Moment ‘Hijrah’: Coming out of the dark side of payday loans – Fri July 29, 2022
Sri Rahayu Hijrah Hati (The Jakarta post)
Fri, July 29, 2022
Indonesia has become a promised land for the development of the mobile payday loan market (locally known as Pinjol). Based on data from the Financial Services Authority (OJK), in April, 122 companies provide legal payday loan services online. But data from the Institute for Economic and Financial Development (INDEF) shows that 95% of payday loan services are illegal.
Many people today choose to borrow money on the payday loan because they (1) receive the money instantly, (2) face no restrictions on how to use the loan, (3) have a bad credit rating, (4) don’t need any collateral, and so on.
From a marketing perspective, many Chinese companies are entering the Indonesian payday loan market due to the tightening industry regulations set by their government. As the Indonesian market is still in its infancy, foreign companies expect to take a chunk of the domestic market ahead of any potential regulatory changes.
read the full story
From IDR 55,500/month
- Unlimited access to our web and app content
- e-Post digital newspaper
- No ads, no interruptions
- Privileged access to our events and programs
- Subscription to our newsletters
Or let Google manage your subscription