Perceptions of Online Lending Risks: A Netnographic Analysis of Indonesian YouTube Videos

Ahmad Syahirul  Alim

doi:10.58968/eii.v7i1.635

Authors

Ahmad Syahirul Alim IPB University

DOI:

https://doi.org/10.58968/eii.v7i1.635

Keywords:

Online Loan, Netnography, Consumer Perception, Islamic Business Principal

Abstract

This study examines public discourse concerning online loans in Indonesia through a Netnography analysis of YouTube user comments on videos about this topic. Data was gathered from 19 videos, which collectively garnered 51,279 comments, and were analyzed using NVivo software to perform a qualitative analysis. The methodology went beyond simple data collection, employing sentiment and thematic analysis to identify user perceptions. The findings indicate a notable prevalence of negative sentiments toward online loans, particularly illegal ones, frequently linked to detrimental practices such as aggressive debt collection, exorbitant interest rates, and the misuse of personal data. Users on YouTube raised various concerns regarding online loans, including the risk of default, unethical debt collection methods, and data privacy violations. Despite being aware of these risks, some individuals continue to engage with online loan services due to urgent financial needs and the convenience they offer. Discussions also emerged about the obligation to repay debts incurred from illegal online loans, highlighting a gap in public comprehension of Islamic economic principles and emphasizing the need for sharia-compliant regulations and appropriate legal frameworks.This study recommends enhancing regulations, oversight, and law enforcement related to online loans and promoting sharia financial literacy within the community. Additionally, the development of Sharia-compliant peer-to-peer lending are anticipated to provide fairer and more responsible digital financial services.

Downloads

Download data is not yet available.

References

Abbasi, K., Alam, A., Brohi, N. A., Brohi, I. A., & Nasim, S. (2021). P2P lending Fintechs and SMEs’ access to finance. Economics Letters, 204, 109890. https://doi.org/10.1016/j.econlet.2021.109890

Admiral, A., & Pauck, M. A. (2023). Unveiling the Dark Side of Fintech: Challenges and Breaches in Protecting User Data in Indonesia’s Online Loan Service. Lex Scientia Law Review, 7(2), 995–1048. Scopus. https://doi.org/10.15294/lesrev.v7i2.77881

AFPI. (2021, September). Ketahui Risiko Menunggak Pembayaran Pinjaman Dana dari Pinjol Ilegal [Institutional Website]. AFPI (Asosiasi Fintech Pendanaan Bersama Indonesia). https://afpi.or.id/articles/detail/menunggak-pembayaran-pinjol-ilegal

Aji, H. M., Berakon, I., & Riza, A. F. (2020). The effects of subjective norm and knowledge about riba on intention to use e-money in Indonesia. Journal of Islamic Marketing, 12(6), 1180–1196. https://doi.org/10.1108/JIMA-10-2019-0203

Amrillah, M. K., & Felianty, T. A. (2024). Does P2P Lending Have an Impact on Regional Economic Growth? Evidence from Java Provinces. Jurnal Pamator : Jurnal Ilmiah Universitas Trunojoyo, 17(1), Article 1. https://doi.org/10.21107/pamator.v17i1.24324

Anggraini, M., Hulwati, H., & Duhriah, D. (2025). Review of Online Loan Problems in Indonesia: Perspective of Fiqh Muamalah and DSN-MUI Fatwa. Jurnal Studi Islam Dan Sosial, 8(1). https://doi.org/10.61941/iklila.v8i1.306

Angkasa, A., Wamafma, F., Juanda, O., & Nunna, B. P. (2023). Illegal Online Loans in Indonesia: Between the Law Enforcement and Protection of Victim. Lex Scientia Law Review, 7(1), 119–178. Scopus. https://doi.org/10.15294/lesrev.v7i1.67558

Annas, M., & Ansori, M. A. (2021). Problems in Determining Interest in Peer-to-Peer Lending in Indonesia. Jurnal Media Hukum, 28(1), 102–116. Scopus. https://doi.org/10.18196/jmh.v28i1.10022

