JAKARTA – Financial Services Authority (OJK) now permits debt collection services for non-performing loans from online lending (pinjol) platforms operating through Peer-to-Peer (P2P) Lending.

This authorization comes with several guidelines, outlined by OJK through its roadmap for Information Technology-Based Joint Funding Institutions (LPPBBTI).

According to Agusman, Executive Head at OJK, P2P Lending operators are required to inform borrowers of the repayment procedures, including the steps the operator will take to collect overdue loans.

Additionally, Agusman emphasized that P2P Lending operators are prohibited from using threats, intimidation, or any negative tactics in the debt collection process. If the collection is outsourced to a third party, the operator remains responsible for the process.

OJK stated that this regulation aligns with the mandate of Law No. 4 of 2023 on the Development and Strengthening of the Banking System (UU PPSK). In the event of a violation during the collection process, P2P Lending operators may face criminal sanctions, with imprisonment ranging from 2 to 10 years and fines between IDR 25 billion and IDR 250 billion. (KR)