Student Behavior Dynamics toward Online Loan Access: Social Impact and Socioeconomic Vulnerability

Abstract

The widespread use of online loans  among students has raised concerns about the socioeconomic vulnerability of the younger generation. This study aims to analyze the level of pinjol usage, driving factors, and its impact on the financial condition and well-being of students at the Nobel Institute of Technology and Business Indonesia. Using a descriptive quantitative approach, data was collected through an online questionnaire distributed to 38 randomly selected students. The results show that 78.9% of students have never used online loans, while 21.1% admitted to having done so. Among active users, it was found that most experienced difficulty paying installments, psychological stress, and a decline in academic performance. Additionally, only 40% of respondents understood the interest rate system of online loans, while 85.7% expressed an urgent need for financial education within the campus environment. These findings highlight a gap between financial literacy and the pressures of students' living needs, as well as the necessity for institutional intervention. This study recommends the implementation of financial literacy programs, financial and psychological counseling services, and the provision of non-exploitative campus emergency funds. Through collaborative efforts between students, faculty, and institutions, it is hoped that students can build financial resilience and make wise economic decisions in a digital era full of consumptive temptations.