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Determining Factors of Peer-to-Peer (P2P) Lending Avoidance: Empirical Evidence from Indonesia

Gadjah Mada International Journal of Business (GamaIJB) · Vol. 25 No. 1 (2023) · pp. 1–27

DOI
10.22146/gamaijb.68805
ISSN
2338-7238, 1411-1128
Published
2023-02-08
Publisher
Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada
Language
eng
License
creativecommons.org/licenses/by-sa/4.0

Abstract

P2P lending offers loans to the public with easy processes and terms. However, the level of P2P lending disbursements is still lower than that of the banks. In addition, a comparison of the number of users of P2P lenders and the productive age population of Indonesia shows that there are still many people who do not use P2P lending. This paper examines the factors that make Indonesians avoid P2P lending. This study used an online survey approach for its data collection and structural equation modeling (SEM) to analyze the data from 499 responses. The study found that the perceived threat from P2P lending is influenced by its perceived severity, perceived susceptibility, and risk tolerance. This perceived threat and social influences cause people’s avoidance motivation. This study contributes to the fintech literature by providing empirical evidence on the avoidance of P2P lending from the borrowers’ perspectives using the TTAT model. Other implications are an input for regulators/governments to enforce the rules for user protection and input for the P2P lending service providers to provide educational programs regarding the use of P2P lending.

Keywords

Collaboration network of the authors

5 authors · 6 co-authorship links · 1 across different organisations

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  • Universitas Gadjah Mada
  • Politeknik Negeri Madiun
  • Affiliation unknown
  • Different organisations
  • Same organisation
  • Affiliation unknown
  • Thicker line = more joint articles · bigger circle = more articles
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Co-authorOrganisationJoint articles
Emillia NurdinAffiliation unknown1
Ishak AwaluddinAffiliation unknown1

Affiliations come from OpenAlex; journal OAI-PMH metadata carries none. Authors without an OpenAlex ID are matched by name, which can merge or split people.

Metadata source: OAI-PMH (metadata jurnal) https://journal.ugm.ac.id/gamaijb/oai, first harvested 28 Okt 2026, last seen 28 Okt 2026.
Original metadata (oai_dc) 
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	<dc:title xml:lang="en-US">Determining Factors of Peer-to-Peer (P2P) Lending Avoidance: Empirical Evidence from Indonesia</dc:title>
	<dc:creator>Ali, Syaiful</dc:creator>
	<dc:creator>Simboh, Billy</dc:creator>
	<dc:creator>Rahmawati, Ulfa</dc:creator>
	<dc:subject xml:lang="en-US"></dc:subject>
	<dc:subject xml:lang="en-US">fintech, P2P lending, TTAT, SEM, multi-group analysis, Indonesia</dc:subject>
	<dc:subject xml:lang="en-US">G23, G41, Q55</dc:subject>
	<dc:description xml:lang="en-US">P2P lending offers loans to the public with easy processes and terms. However, the level of P2P lending disbursements is still lower than that of the banks. In addition, a comparison of the number of users of P2P lenders and the productive age population of Indonesia shows that there are still many people who do not use P2P lending. This paper examines the factors that make Indonesians avoid P2P lending. This study used an online survey approach for its data collection and structural equation modeling (SEM) to analyze the data from 499 responses. The study found that the perceived threat from P2P lending is influenced by its perceived severity, perceived susceptibility, and risk tolerance. This perceived threat and social influences cause people’s avoidance motivation. This study contributes to the fintech literature by providing empirical evidence on the avoidance of P2P lending from the borrowers’ perspectives using the TTAT model. Other implications are an input for regulators/governments to enforce the rules for user protection and input for the P2P lending service providers to provide educational programs regarding the use of P2P lending.</dc:description>
	<dc:publisher xml:lang="en-US">Master in Management, Faculty of Economics and Business, Universitas Gadjah Mada</dc:publisher>
	<dc:contributor xml:lang="en-US"></dc:contributor>
	<dc:date>2023-02-08</dc:date>
	<dc:type>info:eu-repo/semantics/article</dc:type>
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	<dc:type xml:lang="en-US">Peer-reviewed Article</dc:type>
	<dc:format>application/pdf</dc:format>
	<dc:identifier>https://journal.ugm.ac.id/gamaijb/article/view/68805</dc:identifier>
	<dc:identifier>10.22146/gamaijb.68805</dc:identifier>
	<dc:source xml:lang="en-US">Gadjah Mada International Journal of Business; Vol 25, No 1 (2023): January-April; 1-27</dc:source>
	<dc:source>2338-7238</dc:source>
	<dc:source>1411-1128</dc:source>
	<dc:language>eng</dc:language>
	<dc:relation>https://journal.ugm.ac.id/gamaijb/article/view/68805/35863</dc:relation>
	<dc:rights xml:lang="en-US">Copyright (c) 2023 Gadjah Mada International Journal of Business</dc:rights>
	<dc:rights xml:lang="en-US">http://creativecommons.org/licenses/by-sa/4.0</dc:rights>
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