The disbursement of online loans (pinjol) has been recorded to increase during the month of Ramadan. Data from the Financial Services Authority (OJK) show a rising trend in online lending for two consecutive years, namely during Ramadan 2024 and 2025, with disbursements still predominantly directed toward consumptive financing.
A lecturer in Sharia Economic at IPB University, Dr Ranti Wiliasih, explained that the surge in online lending during Ramadan is largely influenced by FOMO (fear of missing out), the desire to follow trends, and the tendency to imitate others’ lifestyles.
“Most online loans are used for consumptive rather than productive purposes, which may potentially lead to financial problems in the future,” she stated.
She emphasized, “Consumptive loans should be avoided, except in urgent situations such as medical needs, accidents, or disasters.”
According to Dr Ranti, online loans that are initially perceived as a solution can instead become a new source of problems when borrowers are unable to repay their obligations on time due to other pressing needs.
“Problems worsen when interest rates increase, causing debts to accumulate. Unethical collection practices, such as defamation, dissemination of personal information, and intimidation, may also occur,” she added.
Dr Ranti also reminded the public of the importance of aligning expenditures with individual financial capacity. “Do not feel ashamed if your lifestyle differs from others. Instead, one should feel ashamed of going into debt for unnecessary matters simply to appear impressive,” she advised.
For those who are already trapped in online loan debt, she suggested seeking alternative interest-free loans with longer repayment periods to settle the existing obligations.
“This type of bailout loan can ease the burden and provide temporary relief, as being trapped in online lending can severely disrupt and damage mental health,” she explained.
She concluded by encouraging the public to cultivate a habit of living within their means in order to maintain financial health and peace of mind. “Because only through peace of mind can we remain grateful to Allah Swt,” she concluded. (IAAS/CAA)
