Legal Consequences of the Use of Exoneration Clauses in Click-Wrap Agreements in Fintech Peer-to-Peer Lending Agreements

Abstract

This study aims to examine the legal consequences arising from the application of exoneration clauses in click-wrap agreements within technology-based lending arrangements, specifically, Financial Technology Peer-to-Peer Lending. A normative legal research method was employed to address the research problem. The study also applied both a statutory approach, through the examination of relevant laws and regulations, and a conceptual approach, through the analysis of related theories and legal literature. Empirical findings indicate that, out of 97 Fintech P2P Lending platforms registered with the Financial Services Authority (OJK) as of July 2025, 49 platforms still displayed exoneration clauses on their official websites. The results of the study demonstrate that exoneration clauses limiting or excluding the liability of service providers are contrary to Article 18 of the Consumer Protection Law. Consequently, although Fintech P2P Lending agreements containing click-wrap clauses have been formally accepted through the act of clicking “agree,” such exoneration clauses are legally null and void. Furthermore, clicking “agree” cannot be considered valid consent when users are not provided with adequate access to information, or when exoneration clauses are concealed within lengthy hyperlinks, embedded in obscure sections, or positioned in a manner that makes their contents difficult for users to understand. This study concludes that stronger regulatory frameworks and supervisory mechanisms are necessary to ensure a balanced allocation of rights and obligations between the parties and to enhance legal protection for consumers.