Assyura, A. S. A., & Mukhsin, A. (2024). Criminal Acts of Threats by Debt Collectors Against Debtors in the Per-spective of the Criminal Code and Islamic Criminal Law. LEGAL BRIEF, 13(5), Article 5. https://doi.org/10.35335/legal.v13i5.1156

Autio, M., Wilska, T.-A., Kaartinen, R., & Lähteenmaa, J. (2009). The use of small instant loans among young adults – a gateway to a consumer insolvency? International Journal of Consumer Studies, 33(4), 407–415. https://doi.org/10.1111/j.1470-6431.2009.00789.x

Biancone, P. P., Secinaro, S., Radwan, M., & Kamal, M. (2019). Halal tourism: An opportunity for the global tourism industry. Tourism Analysis, 24(3), 395–404. Scopus. https://doi.org/10.3727/108354219X15511865533112

Budiharto, Lestari, S. N., & Hartanto, G. (2019). The Legal Protection of Lenders in Peer-to-Peer Lending System. Law Reform: Jurnal Pembaharuan Hukum, 15(2), 275–289. Scopus. https://doi.org/10.14710/lr.v15i2.26186

Chen, V. (2020). Online payday lenders: Trusted friends or debt traps? The University of New South Wales Law Journal, 43(2), 674–706. https://doi.org/10.3316/ielapa.238222556162539

Chuweni, N. N., Ismail, M. N. I., Mohamed, N. A., Ali, S. N. M., Fauzi, N. S., & Arshad, H. (2021). Is Sharia-Compliant Hotel a Good Investment? Using Netnography Research Method to Explore the Society’s Perceptions. In N. N. Md Shariff, N. Lateh, N. F. Zarmani, Z. S. Hamidi, Z. A. Abdulrazzak Aghwan, N. Binti Dato Haji Mahalle, H. Haji Yaacob, & T. Hisao (Eds.), Enhancing Halal Sustainability (pp. 39–48). Springer. https://doi.org/10.1007/978-981-33-4854-7_4

Costello, L., McDermott, M.-L., & Wallace, R. (2017). Netnography: Range of practices, misperceptions, and missed opportunities. International Journal of Qualitative Methods, 16(1). Scopus. https://doi.org/10.1177/1609406917700647

Czarnecka, B., & Mogaji, E. (2020). How are we tempted into debt? Emotional appeals in loan advertisements in UK newspapers. International Journal of Bank Marketing, 38(3), 756–776. https://doi.org/10.1108/IJBM-07-2019-0249

Daipon, D., Naali, B., Hamdani, H., Wadi, F., & Hendri, H. (2024). Personal Loans (PINPRI) in the Review of Positive Law and Islamic Law. Al-Iqtishadiyah: Ekonomi Syariah Dan Hukum Ekonomi Syariah, 10(1), Article 1. https://doi.org/10.31602/iqt.v10i1.15218

DeVito, M. A., Birnholtz, J., & Hancock, J. T. (2017). Platforms, People, and Perception: Using Affordances to Understand Self-Presentation on Social Media. Proceedings of the 2017 ACM Conference on Computer Supported Cooperative Work and Social Computing, 740–754. https://doi.org/10.1145/2998181.2998192

Dunford, R., Su, Q., Tamang, E., & Wintour, A. (2014). The pareto principle. The Plymouth Student Scientist, 7(2), 140–148.

Dwipa, A. N. (2024). Criminal Acts in the Process of Online Loan Collection. Eduvest - Journal of Universal Studies, 4(11), 9968–9978. https://doi.org/10.59188/eduvest.v4i11.1579

El-Karanshawy, H. A., Omar, M. A., Khan, T., Syed Ali, S., & Izhar, H. (Eds.). (2015). Islamic Economics: Theory, Policy and Social Justice (Vol. 2). Bloomsbury Qatar Foundation Journals.

