Debt trap: Millions of Jakartans owe trillions to online lending platforms

Around 2.3 million Jakartans owed a combined total of more than Rp 10.3 trillion to various online lenders as of April this year, according to recently published data from the OJK.Jakarta ranks second on the list of provinces with the greatest number of individual debtors, after West Java with 4.6 million active borrowers and personal debt totaling Rp 13.5 trillion.

Nis says she uses the feature because it helps her keep track of her monthly spending on travel and online shopping, but admits that using it requires self-control to prevent impulsive buying. But his earnings dwindled as people stayed home during lockdowns and other nationwide pandemic restrictions. At one point, he had to pay more than Rp 5 million, roughly half of his monthly paycheck, while trying to support his wife and children.

The problem is exacerbated by the fact that 76 percent of all online lending platforms operating in the country are illegal, meaning that they are not registered with the OJK.

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