







































 
 

50 
© 2025 by the authors; licensee Eastern Centre of Science and Education, USA 

 

Asian Business Research Journal 
Vol. 10, No. 7, 50-59, 2025 
ISSN: 2576-6759 
DOI: 10.55220/25766759.495 
© 2025 by the authors; licensee Eastern Centre of Science and Education, USA 

 
 

 

 
Interest in Using Online Loans and Underlying Factors 

 
Tri Cicik Wijayanti1

 
Ihsan Ashari2 
Dio Caisar Darma3 
 

 
 
 

1Faculty of Economics and Business, Universitas Gajayana Malang, East Java, Indonesia. 
E-Mail: tricicik@unigamalang.ac.id   
2Faculty of Economics and Business, Universitas Siliwangi, West Java, Indonesia. 
E-Mail: ihsanashari@unsil.ac.id  
3Faculty of Economics and Business, Universitas Siliwangi, West Java, Indonesia. 
E-Mail: diocaisardarma@unsil.ac.id 
( Corresponding Author)   
 

 
Abstract 

The trend of online loan services in Indonesia indicates a high level of public adoption of digital 
finance. Uniquely, this phenomenon also presents challenges, such as low public understanding of 
financial technology (fintech) products. The motivation for this study is to investigate the 
attributes influencing interest in using online loans, specifically focusing on financial literacy, 
consumer awareness, and ease of access, with trust serving as a mediating variable. Using 
quantitative methods, data were collected via an online survey from 135 respondents who utilize 
online loans in Gresik Regency. The survey data were analyzed using SPSS and the Goodman 
test. Empirical evidence indicates that financial literacy, consumer awareness, ease of access, and 
trust significantly and positively influence interest in online loans. Additionally, trust was found 
to significantly mediate this relationship. The current findings have important implications for 
understanding the dynamics of digital financial services adoption and encourage stakeholders in 
the fintech industry to develop strategies aimed at enhancing financial inclusion through online 
loan services. Furthermore, the research outcomes facilitate and pave the way for subsequent 
studies that build upon the current model. 

 
Keywords: Consumer awareness, Ease of access, Financial literacy, Fintech, Online loans, Trust. 

 
1. Introduction 

Enthusiasm for information technology has fundamentally transformed the way individuals access financial 
services (Nwoke, 2024; Wanof, 2023). In Indonesia, the rise of fintech, particularly in the realm of online loan, has 
rapidly emerged as a financing alternative that offers convenience and expedited processing. The Financial Services 
Authority (2024) reported that the total distribution of online loans in Indonesia reached Rp 411.5 trillion in 2023, 
marking a 34.8% increase compared to the previous year. This significant growth underscores the widespread 
public adoption of digital financial services. Nevertheless, this rapid expansion also presents challenges and risks. 
In 2023, there were over 50,000 complaints related to online loan, encompassing issues such as non-transparent 
interest rates and unethical collection practices (Financial Services Authority, 2025). This situation highlights a 
gap between the public's understanding of digital financial products and their practical application. Financial 
literacy is crucial in shaping individuals' decisions regarding online loan services (Sekarlaras et al., 2025). 

The Financial Services Authority (2024) reports that Indonesia's financial literacy index stands at only 38.25%, 
significantly lower than that of other ASEAN countries, such as Singapore (96%) and Malaysia (85%) as of 2023. 
This low level of financial literacy may lead to suboptimal financial decision-making and increased susceptibility to 
financial fraud. Consumer awareness of online loan services is also vital. A publication by Suryono et al. (2021) 
found that while 72% of Indonesians are aware of fintech loan, only 45% possess a comprehensive understanding of 
its mechanisms, risks, and regulations. This disparity underscores the need for more intensive education and 
outreach to the public. The convenience of access is the primary appeal of online loan compared to traditional 
financial services. Ekayani et al. (2024) noted that the majority of fintech users in Indonesia prefer this service due 
to its speed and ease of access. However, this convenience must be accompanied by a robust security system to 
safeguard consumer interests. The trust factor serves as a critical link between intention and actual behavior in the 
use of digital financial services. Basically, trust in the platform is the primary consideration when selecting online 
loan services. This underscores the urgency of establishing and sustaining consumer trust for the ongoing viability 
of fintech loan businesses (Bao et al., 2019; Rita et al., 2019). 

In Indonesia, particularly in Gresik Regency, some residents are aware of the existence of fintech loan. 
Nonetheless, only a limited number of individuals possess a comprehensive understanding of the mechanisms, risks, 
and regulations associated with online loan services (Albar, 2023). This gap reflects a significant opportunity to 
enhance the adoption of online loan in Gresik Regency through more intensive education and outreach efforts. In 

mailto:tricicik@unigamalang.ac.id
mailto:ihsanashari@unsil.ac.id
mailto:diocaisardarma@unsil.ac.id
https://doi.org/10.55220/25766759.495


Asian Business Research Journal, 2025, 10(7): 50-59 

51 
© 2025 by the authors; licensee Eastern Centre of Science and Education, USA 

 

 

response to these issues, the government and regulatory authorities have been working to enhance regulation and 
oversight within the fintech industry. Various regulations have been implemented to protect consumers; however, 
the effectiveness of these measures remains uncertain and necessitates further empirical investigation. This study 
aims to explore the relationship between financial literacy, consumer awareness, and the accessibility of online 
loans. Additionally, it will examine the role of trust in the interplay among these variables. Consequently, this 
research seeks to provide a more comprehensive understanding of the dynamics surrounding the evolution of 
online loan in Gresik Regency and its implications for policy and practice within the fintech sector.  
 

