Many got loans online to buy concert tickets, gadgets and clothes, and now can hardly afford to pay their debts. Read more at straitstimes.com.
JAKARTA – A lineup of post-Covid-19-pandemic music concerts, from Coldplay to Blackpink, has driven more Indonesians to turn to fintech lending to get quick funds.
“Most of those who have difficulty paying off loans usually borrow for consumer needs, for example, buying new gadgets, recreation, fashion, and even recently to buy concert tickets,” OJK commissioner Friderica Widyasari Dewi said in a briefing on Tuesday. But more than half of outstanding loans are still concentrated in Jakarta and the neighbouring West Java, and only about 40 per cent of the funds go to small businesses.
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