The Relevance of Caveat Emptor Doctrine to Online Loan Contracts in Indonesia
DOI:
https://doi.org/10.31941/pj.v24i2.6304Keywords:
Caveat Emptor; Peer-to-Peer Lending; Contract; Consumer Protection.Abstract
The rapid development of financial technologies in the internet-based P2P lending platform revolutionizes the way to get access to credit by directly connecting borrowers and lenders. It also develops grave legal issues coupled with consumer protection matters, primarily because of the problems arising from information asymmetry and the dominance of platform-controlled contracts. This research attempts to examine the possibility of the application of the caveat emptor doctrine on online loan contracts in Indonesia and whether or not the application of the doctrine is too oppressive for the borrowers amidst the development of fintech. Adopting a normative juridical type of research, this research follows a close examination of the laws, regulations, court decisions, and legal literature. This study shows that, while caveat emptor still applies, its unqualified application is modified by robust consumer protection law that imposes standards of transparency and honesty on the lending sites. Problems of usury rates of interest, oppressive debt collection, and privacy violations all suggest the necessity for greater regulatory supervision and better consumer financial education. It contributes to the legal literature as the reinterpretation of traditional contract law principles-that is, pursuant to cases brought about by the digital era-provides balanced insights relevant to regulators, platform providers, and consumers. The research thus points to the need to balance these ancient doctrines with modern consumer protection mechanisms to achieve equity and sustainability in the online lending market.
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