Elliott-Mainwaring, H. (2021). Exploring using NVivo software to facilitate inductive coding for thematic narrative synthesis. British Journal of Midwifery, 29(11), 628–632. https://doi.org/10.12968/bjom.2021.29.11.628

Fithria, A. (2022). Exploring the Application of Sharia Contracts on Islamic Fintech Peer-to-Peer Lending in Indonesia. Al-Hikmah: International Journal of Islamic Studies and Human Sciences, 5(6), Article 6. https://doi.org/10.46722/hikmah.v5i6.327

Ghosh, S., & Kumar, S. (2017). Video popularity distribution and propagation in social networks. Int. J. Emerg. Trends Technol. Comput. Sci.(IJETTCS), 6(1), 001–005.

Hamsin, M. K., Halim, A., & Anggriawan, R. (2024). Digital Lending in Smart Society: Legal and Sharia Perspectives on Consumer Privacy and Ethical Collection Practices. SHS Web of Conferences, 204, 07001. https://doi.org/10.1051/shsconf/202420407001

Hidajat, T. (2020). Unethical practices peer-to-peer lending in Indonesia. Journal of Financial Crime, 27(1), 274–282. https://doi.org/10.1108/JFC-02-2019-0028

Indrawati, & Herbawan, F. (2020). Tool for analyzing YouTube audience behavior in Indonesia. In Managing Learning Organization in Industry 4.0. Routledge.

Islahi, A. A. (2024). Islamic Thought on Interest and Usury. In J. J. Tinguely (Ed.), The Palgrave Handbook of Philosophy and Money: Volume 1: Ancient and Medieval Thought (pp. 533–543). Springer International Publishing. https://doi.org/10.1007/978-3-031-54136-0_28

Jasman, Arifin, N. Y., Setyabudhi, A. L., & Veza, O. (2022). Online Loans during the Covid-19 Pandemic for the Batam Community. Economic and Business Management International Journal (EABMIJ), 4(02), Article 02. https://doi.org/10.556442/eabmij.v4i02.168

Kohardinata, C., Suhardianto, N., Tjahjadi, B., & Widianingsih, L. P. (2024). The Indonesia’s Financial Landscape: P2P Loan Growth, Bank Performance and The Covid-19 Connection. AKRUAL: Jurnal Akuntansi, 16(1), 105–120. https://doi.org/10.26740/jaj.v16n1.p105-120

Kozinets, R. V. (2002). The field behind the screen: Using netnography for marketing research in online communities. Journal of Marketing Research, 39(1), 61–72. Scopus. https://doi.org/10.1509/jmkr.39.1.61.18935

Kozinets, R. V. (2015). Netnography: Redefined (2. ed). Sage.

Kozinets, R. V., & Gambetti, R. (Eds.). (2021). Netnography unlimited: Understanding technoculture using qualitative social media research. Routledge.

Kozinets, R. V., & Gretzel, U. (2024). Netnography evolved: New contexts, scope, procedures and sensibilities. Annals of Tourism Research, 104, 103693. https://doi.org/10.1016/j.annals.2023.103693

Kumar, S., Li, A., Wong, H., Chauhan, H., Shubhankar, S., & Oetama, I. (2023). Indonesia’s Fintech Industry Is Ready to Rise [Financial Report]. Boston Consulting Group. https://www.bcg.com/publications/2023/fintech-industry-indonesia-growth

Laucereno, S. F. (2021, 20). Nggak Bayar Utang Pinjol Ilegal Dosa Nggak Ya? Ini Kata MUI [News Website]. Detik.Com. https://finance.detik.com/fintech/d-5777986/nggak-bayar-utang-pinjol-ilegal-dosa-nggak-ya-ini-kata-mui

Leni, L., Wahrudin, U., & Rusmana, F. D. (2023). Review of Islamic Law on Online-Based Loan Financing Practices in Society. International Journal of Economics, Management and Accounting (IJEMA), 1(6), Article 6. https://doi.org/10.47353/ijema.v1i6.80

Maulana, Y., Komarudin, M. N., Gunawan, W. H., & Yusuf, A. A. (2022). The Influence of Fintech Digital Payment and P2P Lending on Indonesia’s Economic Growth. International Journal of Economics, Business and Accounting Research (IJEBAR), 6(3), Article 3. https://doi.org/10.29040/ijebar.v6i3.6633