2. Literature Review 
2.1. Technology Acceptance Model (TAM) 

The TAM proposed by Davis (1989), has become a widely utilized theoretical framework for understanding 
technology adoption among users. This model posits that technology acceptance is influenced by two primary 
dimensions: perceived usefulness and perceived ease of use. In the object of online loan, the TAM model is 
particularly relevant for examining how consumers adopt digital financial services. Several recent articles have 
adapted and tested this model within the fintech sector. For example, the paper conducted by Nuralam et al. (2024) 
adapted TAM to emphasize the adoption of artificial intelligence in e-commerce platforms, concluding that 
perceived ease of use significantly influences the intention to adopt the technology. A similar investigation by Yan 
et al. (2024) revealed that the ease of access to and use of digital technologies significantly predicted visitors' 
interest in engaging in digital tourism activities. Specifically, Tahar et al. (2020) underscored that the perceived 
ease of use of services is a crucial element driving the adoption of digital financial services. 
 

2.2. Trust-Risk Framework (TRF) 
The TRF serves as a relevant theoretical foundation for understanding consumer adoption of online loan (Apau 

et al., 2025; Jafri et al., 2023; Yang et al., 2015). Originally proposed by Taylor (1974) and later modified by Kim et 
al. (2022) to assess digital banking, the TRF posits that consumer trust is established through an evaluation of the 
perceived risks and benefits associated with a service (Hipólito et al., 2025; Yuen et al., 2021). In the perspective of 
online loan, consumer trust acts as a crucial mediator that connects risk perception to the decision to engage with 
the service. Consumers typically weigh various potential risks, including data security, information transparency, 
and service quality, before selecting an online loan platform. Yet, when consumers possess a high level of trust in 
the platform, they are more likely to utilize the service, even in the face of potential risks. 

Some past observations have applied the TRF to the adoption of digital financial services. For instance, the 
research conducted by Kim et al. (2022) demonstrates that perceived instructor credibility, as a component of trust, 
can systematically mediate the link between instructor voice characteristics and the intention to use services. This 
reality is pertinent to the works published by van der Schyff and Flowerday (2023) and Wang et al. (2016), which 
highlight trust as a essential pillar that connects risk perception with consumers' behavior on social media 
platforms. 
 

2.3. Financial Behavior Theory (FBT) 
The FBT developed by Shefrin (2007) serves as a pertinent theoretical foundation for understanding online 

loan adoption. This theory elucidates how psychological aspects, such as perceptions, attitudes, and behaviors, 
influence an individual's financial decision-making process. Dervishaj (2021) contends that these psychological 
aspects can lead to biases and heuristics that affect financial decisions. Mahmood et al. (2024) applied FBT to 
examine consumers' adoption of digital financial services. Their findings indicate that financial literacy, a crucial 
component of this theory, significantly contributes to the development of responsible digital financial behavior. 
Individuals with strong financial literacy tend to possess a more comprehensive understanding of the risks and 
benefits associated with financial products, including online loans. This can encourage individuals to make financial 
decisions that are more prudent and aligned with their specific financial circumstances. Conversely, consumers with 
low financial literacy are at risk of making suboptimal choices, such as falling into unmanageable debt or becoming 
victims of financial fraud. Therefore, financial literacy serves as the foundation that shapes consumer behavior and 
decision-making when adopting online loan services. 
 

2.4. Conceptual Framework and Hypothesis 
Based on the literature review and hypothesis development, the conceptual framework illustrated in Figure 1 

below visualizes the direct relationships among financial literacy, consumer awareness, and ease of access to online 
loan. It also depicts the mediating effect of trust within these relationships and the interactions between the 
variables. 

 
Figure 1. Conceptual framework. 



Asian Business Research Journal, 2025, 10(7): 50-59 

52 
© 2025 by the authors; licensee Eastern Centre of Science and Education, USA 

 

 

 

Financial literacy serves as a crucial foundation for making informed digital financial decisions (Mishra et al., 
2024). According to Zhang et al. (2023), fintech users in Southeast Asia demonstrate that high levels of financial 
literacy are strongly correlated with the responsible use of digital financial services. Supporting this, studies by 
Suryono et al. (2021) and Wang et al. (2015) confirm that individuals with a solid understanding of financial 
concepts tend to be more discerning when selecting online loan platforms. Furthermore, consumer awareness 
regarding online loan services plays a significant role in shaping perceptions and interest in their use. Sutedja et al. 
(2024) identified that a heightened awareness of clear regulations and mechanisms increases the likelihood of 
utilizing online loans. Moreover, Vijayagopal et al. (2024) demonstrated that consumer education programs can 
effectively stimulate fintech adoption rates over the long term. 

