Online Lending Platform Loan Costs Balloon Due to Insurance

Online lending platforms in the financial technology sector, commonly known as peer-to-peer (P2P) lending, have identified insurance premiums as the most significant element in the overall cost of loan services.

Pernita Hestin Untari & Rika Anggraeni

25 Sep 2023 - 20.08
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Online Lending Platform Loan Costs Balloon Due to Insurance

An employee is looking for information about online loans in Jakarta on Monday (14/8/2023). Photo/Bisnis/Himawan L Nugraha

Bisnis, JAKARTA—Online lending platforms in the financial technology sector, commonly known as peer-to-peer (P2P) lending, have identified insurance premiums as the most significant element in the overall cost of loan services. In some cases, the service fees charged by these platforms have nearly matched the loan principal amount.

President Director of PT Pembayaran Digital Indonesia, AdaKami, Bernardino Moningka Vega (Dino), explained that AdaKami's service costs are composed of various elements, including technology costs, insurance expenses, and operational costs. Among these components, insurance costs are the most substantial, particularly in certain products.

This is because every customer who borrows through the platform needs to be insured. This insurance cost can be relatively high since it aims to provide coverage for underserved and unbanked individuals. The specific contribution of insurance costs was not mentioned.

AdaKami's platform description on the AppStore does not provide a detailed breakdown of service fees. It states the loan period (ranging from 93 to 270 days) and a loan limit of up to IDR 80 million, with total interest charges ranging from 10.8% to 36% per year.

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© Copyright 2024, Hak Cipta Dilindungi Undang - Undang.