Musjtari, D. N., Roro, F. S. R., & Setyowati, R. (2022). Islamic P2P Lending as an Alternative Solution to Unfair Conventional Platforms in Indonesia. UUM Journal of Legal Studies, 13(1), 21–43. Scopus. https://doi.org/10.32890/uumjls2022.13.1.2

Nasith, A. (2023). Perception of Ease, Risk, and Benefits in Online Loans: A Study in Lower Middle Communities. Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE), 6(3), Article 3. https://doi.org/10.31538/iijse.v7i3.5193

Nazar, M. N., & Nazar, S. Z. A. (2025). Online Loan Services in the Perspective of Islamic Law: Analysis of the Ijtima’ Ulama Decision of the Indonesian Fatwa Commission VII of 2021 Regarding Online Loans. Journal of Law, Social Science and Management, 2(1), 5–18.

Netnography. (2022). In D. Buhalis (Ed.), Encyclopedia of Tourism Management and Marketing (1st ed., Vol. 3). Edward Elgar Publishing.

Noor, A. (2023). Regulating Fintech Lending in Indonesia: A Study of Regulation of Financial Services Authority No. 10/POJK.05/2022. Qubahan Academic Journal, 3(4), 42–50. Scopus. https://doi.org/10.48161/qaj.v3n4a156

Pelita, T., Sihabudin, S., & Djumikasih, D. (2021). Legal Analysis of The Problem of The Imposition of Interest Rate On Online Loans. International Journal of Environmental, Sustainability, and Social Science, 2(2), Article 2. https://doi.org/10.38142/ijesss.v2i2.184

Permatasari, E., Fatimah, S., Safitri, N., & Wijaya, R. (2024). Problems of Peer-to-Peer Lending (P2PL) in Indonesia from an Islamic Law Perspective. Jurnal Ilmiah Mizani: Wacana Hukum, Ekonomi Dan Keagamaan, 11(1), Article 1. https://doi.org/10.29300/mzn.v11i1.3440

Prabowo, B. H., Sulisnaningrum, E., & Harnani, S. (2021). Financial Crisis and Usury in the Digital Economy: Why Major Religions Prohibit Usury? Monetary Studies in Asia. JBFEM, 4(1), Article 1. https://doi.org/10.32770/jbfem.vol427-46

Pranata, F. A., & Salehudin, I. (2024). The Impact of Exposure to Online Advertising on The Intention to Download Online Loan Applications Among Young Adults (18-27 Years) in Indonesia. Journal of Marketing Innovation (JMI), 4(2), Article 2. https://doi.org/10.35313/jmi.v4i2.171

Pribadi, B. (2024, Agustus | 19.00 WIB). Budi Arie Serukan Tak Usah Bayar Utang Pinjol Ilegal | tempo.co. Tempo. https://www.tempo.co/ekonomi/budi-arie-serukan-tak-usah-bayar-utang-pinjol-ilegal-33047

Puspita, R. E., & Thaker, M. A. B. M. T. (2022). Netnography on Finance Research: The Case of Customer Blackmail in a Sharia Bank. Journal of Accounting and Strategic Finance, 5(1), 179–192. https://doi.org/10.33005/jasf.v5i1.299

Putri, C. Q., Junaidi, J., & Riyanti, R. (2024). Effect of Digital Financial Literacy on Future Orientation: Financial Management, Spending and Saving Decision. Nominal: Barometer Riset Akuntansi Dan Manajemen, 13(2), 192–201. https://doi.org/10.21831/nominal.v13i2.69944

Rafie, B. T. (2025, January 25). Daftar 97 Pinjol Resmi OJK Terbaru, Berlaku Per Januari 2025—Page 1. kontan.co.id. https://keuangan.kontan.co.id/news/97-pinjol-berizin-ojk-per-oktober-2024-pasca-izin-usaha-investree-dicabut

Rahayu, R., Ali, S., Aulia, A., & Hidayah, R. (2022). The Current Digital Financial Literacy and Financial Behavior in Indonesian Millennial Generation. Journal of Accounting and Investment, 23(1), 78–94. https://doi.org/10.18196/jai.v23i1.13205