Ease of access is a determinant in the adoption of fintech. Wang et al. (2023) validated that a simplified user 
interface and a streamlined application process significantly increase conversion rates. This reality is further 
supported by Nawi et al. (2024), who demonstrated that accessibility and paperless procedures are primary drivers 
of consumer preference for online loans. Besides, trust serves as a catalyst for interest in online loan, influencing 
several key elements. Comprehensive studies by Chawla et al. (2023) and Ridwan et al. (2025) indicate that trust 
partially mediates the relationship between financial literacy and the adoption of digital financial services. 

The link between trust and interest in online loan is emphasized. Also, the mediating effect of trust in the 
relationship among financial literacy, consumer awareness, and ease of access on online borrowing intention. There 
is a positive causality between platform trust and borrowing intentions in both Indonesia and Malaysia; specifically, 
the greater the trust in the platform, the higher the intention to borrow (Pertiwi et al., 2025). Broadly speaking, 
financial literacy influences access to and usage of fintech, with explicit trust serving as a crucial factor, as both 
literacy and technology contribute to borrowing intentions oriented toward financial inclusion (Thomas et al., 
2024; Yue et al., 2022). In mobile banking services, customer awareness impacts adoption intentions through the 
role of trust (Tiwari et al., 2021). On the other hand, trust mediates the relationship between perceived risk and 
online purchase intentions in the scope of e-commerce (Hong & Cha, 2013). Finally, Suryawan and Santikasari 
(2024) attributed the relevance between ease of access and trust to the intention to adopt online loan applications. 
The key point is that, although a mediation model is not explicitly tested, the findings confirm that ease of access 
enhances trust, which, in turn, drives usage intentions and mitigates perceived risk. Based on the aforementioned 
literature, seven hypotheses are proposed as follows: 

H1: Financial literacy affects interest in online loans; 
H2: Consumer awareness affects interest in online loans; 
H3: Ease of access affects interest in online loans; 
H4: Trust affects interest in online loans; 
H5: Financial literacy mediated by trust affecst interest in online loans; 
H6: Consumer awareness mediated by trust affects interest in online loans; 
H7: Ease of access mediated by trust affects interest in online loans. 

 

3. Methodology 
3.1. Data Materials and Analysis Tools 

This research elaborates a quantitative approach that involves collecting questionnaire data through an online 
survey of 135 respondents who utilize online loans in Gresik Regency. The sample unit was determined using 
purposive sampling. Data collection was conducted by distributing questionnaires to assess the relationships 
among financial literacy, consumer awareness, ease of access, trust, and interest in using online loans. The survey 
data collection spanned three months, from April 2025 to June 2025. In the questionnaire, respondents' perceptions 
were compiled and recorded based on a modified four-point Likert scale derived from the studies of Ekayani et al. 
(2024), Wijayanti (2020; 2021; 2024), and ZA and Tricahyadinata (2025), which includes: (1) strongly disagree, (2) 
disagree, (3) agree, and (4) strongly agree.   

The collected data is tabulated via SPSS and analyzed through the Goodman test, which includes: (1) 
questionnaire instrument testing, (2) classical assumption testing, (3) multiple regression, and (4) mediation 
analysis. Specifically, the literature review presented earlier offers a conceptual foundation and relevant premises to 
calibrate the model and hypotheses to be tested. The methodology is also designed to dissect the findings and 
describe them constructively. 

 
3.2. Variables 

The identified variables and their corresponding indicators have been tailored to the case of online loan in the 
Gresik Regency of Indonesia. Each variable is accompanied by its own operational definition, codes, and indicators 
(see Table 1). In total, there are nineteen indicators across all variables. Among the five variables, only in online 
loan has three indicators, while of access, and have four indicators. In the direct linkage path, financial literacy, 
consumer awareness, ease of access, and trust serve as independent variables, while interest in online loans 
functions as the dependent variable. In the indirect linkage path, trust is designated as the mediating variable. 
 

 
 
 
 
 
 
 
 
 
 
 
 



Asian Business Research Journal, 2025, 10(7): 50-59 

53 
© 2025 by the authors; licensee Eastern Centre of Science and Education, USA 

 

 

Table 1. Variables and dimensions explored. 
Variables (codes) Operational definition Indicators  References 

Financial literacy 
(FL) 

A combination of awareness, 
knowledge, skills, attitudes, 
and behaviors required to 
make informed financial 
decisions 

FL1. Knowledge of basic financial concepts 
(such as interest, inflation, investment 
diversification) 

(Kartini et al., 2020; 
Muñoz-Céspedes et al., 
2021; Pitthan & De 
Witte, 2025; Yahaya et 
al., 2019) 

FL2. Financial management skills 
(budgeting, saving, investing) 
FL3. Risk and return insights (relationship 
between risk and potential return) 
FL4. Financial planning skills (setting 
goals, allocating resources) 

Consumer 
awareness (CA) 

Consumer understanding of 
the existence, function, and 
regulation and consumer 
protection related to online 
loan services 

CA1. Knowledge of the existence and 
function of online loan platforms 

(Firoozzare et al., 2024; 
Makanyeza et al., 2021) 

CA 2. Understanding of applicable 
regulations and consumer protection 
CA3. Knowledge of rights and obligations 
as a user 
CA4. Awareness of grievance and dispute 
resolution mechanisms 

