Indonesian Residents' Pinjol and PayLater Debt Tops Rp 125 Trillion, Which Is Higher?

JAKARTA, KOMPAS.com - The Financial Services Authority (OJK) noted that citizens’ debt on online lending services (pinjol) and buy now, pay later (BNPL) services reached Rp 125.64 trillion in January 2026. Pinjol services, or peer-to-peer lending fintech, recorded outstanding financing that was far larger than the pay later. Agusman, the Executive Head of the Supervision of Financing Institutions, Venture Capital Firms, Microfinance Institutions and Other Financial Services Institutions at OJK, said that during this period the value of pinjol outstanding financing reached Rp 98.54 trillion. Pinjol outstanding grew by 25.52 percent year on year (yoy) compared with the same period last year of Rp 78.50 trillion. The growth was accompanied by improvements in financing quality, with the aggregate non-performing loan ratio (TWP90) reaching 4.38 percent. The pinjol non-performing loan rate in January 2026 was higher than the previous month’s 4.32 percent and much higher than January last year’s 2.52 percent. Meanwhile, Dian Ediana Rae, Executive Head of Banking Supervision at OJK, disclosed that the remaining principal amount of paylater loans (baki debet) for BNPL products stood at Rp 27.1 trillion in the same period. Although growth was solid, BNPL’s share of total bank credit remained relatively small at 0.32 percent. The number of BNPL accounts rose from 31.21 million in December 2025 to 31.23 million. ‘As of January 2026, BNPL credit baki debet as reported in SLIK grew by 20.15 percent (yoy), higher than December 2025’s 19.32 percent (yoy) to Rp 27.1 trillion,’ he said.