Rasyid, D., & Rashid, A. D. (2017). The usury of the loan in contemporary transactions in the balance of Islamic economics. Ahkam: Jurnal Ilmu Syariah, 17(2), 475–494. Scopus. https://doi.org/10.15408/AJIS.V17I2.6235

Rayyani, W., & Muchran, M. (2022, August 23). What About Transparency and Accountability in Charity Activist Community: A Study of Interpretive Netnography. Proceedings of the 3rd International Conference of Business, Accounting, and Economics, ICBAE 2022, 10-11 August 2022, Purwokerto, Central Java, Indonesia. https://eudl.eu/doi/10.4108/eai.10-8-2022.2320921

Rolobessy, V. Y., Malik, F., & Suwarti, S. (2023). Legal Liability of Illegal Online Loans in the Perspective of Criminal Law. Journal of Social Science, 4(2), 439–454. https://doi.org/10.46799/jss.v4i2.542

Rudi, R. (2024, November 13). Terlilit Utang Pinjol Ilegal, Ini Cara Melaporkannya | Klinik Hukumonline [Law Consultation Website]. hukumonline.com. https://www.hukumonline.com/klinik/a/terlilit-utang-pinjol-ilegal--ini-cara-melaporkannya-lt5d82e273126a2/

Ruhulessin, J. Q., Hasan, Y. A., & Hendratno, S. P. (2022). Fraud Analysis on Illegal Online Lending in Indonesia. 2022 6th International Conference on Business and Information Management (ICBIM), 229–235. https://doi.org/10.1109/ICBIM57406.2022.00047

Safitri, G. D., Masruroh, N., & Munir, M. (2023). Online Lending in the Digital Era: A Perspective from Islamic Economic Law. Istinbath, 22(2), Article 2. https://doi.org/10.20414/ijhi.v22i2.623

Safitri, S. N., Wahyuni, S. R., & Algifari, M. (2024). Usury Understanding to the Public About Debt Decisions Using the Interest System. Regulate: Jurnal Ilmu Pendidikan, Hukum Dan Bisnis, 1(2), Article 2. https://doi.org/10.61166/regulate.v1i2.30

Sanders, R. (1987). The Pareto principle: Its use and abuse. Journal of Services Marketing, 1(2), 37–40.

Santoso, W., Trinugroho, I., & Risfandy, T. (2020). What Determine Loan Rate and Default Status in Financial Technology Online Direct Lending? Evidence from Indonesia. Emerging Markets Finance and Trade, 56(2), 351–369. https://doi.org/10.1080/1540496X.2019.1605595

Saputra, A. A., Aravik, H., Choiriyah, C., Irawan, D., & Noviani, D. (2025). Online Lending as a Lifestyle and its Implications for Consumerism in Society. Jurnal Dividen, 1(1), 13–20.

Setiawan, W. (2018). Reward and Punishment dalam Perspektif Pendidikan Islam. AL-MURABBI: Jurnal Studi Kependidikan Dan Keislaman, 4(2), 184–201.

Simion, K. (2016). Practitioner’s Guide: Qualitative and Quantitative Approaches to Rule of Law Research. In Practitioner’s Guide: Qualitative and Quantitative Approaches to Rule of Law Research (Vol. 1, pp. 1–68). INPROL International Network to Promote the Rule of Law.

Subagiyo, D. T., Gestora, L. R., & Sulistiyo, S. (2022). Characteristics of Illegal Online Loans in Indonesia. Indonesia Private Law Review, 3(1), Article 1. https://doi.org/10.25041/iplr.v3i1.2594

Sugianto, S. (2022). Behind the Selling Price Determination in Commercial Photography Service Practice. Indonesian Interdisciplinary Journal of Sharia Economics (IIJSE), 5(1), Article 1. https://doi.org/10.31538/iijse.v5i1.1845

Suryono, R. R., Budi, I., & Purwandari, B. (2021). Detection of fintech P2P lending issues in Indonesia. Heliyon, 7(4). Scopus. https://doi.org/10.1016/j.heliyon.2021.e06782