Ease of access (EA) The extent to which online 
loan platforms are easy for 
consumers to access and use 

EA1. Platform accessibility (ease of access 
through various devices) 

(Asamani & Majumdar, 
2024; Candra et al., 
2020; Prihatini, 2023; 
Sharma et al., 2024) 

EA2. Speed of application and loan 
disbursement process 

EA3. Simple and straight forward 
requirements 
EA4. Time and place flexibility in using the 
service 

Trust (Trt) Consumer confidence in the 
integrity, reliability and 
competence of online loan 
platforms 

Trt 1. Reputation and credibility of the 
platform 

(Choudhuri et al., 2024; 
Pertiwi et al., 2025; 
Zhao et al., 2024) Trt 2. Security of consumer data and 

personal information 
Trt 3. Transparency of information related 
to features, costs, and risks 
Trt 4. Service quality that satisfies 
consumers 

Interest in online 
loans (IOL) 

The tendency or intention 
of consumers to use online 
loan services 

IOL1. Desire to try using online loans (Riyanto et al., 2025; 
Wang et al., 2015) IOL2. Possibility of using online loans in 

the future 
IOL3. Preference for online loans 

 

4. Results 
4.1. Respondent Profile 

Table 2 presents the characteristics of respondents based on the following criteria: (1) gender, (2) age, (3) 
educational attainment, and (4) monthly income. Among the 135 respondents surveyed, 54% identified as male and 
46% as female. The age distribution shows that 22% of respondents are under 25 years old, 48% fall within the 25–
35 age range, and 30% are over 35 years old, highlighting a predominance of young to mature individuals. 
Regarding educational attainment, 15% of respondents have a SMA, 22% hold a diploma, 48% are undergraduates, 
and another 15% have completed postgraduate education. In terms of income, 30% of respondents report an 
average monthly income of less than Rp 5 million, 42% have an average income in the range of Rp 5–10 million, 
and 28% earn more than Rp 10 million per month. 

  
Table 2. Respondent characteristics. 

Characteristics Frequency Percentage 

Gender 100 100% 

Male 73 54% 
Female 62 46% 

Age 100 100% 

< 25 years 30 22% 
25–35 years 65 48% 

> 35 years 40 30% 

Educational attainment 100 100% 

High school (SMA) 20 15% 
Diploma 30 22% 
Undergraduate 65 48% 
Postgraduate  20 15% 

Income  100 100% 

< Rp 5 million 40 30% 
Rp 5–10 million 57 42% 
> Rp 10 million 38 28% 

 
4.2. Questionnaire Instrument Test 

The instrument test was conducted to assess the feasibility of the questionnaire. Two tools support this 
instrument test. First, a validity test is used to calculate the extent to which the parameters accurately measure the 
intended constructs. Second, a reliability test assesses the consistency of the measuring instrument in producing 
data. 



Asian Business Research Journal, 2025, 10(7): 50-59 

54 
© 2025 by the authors; licensee Eastern Centre of Science and Education, USA 

 

 

Table 3. Summary of validity and reliability tests. 

Variables Item Factor loading Cronbach's alpha 

Financial literacy 4 items 0.718–0.852 0.846 
Consumer awareness 4 items 0.683–0.815 0.811 
Ease of access 4 items 0.732–0.879 0.862 
Trust 4 items 0.739–0.841 0.834 
Interest in online loans 3 items 0.776–0,902 0.871 

 
From Table 3, it is evident that all statement items for each variable exhibit factor loadings ranging from 

0.683–0.902. Factor loading scores exceeding 0.5 indicate that all items are classified as valid in forming constructs. 
Besides, the reliability test reveals that all variables have Cronbach's alpha above 0.7. This score suggests that the 
research instrument demonstrates consistent reliability in measuring the constructs. The results of both the 
validity and reliability tests provide robust statistical support for the quality of the developed instrument. It can be 
concluded that the questionnaire is valid and reliable for measuring financial literacy, consumer awareness, ease of 
access, trust, and interest in online loans. Overall, the data obtained through the questionnaire can be considered 
trustworthy for further hypothesis testing. 
 

4.3. Classical Assumption Test 
The four criteria for evaluating classical assumptions include: (1) the normality test, (2) the multicollinearity 

test, (3) the heteroscedasticity test, and (4) the autocorrelation test. Table 4 below presents the results of the 
classical assumption tests conducted in this study. The classical assumption tests are a series of requirements that 
must be satisfied for the regression model to be considered valid. 
 

Table 4. Classic assumption test matrix. 

Criteria for classical assumptions Output 

Normality  Sig. 0.200 > 0.05 
Multicollinearity  Financial literacy: 1.739 

Consumer awareness: 2.004 
Ease of access: 1.825 

 Trust: 1.602 
Heteroscedasticity  Sig. > 0.05 for all variables 
Autocorrelation  1.987 

 
First, the normality test using the Kolmogorov-Smirnov implies a significance level of 0.200, which is greater 

than 5% (p > 0.05). This significance value suggests that the data is normally distributed, thereby satisfying the 
assumption of normality. Second, the multicollinearity test, assessed through the Variance Inflation Factor (VIF), 
reveals that all independent variables have a VIF score of less than 10. This indicates that there is no 
multicollinearity issue within the regression model. Third, the heteroscedasticity test, conducted using the Glejser 
test, shows a significance value greater than 0.05 for all independent variables. This articulates that there is no 
heteroscedasticity or constant error variance present. Fourth, the autocorrelation test, measured by the Durbin-
Watson produces, yields a score of 1.987, which falls within the acceptable range of 1.55–2.46. This score indicates 
that there is no autocorrelation issue in the regression model. In general, the results of the classical assumption 
tests have been satisfactorily met. The regression model is deemed appropriate and can be utilized for further 
hypothesis testing. The fulfillment of these fundamental regression assumptions ensures that the parameter 
estimates obtained are the Best Linear Unbiased Estimators (BLUE) and lead to reliable conclusions. 
 

