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The default rate of peer-to-peer lending in the fintech industry has worsened, with the ratio of 90 days past due (TWP90) loans to total loans standing at 4.33 percent in November, up from 2.52 percent in November 2024, according to Financial Authority Services (OJK) data.
The decline in P2P lending practices is attributed to a variety of social issues. A problem commonly brought up is the debt collection methods, which sometimes involve prohibited measures such as intimidation and violence. Moreover, there is growing concern over high interest rates that affect consumers.
