OJK Cancels Limit on Indonesians Borrowing from a Maximum of Three P2P Lenders, Here is Why

The Financial Services Authority (OJK) has cancelled the regulation that limited the public from applying for funding from more than three online lending (P2P) providers. In other words, the public can continue to take loans from multiple fintech peer-to-peer (P2P) lending platforms at the same time.

Agusman, the OJK Executive Head of Supervision for Financing Institutions, Venture Capital Companies, Microfinance Institutions, and Other Financial Service Institutions, stated that this decision considers the high dynamics of public funding needs, including MSMEs, short-term working capital, and the informal sector.

Furthermore, the OJK also considered the need to support access to alternative, inclusive financing that can reach segments of the population that are not yet optimally served.

“Therefore, the funding limit of three P2P providers will no longer be enforced, provided that the P2P providers fulfil certain obligations,” as quoted in a written response on Monday (14/09/2026).

The aforementioned obligations include improving and maintaining the quality of funding analysis; adhering to prudential principles and good governance; implementing adequate risk management; and maintaining the TWP 90 (90-day default rate) at a maximum of 5%.

Previously, this provision was included in OJK Circular Letter SE OJK 19/SEOJK.06/2023. The rule emphasised that debtors could only borrow from a maximum of three platforms to prevent the ‘gali lubang tutup lubang’ practice (borrowing from one source to pay off another).

Regarding non-performing loans, as of July 2026, there were 16 P2P providers with a TWP90 above 5%, the same number as in June 2026. The OJK continues to closely monitor the steps taken by these providers to improve financing quality.

Problematic financing in the P2P industry in July 2026 was dominated by the 19-34 age group, accounting for 48.22% of the total outstanding problematic loans. In terms of gender, males dominated the outstanding problematic portion at 54.22%.

The OJK continues to closely observe the development of P2P financing quality based on debtor characteristics. P2P providers are being continuously encouraged to improve the quality of credit scoring in providing financing, including through the implementation of risk management and prudential principles.