The risks of loan users for the mental health of the middle class

Iqbal Abdul Muqsith, Sinta Puspita, Merry Wulandari, Amelia Putri and Gina Malia Putri
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Iqbal Abdul Muqsith: Institut Nida El-Adabi Bogor
Sinta Puspita: Institut Nida El-Adabi Bogor
Merry Wulandari: Institut Nida El-Adabi Bogor
Amelia Putri: Institut Nida El-Adabi Bogor
Gina Malia Putri: Institut Nida El-Adabi Bogor

Priviet Social Sciences Journal, 2026, vol. 6, issue 3, 15-24

Abstract: The phenomenon of online loans (commonly known as pinjol) in Indonesia has grown rapidly in line with the advancement of digital technology. Easy access, fast disbursement processes, and the promotion of low interest rates have made pinjol highly attractive to the public, especially among the middle-class. However, behind this convenience lie various serious problems that affect users’ mental health. This study aims to analyze the risks of pinjol usage on the mental health of the middle-class community, particularly in the Parung Panjang and Tenjo Districts of Bogor Regency. The research method employed a qualitative approach supported by quantitative data. The findings show that the middle class is vulnerable to pinjol entrapment, even though they are generally considered to have better access to formal financial institutions. From a theoretical perspective, this research offers novelty by applying Lazarus and Folkman’s (1984) stress theory to the phenomenon of digital finance, thereby enriching perspectives on how primary and secondary appraisals and coping strategies shape the psychological pressure caused by pinjol. Field findings that highlight the dominance of emotion-focused coping strategies (resignation, anxiety, and avoidance) provide new contributions to the literature, as they reveal that the burden of pinjol not only creates economic problems but also reinforces a recurring cycle of stress without any long-term solutions. Therefore, stronger financial literacy, psychological support, and strict government regulations are urgently needed to prevent the harmful impacts of pinjol on Indonesia’s middle-class society.

Keywords: online loans; mental health; middle-class society; stress; financial literacy (search for similar items in EconPapers)
Date: 2026
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DOI: 10.55942/pssj.v6i3.1462

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