4.4. Multiple Regression Results 
Table 5 displays the output of the multiple regression analysis. This analysis was conducted to assess the 

simultaneous effects of several independent variables on the dependent variable. The results indicate that financial 
literacy, consumer awareness, ease of access, and trust significantly influence interest in online loans. Notably, the 
F-statistic is less than the 1% probability degree (p = 0.001). 

 
Table 5. Direct effect test. 

Linkage paths Beta t-value Sig. Sig. F 

Financial literacy -> Interest in online loans 0.271 2.812 0.006  
0.001 Consumer awareness -> Interest in online loans 0.245 2.538 0.013 

Ease of access -> Interest in online loans 0.295 3.071 0.003 

Trust -> Interest in online loans 0.377 4.032 0.000 

 
Based on Table 5, all independent variables positively and significantly influence interest in online loans. 

Financial literacy, consumer awareness, and ease of access all have significance values less than 5% (p < 0.05). First, 
financial literacy has a beta coefficient of 0.271 with a significance level of 0.006, indicating that it positively and 
significantly affects interest in online loans. Second, consumer awareness has a beta coefficient of 0.245 with a 
significance level of 0.013, demonstrating that it also positively and significantly influences interest in online loans. 
Third, ease of access has a beta coefficient of 0.295 with a significance level of 0.003, confirming that it positively 
and significantly impacts interest in online loans. Notably, trust has the largest beta coefficient of 0.377 and a 
significance level of 0.000, with a probability degree of 1% (p < 0.01). This indicates that trust is a vital part that 
positively and significantly affects interest in online loans. 

 

4.5. Mediation Test 
Table 6 below summarizes the mediation testing conducted in this study. The effects derived from the 

mediation testing are used to examine the role of trust variables in mediating the relationship between the 



Asian Business Research Journal, 2025, 10(7): 50-59 

55 
© 2025 by the authors; licensee Eastern Centre of Science and Education, USA 

 

 

independent variables—financial literacy, consumer awareness, and ease of access—and the dependent variable, 
which is interest in online loans. 

 
Table 6. Mediation effect test. 

Mediation paths Beta t-value Sig. 

Financial literacy -> Trust -> Interest in online loans 0.102 2.356 0.018 
Consumer awareness -> Trust -> Interest in online loans 0.092 2.196 0.028 
Ease of access -> Trust -> Interest in online loans 0.011 2.492 0.013 

 
Through significance values below the 5% probability level (p < 0.05), the indirect effects of each independent 

variable on interest in online loans, mediated by trust, are all positive and significant. Specifically, financial literacy 

(β = 0.102; p = 0.018), consumer awareness (β = 0.092; p = 0.028), and ease of access (β = 0.011; p = 0.013) 
demonstrate this effect. These beta coefficients and significance values indicate that trust significantly mediates the 
relationship between financial literacy, consumer awareness, and ease of access to interest in online loans. 
 

5. Discussions 
5.1. Impact of Financial Literacy on Interest in Online Loans 

This finding justifies that financial literacy maturity can help individuals avoid financial problems. Strong 
financial literacy enables individuals to utilize online loans strategically. They are more likely to use loans for 
productive purposes, such as investment or business capital, rather than for mere consumption that does not yield 
long-term benefits. 

Decisions made based on sound financial knowledge are generally better planned and have the potential to 
yield greater financial benefits. This not only aids individuals in maintaining their financial health but also 
contributes to overall financial stability within society. This research is supported by the findings of Abdurrahman 
and Nugroho (2024), Pascucci et al. (2023), and Sari et al. (2023), which underline that advanced financial literacy 
plays a crucial role in fostering prudent use of online loans. Individuals with strong financial literacy can minimize 
the risk of falling into unmanageable debt and ensure that every financial decision is grounded in careful 
consideration. Thus, one's understanding of financial literacy can significantly influence the judicious use of online 
loans. Given the current landscape, efforts to enhance financial literacy among the population are essential, 
enabling individuals to make wiser and more responsible financial decisions, particularly when utilizing online loan 
services. This finding aligns with Liu et al. (2023), who project that financial literacy has a substantial effect on the 
adoption of digital financial services. Individuals with a better grasp of financial concepts tend to be more 
discerning and responsible when selecting online loan platforms. 
 

