The results of the 2023 eConomy SEA research, conducted by Google, Temasek, and Bain & Company, reveal that Indonesian citizens are still enthusiastic about using online loans (pinjol). Digital financial services, including loans, are expected to experience rapid growth from a low base.

The value of digital loans (loan book) has increased from US$ 5 billion (IDR 79 trillion) last year and is projected to reach US$ 6 billion (IDR 95 trillion) in 2023.

According to the research, the compound annual growth rate (CAGR) of digital loans is expected to surge by up to 50 percent by 2025, with a projected loan book balance of US$ 15 billion (IDR 239 trillion) in that year.

For individuals in need of online loans, it is essential to exercise caution and wisdom before proceeding. Personal data is at risk of misuse, potentially causing harm to oneself, especially when borrowing from illegal online lending platforms not registered with the Financial Services Authority (OJK).

OJK has announced the latest list of licensed peer-to-peer (p2p) fintech lending companies, or pinjol, as of October 11, 2023. Currently, there are 101 legal pinjol companies registered with OJK.

In their announcement letter numbered PENG-3/PL.021/2023, OJK encourages the public to always use the services of fintech lending providers that have received OJK's approval.

"Contact OJK at the number 157 or the WhatsApp service at 081 157 157 157 to check the status of the financial service product offerings you receive," as stated in the letter.