OJK scraps plan to cap online borrowers at three lenders
Correction: An unsourced repayment-to-income cap figure was removed; the cancelled limit is described as a planned rule, per ANTARA.
Key points
- On 17 September 2026 OJK cancelled the planned limit of three pindar lenders per borrower.
- It cited strong funding demand and the need for alternatives for unbanked people and micro businesses.
- OJK said prudence and consumer-protection obligations remain; 19 platforms had TWP90 above 5% in April 2026.
Facts
Decision: on 17 September 2026 the Financial Services Authority (OJK) cancelled the planned rule that would have limited each person to borrowing from at most three online lending (pindar) platforms, citing the industry's development and demand for access to funding. Source: ANTARA (17 September).
Positioning: OJK said obligations on risk management, prudence and consumer protection are unchanged, describing the move as an adjustment to access rather than deregulation. Same source.
Arrears: the same article reported that 19 platforms had TWP90 (arrears of more than ninety days) above 5% as of April 2026.
Analysis
A blanket cap on the number of lenders directly curbs over-indebtedness through multiple borrowing, but it also restricts access for sound borrowers. OJK gave more weight to the latter. The number of platforms above the TWP90 threshold fell from 19 in April to 16 in July (OJK), so the decision came at a time when arrears were not accelerating.
Implications
Counterpoints and uncertainties
Removing the cap could increase multiple borrowing and push arrears up again. Our reading of a 'shift to affordability' is our interpretation, not OJK's official explanation.
Sources
Reports are for information only and are not investment advice. Methodology: sources, verification and definitions