Populix Survey: Five Loan Applications Widely Used By Indonesians

JAKARTA - Online loans or Pinjol are currently one of the big contributors to the country's economy, with growth that transcends the industry in general in the financial sector.

In the midst of the rampant trend of borrowing, the Financial Services Authority (OJK) continues to urge the public to be careful of rampant illegal loans.

The reason is, during April-June 2023, the Unlicensed Business Activity Handling Task Force in the Finance Sector revealed 352 illegal applications that offered loans without permission.

Seeing this trend, a Populix survey report entitled 'Unveiling Indonesia's Financial Evolution: Fintech Lending and Paylater Adoption' conducted on 1,017 respondents, revealed several of the most widely used loan applications for Indonesians.

The survey report shows that 66 percent of respondents use loans less than once a month, with the majority (70 percent) depending only on one application.

As for Akulaku (46 percent), Kredivo (43 percent), EasyCash (18 percent), and Ada Kami (18 percent) to the top four most widely used applications by people in Indonesia.

While in fifth place is the SPinjam application with 13% of Populix respondents admitting that they most often use the application to apply for loans.

Furthermore, Populix also included several reasons that respondents considered in choosing the loan application they wanted to use.

Among them is the speed of disbursement of funds (77 percent), having a permit from the OJK (72 percent), an easy registration process (52 percent), and having low interest (50 percent).

This preference emphasizes how important it is for loan provider applications to prioritize accessibility, speed, and get government permits.