The Phenomenon of Paylater and Online Loan Defaults Among Gen Z
DOI:
https://doi.org/10.35870/ijmsit.v6i2.8661Keywords:
Default risk, Gen Z, Online loans, PayLater servicesAbstract
OJK statistics on fintech lending for 2024 indicate that the total value of online loans in Indonesia exceeded IDR 47 trillion as of June 2024. The majority of borrowers fall within the 19-to-34 age bracket, representing Generation Z. This highlights the tangible impact of loan defaults and financial literacy on the borrowing decisions made by Gen Z. This study aims to examine the factors influencing Gen Z's decisions to use online loans and the subsequent occurrence of defaults. Data was collected from Gen Z individuals aged 20–28 residing in Madiun City using questionnaires. The research findings reveal that hedonism, social influence, and financial literacy all affect "PayLater" defaults among Gen Z.
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