THE BINDING FORCE OF ELECTRONIC AGREEMENTS IN ONLINE LENDING SERVICES: A REVIEW OF CIVIL LAW AND THE LAW ON INFORMATION AND ELECTRONIC TRANSACTIONS
DOI:
https://doi.org/10.5281/zenodo.23103157Keywords:
electronic contracts, online loans, binding force, Civil Code, ITE Law, fintech lendingAbstract
The development of online lending services (peer-to-peer lending fintech) in Indonesia has shifted the paradigm of establishing contractual relationships from a conventional format to an electronic one. This study aims to analyse the binding force of electronic agreements in online lending services from the perspective of the Civil Code (KUHPerdata) and Law No. 19 of 2016 amending Law No. 11 of 2008 on Electronic Information and Transactions (the EIT Law). The research method employed is a normative legal study using a literature review approach. The results of the study indicate that electronic agreements in online lending possess legally binding force and are equivalent to conventional agreements provided they fulfil the four valid conditions of a contract as stipulated in Article 1320 of the Civil Code, namely: agreement between the parties, legal capacity, a specific subject matter, and a lawful cause. This binding force is reinforced by Article 18(1) of the ITE Law, which stipulates that electronic transactions set out in electronic contracts are binding on the parties, as well as the recognition of electronic documents and electronic signatures as valid evidence under Articles 5 and 6 of the ITE Law. The harmonisation between the Civil Code, the ITE Law, and the OJK’s sector-specific regulations creates legal certainty for the parties involved in online lending transactions, although the effectiveness of legal protection remains dependent on responsible implementation by fintech operators, including transparency regarding the content of contracts, the reliability of electronic systems, and debt collection mechanisms that comply with statutory provisions.
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