REGULATION AND THE SOCIAL IMPACT OF P2P LENDING FINTECH: A STUDY OF CONSUMER PROTECTION IN ILLEGAL ONLINE LENDING IN INDONESIA
DOI:
https://doi.org/10.5281/zenodo.19533538Keywords:
P2P lending fintech, illegal online lending, consumer protection, OJK regulations, social impact, digital financial literacy, POJK 40/2024, IndonesiaAbstract
The proliferation of illegal online lending (pinjol) in Indonesia has triggered a serious socio-economic and humanitarian crisis, despite the regulatory framework for fintech peer-to-peer (P2P) lending having been strengthened through Financial Services Authority (OJK) Regulation No. 40 of 2024. This article aims to examine two main dimensions: first, the effectiveness of regulations and consumer protection mechanisms within the fintech P2P lending ecosystem; second, the multidimensional social impacts caused by illegal online lending on individuals, families, and Indonesian society. This study employs a literature review (library research) using a descriptive-analytical qualitative approach. The findings indicate that whilst Indonesia’s regulatory framework is comprehensive in theory, its effectiveness is hampered by cross-border jurisdictional gaps, low levels of digital financial literacy among the public (only 38 per cent), and limited law enforcement capacity. The social impact of illegal online lending has gone beyond material losses and transformed into a humanitarian crisis encompassing severe psychological distress (68% of victims suffer from chronic depression and anxiety), the destruction of social relationships due to the practice of personal data dissemination (doxing), exponential debt cycles that cripple household economies, and even suicides that claim lives. This phenomenon also erodes social capital, deepens structural inequality, and undermines public trust in state institutions. This article recommends a holistic approach that integrates the strengthening of cross-border law enforcement cooperation, the acceleration of transformative digital financial literacy, the establishment of compensation and psychosocial rehabilitation mechanisms for victims, and structural reforms to expand access to formal financial services as a long-term preventive solution. Without such comprehensive intervention, P2P lending fintech innovations risk becoming a double-edged sword that widens social injustice and hinders Indonesia’s inclusive and sustainable digital economic transformation.
Downloads
References
Alam, S. S. (2023). Dampak riba pada bunga pinjaman online terhadap psikologis masyarakat. An Nuqud Journal of Islamic Economics, 2(2), 1–15.
Azhim, I. K., Natalia, L., Izzati, S. N., & Rizka, F. (2025). Dampak Sosial Ekonomi dari Penggunaan Pinjaman Online Perspektif Maqāṣid al-Syarī‘ah. Al-Fiqh, 3(2), 101–125. https://doi.org/10.59996/al-fiqh.v3i2.791
Berg, T., Fuster, A., & Puri, M. (2022). FinTech Lending. Annual Review of Financial Economics, 14(Volume 14, 2022), 187–207. https://doi.org/10.1146/annurev-financial-101521-112042
Danial, P. S. (2025). PRAKTIK PENAGIHAN ABUSIF OLEH PINJAMAN ONLINE ILEGAL: KETIMPANGAN AKSES KEADILAN DAN PERLINDUNGAN KONSUMEN DI INDONESIA. Causa: Jurnal Hukum Dan Kewarganegaraan, 13(4), 131–140. https://doi.org/10.6679/10ywa302
Dewi, N. P. A. L., Ujianti, N. M. P., & Mahendrawati, N. L. M. (2026). Perlindungan Konsumen Terhadap Penagihan Pinjaman Online. Al-Zayn : Jurnal Ilmu Sosial & Hukum, 4(2), 4844–4855. https://doi.org/10.61104/alz.v4i2.4938
Diputra, R. S., & Ningrum, M. L. (2022). PELANGGARAN ETIKA BISNIS FINTECH LENDING ILEGAL TERHADAP DEBITUR. Ilmu Dan Budaya, 43(1), 60–78. https://doi.org/10.47313/jib.v43i1.1527
Eliyah, E., & Aslan, A. (2025). STAKE’S EVALUATION MODEL: METODE PENELITIAN. Prosiding Seminar Nasional Indonesia, 3(2), Article 2.
