Money Loans In The Pinjol Application Are Limited Starting Next Year, A Maximum Of 50 Percent Of Salary

JAKARTA - The Financial Services Authority (OJK) will limit the amount of loan funds proposed by customers from fintech companies or P2P Lending aka online loans (pinjol).

This is stated in the Circular Letter of the Financial Services Authority (SE OJK) No. 19 of 2023 concerning the Implementation of Information Technology-Based Joint Funding Services (LPBBTI).

In the SE, customers can only apply for a maximum loan of 50 percent of the income earned every month.

"There is a maximum limit regarding the amount of loan or leverage. So, if people have an income, how much can they borrow, so there is a maximum. We start from 50 percent in 2024, the following year it will be reduced again to 40 percent, then the following year it will decrease again by 30 percent," said the Chief Executive Supervisory of the Financing Institution, Ventura Capital Company, Micro Financial Institution and Other Financial Services Institutions (PVML) Agusman to reporters, Friday, November 11.

Agusman added that the regulation was made to prevent debtors from risking default.

"To fence off the behavior of the (consumers) who dig the hole cover, we can only expect a maximum of three platforms in the future. Because if there are more and more platforms, given the opportunity to really happen, dig the hole to cover the hole," he explained.

Therefore, he asked lender service providers to analyze requests for financial loans such as the feasibility and ability of consumers.

"Indeed, the P2P lending industry is developing a Fintech Lending Data Center (Pusdafil), and this is in process, hopefully 2024 can be completed, and can connect with SLIK," he said.