Borrower Attitudes, Financial Literacy, and Loan Repayment in Indonesian P2P Lending: A Systematic Literature Review
Keywords:
P2P lending, loan repayment, attitudes, Indonesia MSMEs, financial literacyAbstract
The rapid development of peer-to-peer (P2P) lending in Indonesia has opened up access to financing for Micro, Small, and Medium Enterprises (MSMEs), but has also created a high risk of default. Behavioral factors, particularly borrower attitudes toward financial obligations, are thought to be important determinants of successful loan repayment. This study uses a Systematic Literature Review (SLR) approach guided by PRISMA to identify and synthesize empirical studies that address the relationship between borrower attitudes, financial literacy and repayment behavior in the context of P2P lending in Indonesia. The search was conducted in Scopus, ScienceDirect, Google Scholar, and ProQuest databases for the period 2015–2025. Of the 337 identified articles, 49 studies met the inclusion criteria and were analyzed using thematic descriptive and bibliometric methods with the assistance of VOSviewer and Biblioshiny. The analysis results indicate that a positive attitude toward financial responsibility, trust in the platform, and a high level of financial literacy are correlated with better payment compliance. Conversely, a permissive attitude toward delays, high risk perception, and low trust increase the risk of default. Religious values and financial ethics also strengthen payment commitment, particularly in Sharia-compliant P2P lending. These findings confirm that the success of the P2P lending ecosystem depends not only on technology and regulations, but also on the psychological and behavioral dimensions of users. Improving financial literacy, platform transparency, and strengthening ethical values are crucial strategies to support the sustainability of the P2P lending system for MSMEs in Indonesia.
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