5.2. Impact of Consumer Awareness on Interest in Online Loans 
Recent findings regarding the impact of consumer awareness on interest in online loan are supported by 

Hwang and Park (2023), who demonstrate that a high level of consumer awareness enhances the likelihood of 
utilizing online loan services. Consumers who comprehend regulations, their rights, and complaint mechanisms are 
generally more receptive to adopting digital financial products. In the scope of this study, consumer awareness 
encompasses the extent to which individuals understand the existence, functions, regulations, and consumer 
protections associated with online loan services. Regression analysis shows that as consumer awareness increases, 
so does their interest in utilizing online loans. In addition, consumers who are informed about their rights and the 
available complaint procedures are more inclined to embrace digital financial products. A study by Johnson (2025) 
further substantiates the empirical argument that a comprehensive consumer education program can significantly 
boost the adoption rate of fintech. The more consumers understand the existence, functions, and protections 
afforded with online loan, the more likely they are to utilize these services. Increased efforts from online loan 
service providers can enhance public awareness (Clark et al., 2018). Ongoing education and outreach regarding 
products, regulations, and consumer rights and responsibilities are essential for enabling individuals to make 
informed decisions when selecting online loans. 
 

5.3. Impact of Ease of Access on Interest in Online Loans 
In accordance with the study by Wang et al. (2023), ease of use, a straightforward application process, and 

accessibility are critical elements influencing the adoption of fintech. Consumers favor online loan platforms that 
provide convenience and flexibility. These findings underscore the urgency of trust as a catalyst for the adoption of 
digital financial services, as highlighted in the works of Cuadros-Solas et al. (2024), Jarvenpaa et al. (2000), Singh et 
al. (2024), and Wang et al. (2023). Consumers who have a high level of trust in online loan platforms are generally 
more receptive to considering the products or services offered. 

Our results track that ease of access is a key factor driving people's interest in using online loan services. A 
comprehensive survey conducted by Wang et al. (2023) among fintech users in Southeast Asia revealed that high 
accessibility, a fast and straightforward application process, and the flexibility of time and location in operating the 
service are crucial in shaping consumer preferences for online loans. Consumers tend to favor online loan platforms 
that are easily accessible across various devices, feature rapid loan disbursement procedures, and offer terms that 
are not burdensome. A similar study by Lee et al. (2024) further supports our findings, highlighting that ease of 
access and paperless processes are primary drivers of consumer preferences for online loans. Consumers prefer 
platforms that provide convenience and flexibility in accessing services. These findings offer valuable insights for 
online loan service providers seeking to enhance consumer interest and adoption. Online loan platforms that 
prioritize improving accessibility, processing speed, and flexibility are likely to succeed in attracting more users. 

Recent efforts can promote sustained growth in the online loan industry in Indonesia. For example, online loan 
platforms can create user-friendly and intuitive interfaces, simplifying the process for consumers to apply for and 
manage their loans. Moreover, a swift and efficient loan disbursement process will be a significant advantage that 
consumers will highly value. By consistently enhancing accessibility, online lenders can broaden their market reach 



Asian Business Research Journal, 2025, 10(7): 50-59 

56 
© 2025 by the authors; licensee Eastern Centre of Science and Education, USA 

 

 

and increase their appeal. 

 
5.4. Impact of Trust on Interest in Online Loans 

High levels of trust can significantly enhance interest in online loan. Trust plays a important capacity in an 
individual's willingness to engage in online loan, as this process involves considerable risks for both the lender and 
the borrower. Here are five reasons why trust positively influences interest in online loan. First, digital 
transactions are susceptible to fraud. Numerous cases of fraud exist in the digital realm, including fictitious loans, 
hidden fees, and the misuse of personal information. The uncertainty surrounding identity, exacerbated by the lack 
of direct contact, compels users to rely on the information available online. Hence, trust serves as a critical filter for 
potential borrowers when evaluating the safety and credibility of a loan platform. Second, the protection of 
personal data is paramount. Online loan requires the submission of sensitive information, which raises privacy 
concerns. A user's trust in data security will significantly influence their willingness to share such information. 
Third, the transparency and reputation of the platform are vital. Users are more likely to trust and engage with a 
platform that can clearly articulate its interest rates, loan tenors, and penalties. A strong reputation, bolstered by 
positive reviews and recommendations from other users, as well as official registration with a government banking 
institution, enhances user confidence. The more transparent and regulated a platform is, the greater the trust and 
interest it will generate among users. Fourth, the ease and certainty of the application process play a impressive 
role. Potential borrowers are more inclined to engage if they perceive the application process as swift and 
straightforward, with timely disbursement of funds as promised, and no hidden fees. Confidence in a fair and 
reliable process increases the likelihood of borrowing. Fifth, social influence and testimonials are important pillars. 
Recommendations from friends or positive online reviews contribute to building trust. Individuals often follow the 
experiences of others who have successfully navigated the borrowing process without problems. Trust is a 
fundamental element in online loan, as it encompasses financial risk and data security. Without trust, user interest 
will remain low, regardless of the speed of the process or the attractiveness of the interest rates. 

In China, trust in trading is a key element influencing interest in online loans. The reputation of borrowers, as 
conveyed through social networks, significantly impacts perceptions of information asymmetry and 
trustworthiness. Meanwhile, the integrity of honest and complete information positively enhances trust (Wang et 
al., 2015). Speaking of major cities across China, Chen et al. (2015) identified similar variables: ease of use, 
perceived risk, and trust all significantly affect interest in utilizing peer-to-peer (P2P) loan. Utilizing Structural 
Equation Modeling (SEM), Zhao et al. (2024) concluded that consumer trust in fintech is the most dominant 
predictor of the intention to use digital financial services in Pakistan. 

