a year of 1.39% for annual and 0.11% for monthly. Meanwhile, in the optimal portfolio planning of the Markowitz model with sharpe ratio, there are 3 combinations of funding assets consisting of Credit Grades A, B and D which obtain an expected portfolio return of 18.29% in the current year and 1.52% in that month. and the level of risk. best in a year of 1.39% for this year and 0.48% for this month, and portfolio performance of 13.1.

Analysis Of Structural Assurance, Integrity, Easy of Use And Brand Image On Trust In Use Of P2P Lending

Peer to Peer (P2P) lending has a role as an intermediary platform for lenders and borrowers to conduct transactions without having to go through bank. However, so many P2P Lending cases that reduce public confidence in using P2P Lending. Gradana is one of the P2P lending companies registered with the Financial Services Authority (OJK). Although P2P lending investors have decisions that refer to adverse selection, Gradana shows good performance. This study aims to analyse the factors that influence trust in using P2P lending by adopting trust theory. The sample was 100 respondents from retail investors in Indonesia. The study using SmartPLS4 software. The results showed that integrity has a positive influence and significant on trust in use, while brand image, ease of use and structural assurance has no positive impact on trust in use. The results are expected as reference for companies in increasing the trust of P2P lending users.

Fintech Based Investment Analysis (Peer to Peer Lending) in Sharia Economic Law and Positive Law

The development of digital technology today creates updates in all aspects of life, including investment. Investment is not something that is prohibited in Islam, but in practice, it must pay attention to Sharia principles. With the emergence of financial technology (Fintech)-based investment systems in various platforms, one of which is peer to peer (P2P) lending balanced with high levels of investment among millennials. In this case, Indonesian society, which is predominantly Muslim, must be careful in analyzing and making choices in investing, whether it is following the Shari’a and how the law regulates it. This research includes juridical-normative law research, to find out the review of Islamic law and positive law on fintech P2P lending and a conceptual approach to find out the concept of fintech P2P lending. The results of the study found that investment through the P2P lending platform is permissible in Islam with terms and conditions that are in accordance with Shari’ah principles. The contracts that can be used in P2P lending are al-bai’, ijarah, mudharabah, musyarakah, wakalah bi al ujrah, and qardh contracts. Every P2P Lending provider must obtain a permit from the Financial Services Authority (OJK) to run the entire lending system (POJK No. 77/POJK.01/2016) as well as follow the provisions of the DSN MUI Fatwa Number 117 of 2018. In positive law, it is regulated in the Civil Code, POJK Number 10 of 2022 and Bank Indonesia Regulation Number 19/12/PBI/2017.
 Keywords: investment, peer to peer lending, law

Relevansi Aplikasi Peer To Peer (P2P) Lending Student Loan pada Mahasiswa dalam Lingkup Hukum Islam

Advances in financial services technology in the form of Peer to Peer (P2P) Lending have had an impact on facilitating the public in financing activities and have penetrated all sectors, one of which is the education financing sector in tertiary institutions in the form of Student Loans. This study aims to analyze the contracts contained in P2P Lending Student Loans. This study uses qualitative methods by reviewing previous literature. The results of this study are that the credit agreement on P2P Lending Student Loans has a Qardh contract in it. However, in the Qardh contract, there are conditions for the addition of both additional loan principal and late fees that are given if the borrower cannot repay the loan in accordance with the agreement which is prohibited by Islamic law.

How Fintech Peer to Peer Lending Affected MSMEs Financial Access: Case Study Amartha

The recent emergence of financial technology (FinTech) is believed to be able to solve SME problems related to access to capital sources. One of the popular fintech business models is the online lending platform (Peer to Peer Lending) which is growing rapidly in Indonesia. This research will focus on one of the Peer to Peer lenders registered in Indonesia which has helped MSMEs in rural areas, namely PT Amartha Mikro Fintek (amartha.com). This study will reveal how P2P lending empowers MSMEs to support their business. This research will use descriptive qualitative with a case study approach. The research results show that P2P lending is an integral part of the Indonesian financial system and increases MSME inclusion. PT Amartha Mikro Fintek's micro loan model expands access. However, long-term sustainability depends on wise regulation and governance to ensure consumer protection as well as innovation.

Imposition of Criminal Sanctions in Online Loan Collection Activities Related to Theft of Personal Data

Globalization is growing rapidly affecting existing technology making many conveniences for society. bring positive and negative impacts in society. Slowly all forms of activity that were previously carried out manually are changing technology. This is also used by startup companies engaged in the fintech peer 2 peer lending or Pinjol business. consumer and public complaints about the theft of personal data on consumer loans, illegal access to consumer phone contact numbers, and also billing with threats and sexual harassment through social media belonging to consumers and relatives and families of consumer loans. Moreover, there are many illegal loan companies that trap their victims with high-interest loans that borrowers are unable to repay. This research uses a prescriptive legal method and examines law as a norm with misconceptions about legal protection. Secondary data becomes the main data. The specifications used are descriptive specifications. Theft of personal data with the aim of making threats and damaging a person's dignity is a crime that needs to be anticipated by Indonesian law.

