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LEGAL ASPECTS OF ‘GALI LUBANG TUTUP LUBANG’ IN FINTECH P2P LENDING BUSINESS DURING COVID-19
Abstract
This research intends to discuss the problem of the practice of “Gali Lubang Tutup Lubang” in the Fintech P2P Lending business activities during COVID-19 in Indonesia based on the consumer protection perspective. The research method used is the normative legal research method with descriptive-analytical research specifications. Analytical descriptive research is intended to describe, analyze and explain the problems to be discussed, namely the presence of the problem of the practice of “Gali lubang Tutup Lubang” in the implementation of Fintech P2P Lending during the COVID-19 pandemic in Indonesia. The risk of “over-indebtedness” or excessive debt requires the borrower to choose the practice of “Gali Lubang Tutup Lubang”. This practice is often used in the case of a borrower borrowing money from one person to repay money borrowed from another person (another loan). This problem is considered to be present because of the increase in 'non-performing loans (NPL)' during the COVID-19 pandemic and the development of illegal Fintech P2P Lending. The increase in NPLs was caused by banks not maximizing credit relaxation policies. For this reason, the Financial Services Authority as a regulator and supervisor of the financial services sector must be able to provide a sense of security for consumers.
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This work is licensed under a Creative Commons Attribution 4.0 International License.