 

5.5. Impact of Financial Literacy, Consumer Awareness, and Ease of Access on Interest in Online Loans through 
Trust 

The mediating role of trust is essential justification for understanding the dynamics of online loan adoption. 
The findings detect that factors such as financial literacy, consumer awareness, and ease of access not only exert a 
direct influence but also an indirect influence on interest in online loan through trust as a mediating variable. 
Therefore, when designing marketing strategies and policies, online loan service providers must prioritize building 
consumer trust as a key factor in enhancing interest in their services. Overall, the effects of the mediation pathway 
offer significant empirical insights into the attributes that motivate consumers to adopt online loan. The facts from 
a series of statistical tests can serve as a valuable reference for practitioners and policymakers in the fintech 
industry, aiding in the development of effective strategies to promote financial inclusion through online loan 
services. 

The results of the existing research in line with the findings of Huda et al. (2024), which indicate that 
heightened consumer awareness of the benefits and risks associated with online loan fosters a more trusting 
environment, thereby encouraging adoption. Moreover, Rahmawati and Ramli (2024) and Solihati et al. (2025) 
assert that ease of access, combined with trust, enhances user satisfaction and promotes repeat usage. As well, a 
manuscript by Abbas and Khan (2024) claims that establishing trust through transparent practices and robust 
security measures is essential for fintech providers to bolster consumer confidence. 

 

6. Conclusions, Implications and Limitations 

6.1. Conclusion 
Briefly, the research findings indicate that financial literacy, consumer awareness, and ease of access are 

significant aspects driving the adoption of digital loan in Gresik Regency. This study reveals that adequate 
financial literacy is crucial for maintaining the financial health of the residents of Gresik Regency. In addition, a 
high level of consumer awareness regarding rights, regulations, and complaint mechanisms enhances interest in 
utilizing loan services. Additionally, ease of access—characterized by high accessibility, a fast and straightforward 
application process, and flexibility of use—emerges as another important factor. Meanwhile, trust plays a vital part 
in influencing interest in online loans, as potential borrowers are likely to engage only with services they perceive 
as safe, transparent, and reliable. In the absence of trust, users may be concerned about the risks of fraud, misuse of 
personal data, or exorbitant interest rates. The role of mediation confirms that financial literacy, consumer 
awareness, and ease of access not only have a direct impact but also an indirect effect on interest in online loan 
through trust as a mediating variable. It is well established that building consumer trust is essential for driving the 
adoption of digital loan services in Gresik Regency. Furthermore, the integration of marketing channels has 
become increasingly crucial in the digital era. 
 

6.2. Implication 
The managerial implication that can be recommended is the necessity for a comprehensive education and 

communication strategy aimed at enhancing financial literacy and consumer awareness. Online loan platforms 
should also prioritize improving accessibility, processing speed, and information security and transparency to foster 



Asian Business Research Journal, 2025, 10(7): 50-59 

57 
© 2025 by the authors; licensee Eastern Centre of Science and Education, USA 

 

 

user trust. This breakthrough is anticipated to promote the adoption of online loan services in a more responsible 
and sustainable manner. 
 

6.3. Limitation 
This study has several limitations, including a relatively small sample size and a restricted geographical scope. 

For that reason, future research should aim to include larger samples and broader geographical coverage to yield 
more representative results. Additionally, a comprehensive investigation into consumer interest in online loan and 
the specific aspects that influence it presents an intriguing area for further exploration. 

 

Acknowledgments: 
The authors express their sincere gratitude for the reviewers' dedication and meticulous care in providing 
anonymous, professional, and constructive feedback on this research. We also extend our thanks to Universitas 
Gajayana for its support, especially as an internal grant sponsor.  
 

References 
Abbas, N., & Khan, H. G. M. (2024). The role of financial literacy and technology savviness on fintech adoption in traditional banking: The 

mediating role of trust in technology. Pakistan Journal of Humanities and Social Sciences, 12(4), 3183–3191. 
https://doi.org/10.52131/pjhss.2024.v12i4.2577 

Abdurrahman, A., & Nugroho, D. A. (2024). The role of digital financial literacy on financial well-being with financial technology, financial 
confidence, financial behavior as intervening and sociodemography as moderation. Jurnal Ekonomi dan Bisnis, 27(2), 191–220. 
https://doi.org/10.24914/jeb.v27i2.11891 

Albar, K. (2023). The existence of fintech as a financing instrument in improving financial inclusion for MSMEs in Sidayu District. 
International Journal on Social Science, Economics and Art, 13(3), 185–193. https://doi.org/10.35335/ijosea.v13i3.404 

Apau, R., Titis, E., & Lallie, H. S. (2025). Towards a better understanding of mobile banking app adoption and use: Integrating security, risk, 
and trust into UTAUT2. Computers, 14(4), Article 144. https://doi.org/10.3390/computers14040144 