Current trends in the development of small and medium–sized businesses

According to the World Bank, small and medium–sized enterprises (SMEs) represent 90% of enterprises and more than 50% of jobs worldwide, they contribute almost 50% of gross domestic product (GDP) to global GDP. Small business is important for any economy in terms of employment and contribution to the national gross domestic product. Despite its importance, small businesses continue to face various unresolved problems. The latest technological innovations in the field of finance, which are collectively called fintech, seem to solve some problems, causing the development of a steady trend of digitalization of the sphere of small and medium–sized businesses. Fintech–based business models, such as crowdfunding, peer–to–peer lending, billing, mobile wallets and payments, as well as supply chain financing on the platform, are changing the ecosystem of small and medium–sized businesses. The article examines the current trends in the development of small and medium–sized businesses in the context of digital financial products developed within the framework of fintech innovations.

The Effect of Financial Literacy, Locus of Control and Life Style on the Financial Behavior of Peer to Peer Lending Paylater User In Surabaya City

Paylater is the latest payment system issued by e-commerce that we can shop for anything and paylater (buy now pay later). However, this convenience makes people more consumptive. This study aimed to determine how financial literacy, locus of control, and lifestyle factors influence the financial behavior of Paylater users in Surabaya. The sample will consist of 100 respondents who will be chosen using the Cochran method and a purposive sampling technique. The data analysis method applied is Partial Least Square (PLS). The results of this study indicate that financial literacy, locus of control, and lifestyle all play a role in influencing financial behavior.

Crowdfunding Sharia Financing Model as Alternative Business Capital Financing for MSMES

In the era of the Industrial Revolution 4.0, there are currently financial product innovations, one of which is fintech (financial technology). Crowdfunding is a fintech product with a Sharia concept, that can be accessed on the internet network. Likewise, it is a form of funding for those who need funds for business development. In the Shariah concept, crowdfunding is a form of work or syirkah where there is a collective effort from several people who come together to finance a business through a digital platform called financial technology. This is a qualitative research, using bibliometric analysis approach. Crowdfunding aims to be an alternative financing, in Indonesia itself. Sharia Fintech had emerged in 2017, the Indonesian Sharia Fintech Association (AFSI) has been formed by the Tazkia Fintech Study Center with members of 8 Sharia fintech companies, the latest data shows that in 2020 the addition of the number of AFSI members consists of 18 members of peer to peer (p2P) lending, 27 members of digital financial innovation (IKD), four members of Sharia equity crowdfunding (ECF), 2 payment members, 2 non-fintech members, and 9 sharia members, and financial partner.
 Keywords: crowdfunding, MSMEs, bibliometric analysis

Consumer Perceptions and Behaviors on Digital Payment Adoption Among Older Generation Z and Younger Millennials in Phnom Penh, Cambodia

Purpose: The study's goal is to better understand how older and younger generations in Phnom Penh, Cambodia, behave when it comes to using digital payments. Investigating the choice of mobile payment application in the Phnom Penh region is another objective of this study. Here, it is also investigated how usage, economic situation, and adoption of mobile payments are related.
 
 Theoretical framework: One of the most well-known research models on consumer behavior among younger and older generations and the adoption of new technical systems emphasizes the influence of geography, socioeconomic status, and specific traits on consumer acceptance. The concept considers factors including social effects, credibility requirements, effort expectations, and performance requirements when determining the best digital payment application.
 
 Design/Methodology/Approach: The Unified Theory of Acceptance and Use of Technology (UTAUT) model and K-mean clustering for distance and economic status studies were used in this research paper to select 150 locals in Phnom Penh from the target population in order to study consumer behavioral intention to accept digital payment method and application.
 
 Findings: The result we aimed to show and analyses the Digital payment methods, payments sharing, receiving, storing evidences, that older generation started understanding the digital payment by Khmer language and accepting the digital transactions from known customers. The current generation using Sathapana application and English Language in wide ranges through the Phom Penh region. The study also trying to exhibit the purpose of the digital payment systems in and across the e-commerce activities, through the older and younger generation.
 
 Research, Practical & Social implications: The elder generation Z handled digital payments for regional transactions like banking, home tasks, loan repayment, peer lending, travel, and local marketplaces in Khmer. The subsequent generations of millennials also incorporated cross-border payments in English and Khmer.
 
 Originality/Value: Bringing up a Digital Platform shall make a positive change in economy and circulation of economy to the people and country. Unless the people trust the digital payments, they cant share their money for the business or basic operations to run the government. Thy the Digital Payment applications shall understand the behavior of the customers and share the services through the digital payment systems.