Fadlilah, R. (2025). Pinjaman Online Dalam Peraturan Otoritas Jasa Keuangan Nomor 40 Tahun 2024 Tentang Layanan Pendanaan Bersama Berbasis Teknologi Informasi Perspektif Maqāṣid Sharīʿah [PhD Thesis, IAIN Ponorogo]. https://etheses.iainponorogo.ac.id/33386/1/Skripsi-Rizqy%20Fadlilah-Naskah%20Publish.pdf
Firanda, G. A., Prananingtyas, P., & Lestari, S. N. (2019). NAGIH UTANG (DEBT COLLECTOR) PINJAMAN ONLINE BERBASIS FINANCIAL TECHNOLOGY. Diponegoro Law Journal, 8(4), 2523–2538. https://doi.org/10.14710/dlj.2019.25509
Hidayat, E. R., Siswajanthy, F., Kusnadi, N., Zur’ain, M. I., & Kurniawan, M. R. (2025). Perlindungan Hukum bagi Korban Pinjaman Online Ilegal di Indonesia. IQRAR: Jurnal Akuntansi, Manajemen & Ekonomi Syariah, 1(2), 97–103. https://doi.org/10.61104/iqrar.v1i2.3657
Huda, N., Ayu, D., & Septya, R. (2025). Dampak Regulasi Batas Maksimum Manfaat Ekonomi Pinjaman Daring. https://celios.co.id/wp-content/uploads/2025/10/Dampak_Regulasi_Batas_Maksimum_Manfaat_Ekonomi_Pinjaman_Daring.pdf
Izazi, F. S., Sajena, P., Kirana, R. S., & Marsaulina, K. (2024). PERLINDUNGAN HUKUM TERHADAP KONSUMEN DALAM TRANSAKSI E-COMMERCE MELALUI UNDANG-UNDANG NOMOR 8 TAHUN 1999 TENTANG PERLINDUNGAN KONSUMEN DAN PERATURAN PEMERINTAH (PP) NOMOR 80 TAHUN 2019 TENTANG PERDAGANGAN MELALUI SISTEM ELEKTRONIK. Leuser: Jurnal Hukum Nusantara, 1(2), 8–14.
Java Widodo, 1821011033. (2022). PENGARUH LITERASI KEUANGAN, PENGGUNAAN DIGITAL FINANCIAL PRODUCT, DAN PENGGUNAAN INTERNET TERHADAP INKLUSI KEUANGAN PADA PELAKU UMKM DI KOTA BANDAR LAMPUNG [Masters, UNIVERSITAS LAMPUNG]. https://digilib.unila.ac.id/63525/
Kholidiah, K., & Inayati, T. (2024). Bijak Dalam Pengambilan Keputusan Pinjaman Online (Pinjol). JMM - Jurnal Masyarakat Merdeka, 7(1), 56–62. https://doi.org/10.51213/jmm.v7i1.150
Ma’muroh, Yulia, & Lailatul Qomariyah. (2025). Psikoreligi: Solusi untuk Kesehatan Jiwa Akibat Pinjaman Online. Publica Indonesia Utama.
Manurung, G. M., Ali, H., Manurung, A. H. M., & Sangapan, L. H. (2025). Kebiasaan Berutang di Era Digital: Kontribusi Budaya Hemat dan Akses Pinjaman Online terhadap Kesehatan Keuangan Rumah Tangga. Journal of Capital Markets and Banking, 13(2), 72–95. https://doi.org/10.63607/jcmb.v13i2.15
Napitupulu, J. H., Panggabean, M. L., Panjaitan, H., & Widiarty, W. S. (2025). An Integrated Legal Framework for Digital Investment Fraud Prevention in Indonesia. Journal of Sustainable Development and Regulatory Issues (JSDERI), 3(3), 540–567. https://doi.org/10.53955/jsderi.v3i3.154
Nurdiana, I. (2026). Kreditplus Mobile: Solusi Finansial Digital dalam Genggaman Masyarakat Modern. Afdan Rojabi Publisher.