Tach, L. M., & Greene, S. S. (2014). Robbing Peter to pay Paul: Economic and cultural explanations for how lower-income families manage debt. Social Problems, 61(1), 1–21. Scopus. https://doi.org/10.1525/sp.2013.11262

Takidah, E., & Kassim, S. (2022). The Shariah Compliance of Islamic Peer-to-Peer (P2P) Lending Practices in Indonesia: Identification of Issues and the Way Forward | ICR Journal. https://icrjournal.org/index.php/icr/article/view/830

Tesch, R. (2013). Qualitative Research: Analysis Types and Software. Routledge. https://doi.org/10.4324/9781315067339

The Jakarta Globe. (2023, 12). 331,000 Gen Zs and Millenials Trapped in Online Debt. The Jakarta Globe. https://jakartaglobe.id/business/331000-gen-zs-and-millenials-trapped-in-online-debt

Thelwall, M. (2018). Social media analytics for YouTube comments: Potential and limitations. International Journal of Social Research Methodology, 21(3), 303–316. Scopus. https://doi.org/10.1080/13645579.2017.1381821

Trikarinaputri, E. (2025, January 23). Penyaluran Pinjaman Daring 2017-2024 Mencapai Rp 978 Triliun | tempo.co. Tempo.Co. https://www.tempo.co/ekonomi/penyaluran-pinjaman-daring-2017-2024-mencapai-rp-978-triliun-1197696

Vranešević, T., Perić, N., & Marušić, T. (2019). Perception of Social Media as a Source of Relevant Information. Zagreb International Review of Economics & Business, 22(1), 133–144. https://doi.org/10.2478/zireb-2019-0016

Wang, J. G., Xu, H., & Ma, J. (2015). Introduction to Online Lending. In J. G. Wang, H. Xu, & J. Ma (Eds.), Financing the Underfinanced: Online Lending in China (pp. 1–16). Springer. https://doi.org/10.1007/978-3-662-46525-7_1

Welsh, E. (2002). Dealing with Data: Using NVivo in the Qualitative Data Analysis Process. Forum Qualitative Sozialforschung / Forum: Qualitative Social Research, 3(2), Article 2. https://doi.org/10.17169/fqs-3.2.865

Widyasari, Z. N., & Budiono, A. (2024). Pop-Up Ads Legal, Illegal Online Loans and The Role of The Financial Services Authority. Proceeding International Conference Restructuring and Transforming Law, 3(1), Article 1.

Wikanto, A., & Saputra, F. (2025, January 10). OJK Berantas 2.930 Pinjol Ilegal Tahun 2024, Cek Namanya & Catat Pinjol Legal 2025. kontan.co.id. https://keuangan.kontan.co.id/news/ojk-berantas-2930-pinjol-ilegal-tahun-2024-cek-namanya-catat-pinjol-legal-2025

Yudaruddin, R., Nugroho, B. A., Mardiany, Fitrian, Z., Hapsari, P., Fitrianto, Y., & Santi, E. N. (2024). Liquidity and Credit Risk in Indonesia: The Role of FinTech Development. SAGE Open, 14(2). Scopus. https://doi.org/10.1177/21582440241245248

Yulisman, L. (2024, August 5). Indonesia eyes more oversight of fast-growing peer-to-peer lending industry. The Straits Times. https://www.straitstimes.com/asia/se-asia/indonesia-eyes-more-oversight-of-fast-growing-peer-to-peer-lending-industry

Yunus, U. (2019). A Comparison Peer to Peer Lending Platforms in Singapore and Indonesia. Journal of Physics: Conference Series, 1235(1), 012008. https://doi.org/10.1088/1742-6596/1235/1/012008

Yusuf, M. Y. (2024, October 27). Apakah Pinjol Ilegal Tidak Usah Bayar? Simak Penjelasan dan Risikonya. https://www.idxchannel.com/. https://www.idxchannel.com/milenomic/apakah-pinjol-ilegal-tidak-usah-bayar-simak-penjelasan-dan-risikonya

Zaman, S. H. (1984). Definition of Islamic Economics. Journal of Research in Islamic Economics, 1(2), 49–50.