Oemardi, A. C., & Sudiro, A. A. (2024). Peran Pemerintah Dalam Mendukung Perekonomian Masyarakat Berpenghasilan Rendah Melalui Layanan Pinjaman Online. Binamulia Hukum, 13(2), 345–360. https://doi.org/10.37893/jbh.v13i2.951
Pramana, A. A., Kusuma, W. R., Perdana, D. A., & Rabbani, M. F. A. (2025). IMPLIKASI PERAN DAN FUNGSI PENGAWASAN PERBANKAN MENURUT PERATURAN OTORITAS JASA KEUANGAN NOMOR 5 TAHUN 2024. JURNAL MULTIDISIPLIN ILMU AKADEMIK, 2(1), 362–372. https://doi.org/10.61722/jmia.v2i1.3329
Pratama, M. A. Y. (2025). PINJAMAN ONLINE SYARIAH SEBAGAI ALTERNATIF ATAS MARAKNYA PINJAMAN ONLINE ILEGAL: Analisis Konseptual dan Regulasi di Indonesia. MAQASHID, 8(1), 41–56. https://doi.org/10.35897/maqashid.v8i1.1890
Putera, A. P., Hartanto, & Saefullah. (2026). Kebijakan Hukum Pidana Terhadap Fenomena Pinjaman Online Ilegal Perspektif Perlindungan Konsumen Dan Pencegahan Kejahatan Ekonomi. Al-Zayn : Jurnal Ilmu Sosial & Hukum, 4(1), 6773–6784. https://doi.org/10.61104/alz.v4i1.4211
Rahmalillah, A., Wusiat, Malik, A., & Zuhrah. (2026). Rekontruksi Kewenangan Ojk Terhadap Pinjaman Online (PINJOL) Ilegal Akibat Kelemahan Regulasi Fintech di Indonesia. Al-Zayn : Jurnal Ilmu Sosial & Hukum, 4(1), 1370–1381. https://doi.org/10.61104/alz.v4i1.3251
Ratnayutika, N. P., Yuwono, N. K. N., Choiriyah, A. L. F., & Putra, T. D. (2024). PERLINDUNGAN HUKUM TERHADAP KORBAN DESK COLLECTOR FINTECH ILEGAL. Lex Et Lustitia, 1(2), 61–69. https://doi.org/10.70079/lel.v1i2.69
Samosir, R. R. (2024). MEMBANGUN KEPERCAYAAN SINERGI ANTARA RAHASIA BANK DAN PERLINDUNGAN INFORMASI NASABAH. https://www.researchgate.net/profile/Bravo-Press/publication/396803952_MEMBANGUN_KEPERCAYAAN_SINERGI_ANTARA_RAHASIA_BANK_DAN_PERLINDUNGAN_INFORMASI_NASABAH/links/68f9e1c9e7f5f867e6e1b8af/MEMBANGUN-KEPERCAYAAN-SINERGI-ANTARA-RAHASIA-BANK-DAN-PERLINDUNGAN-INFORMASI-NASABAH.pdf
Sartika, K. D., & Larasati, D. (2023). Literature Review: Dampak Fenomena Pinjaman Online Ilegal di Indonesia. Innovative: Journal Of Social Science Research, 3(6), 2940–2948.
Sitompul, M. G. (2018). Urgensi Legalitas Financial Technology (Fintech): Peer to Peer (P2p) Lending Di Indonesia. Jurnal Yuridis UNAJA, 1(2), 68–79. https://doi.org/10.5281/jyu.v1i2.428
Sulubara, S. M., & Iskandar, I. (2025). Regulasi dan Lisensi Mengenai Perlindungan Hukum Investor di Platform Fintech Peer-To-Peer Lending dalam Hukum Konvensional. JURNAL HUKUM, POLITIK DAN ILMU SOSIAL, 4(3), 157–168. https://doi.org/10.55606/jhpis.v3i4.4499
Una, B. K. (2026). Pinjaman Online di Indonesia: Menjembatani Keuangan ataukah Perangkap Digital? Deepublish.
Varrel, Y. (2024). ANALISA DAMPAK PINJAMAN ONLINE TERHADAP TINGKAT DEPRESI MASYARAKAT KOTA MEDAN DALAM PERSPEKTIF TEORI BUNUH DIRI EMILE DURKHEIM. https://www.researchgate.net/profile/Yehezkiel-Hutasoit/publication/392474165_Analisis_Penggunaan_Pinjaman_Online_menurut_sudut_pandang_Emile_Durkheim/links/6843d277c33afe388acaa3a1/Analisis-Penggunaan-Pinjaman-Online-menurut-sudut-pandang-Emile-Durkheim.pdf
Wahyuni, S., Widiyati, S., Yuliusman, & Gowon, M. (2025). ANALISIS FAKTOR-FAKTOR YANG MEMPENGARUHI KEPUTUSAN MASYARAKAT DALAM MENGGUNAKAN LAYANAN PINJAMAN ONLINE. Journal Central Publisher, 3(6), 3796–3814. https://doi.org/10.60145/jcp.v3i6.669
Walliman, N., & Walliman, N. (2021). Research Methods: The Basics (3rd ed.). Routledge. https://doi.org/10.4324/9781003141693
Yuan, K., & Xu, D. (2020). Legal Governance on Fintech Risks: Effects and Lessons from China. Asian Journal of Law and Society, 7(2), 275–304. https://doi.org/10.1017/als.2020.14
Yulianti, G., Chaidir, M., & Pramono, A. S. (2024). PERAN TEKNOLOGI KEUANGAN (FINTECH) DALAM MENDORONG PERTUMBUHAN EKONOMI DAN INKLUSI KEUANGAN DI INDONESIA: TANTANGAN DAN PELUANG. Citizen : Jurnal Ilmiah Multidisiplin Indonesia, 4(4), 349–355. https://doi.org/10.53866/jimi.v4i4.649