Asamani, A., & Majumdar, J. (2024). An empirical study of digital lending in India and the variables associated with its adoption. Brazilian 
Administration Review, 21(3), Article e230132. https://doi.org/10.1590/1807-7692bar2024230132 

Bao, T., Ding, Y., Gopal, R., & Möhlmann, M. (2024). Throwing good money after bad: Risk mitigation strategies in the P2P lending 
platforms. Information Systems Frontiers, 26(4), 1453–1473. https://doi.org/10.1007/s10796-023-10423-4 

Candra, S., Nuruttarwiyah, F., & Hapsari, I. H. (2020). Revisited the technology acceptance model with e-trust for peer-to-peer lending in 
Indonesia (perspective from fintech users). International Journal of Technology, 11(4), 710–721. 
https://doi.org/10.14716/ijtech.v11i4.4032 

Chawla, U., Mohnot, R., Singh, H. V., & Banerjee, A. (2023). The mediating effect of perceived trust in the adoption of cutting-edge financial 
technology among digital natives in the post-COVID-19 era. Economies, 11(12), Article 286. 
https://doi.org/10.3390/economies11120286 

Chen, D., Lou, H., & Van Slyke, C. (2015). Toward an understanding of online lending intentions: Evidence from a survey in China. 
Communications of the Association for Information Systems, 36, 317–336. https://doi.org/10.17705/1CAIS.03617 

Choudhuri, S., Rastogi, E., Singh, A., Ravi, R., & Badhusha, M. H. N. (2024). An analysis of factors influencing consumer trust in online 
banking security measures. Educational Administration: Theory and Practice, 30(2), 660–666. 
https://doi.org/10.53555/kuey.v30i2.1742 

Clark, R., Reed, J., & Sunderland, T. (2018). Bridging funding gaps for climate and sustainable development: Pitfalls, progress and potential 
of private finance. Land Use Policy, 71, 335–346. https://doi.org/10.1016/j.landusepol.2017.12.013 

Cuadros-Solas, P. J., Cubillas, E., Salvador, C., & Suárez, N. (2024). Digital disruptors at the gate: Does fintech lending affect bank market 
power and stability? Journal of International Financial Markets, Institutions and Money, 92, Article 101964. 
https://doi.org/10.1016/j.intfin.2024.101964 

Davis, F. D. (1989). Perceived usefulness, perceived ease of use, and user acceptance of information technology. MIS Quarterly, 13(3), 319–
340. https://doi.org/10.2307/249008 

Dervishaj, B. (2021). Psychological biases, main factors of financial behaviour – A literature review. European Journal of Medicine and Natural 
Sciences, 4(1), 27–44. https://doi.org/10.26417/ghmax638 

Ekayani, N. N. S., Kartana, I. W., Putra, I. M. W., Diviariesty, K., Darma, D. C., & Setini, M. (2024). The mediating effect of access to capital 
in the impact of financial literacy and financial inclusion on SME sustainability. Journal of Corporate Finance Research, 18(4), 136–
151. https://doi.org/10.17323/j.jcfr.2073-0438.18.4.2024.136-151 

Financial Services Authority. (2024). Laporan kinerja OJK triwulan IV – 2024 [OJK performance report 4th quarter - 2024]. 
https://ojk.go.id/id/data-dan-statistik/laporan-triwulanan/Documents/Laporan%20Triwulan%20IV%20-%202024.pdf 

Financial Services Authority. (2025). Strategi Nasional Literasi Keuangan Indonesia (SNLKI) 2021–2025 [Indonesia's National Financial 
Literacy Strategy 2021–2025]. https://www.ojk.go.id/id/berita-dan-kegiatan/publikasi/Documents/Pages/Strategi-Nasional-
Literasi-Keuangan-Indonesia-2021-
2025/STRATEGI%20NASIONAL%20LITERASI%20KEUANGAN%20INDONESIA%20%28SNLKI%29%202021%20-
%202025.pdf 

Firoozzare, A., Boccia, F., Yousefian, N., Ghazanfari, S., & Pakook, S. (2024). Understanding the role of awareness and trust in consumer 
purchase decisions for healthy food and products. Food Quality and Preference, 121, Article 105275. 
https://doi.org/10.1016/j.foodqual.2024.105275 

Hipólito, F., Dias, Á., & Pereira, L. (2025). Influence of consumer trust, return policy, and risk perception on satisfaction with the online 
shopping experience. Systems, 13(3), Article 158. https://doi.org/10.3390/systems13030158 

Huda, M., Ajizah, N., Nuzil, N. R., & Fachruddin, W. (2024). The influence of financial inclusion and financial technology on the intention to 
use online loans: Financial behavior as an intervening variable. Journal of Ecohumanism, 3(8), 180–189. 
https://doi.org/10.62754/joe.v3i8.4722 

Hong, I. B., & Cha, H. S. (2013). The mediating role of consumer trust in an online merchant in predicting purchase intention. International 
Journal of Information Management, 33(6), 927–939. https://doi.org/10.1016/j.ijinfomgt.2013.08.007 

Hwang, H., & Park, H. I. (2023). The relationships of financial literacy with both financial behavior and financial well‐being: Meta‐analyses 
based on the selective literature review. Journal of Consumer Affairs, 57(1), 222–244. https://doi.org/10.1111/joca.12497 

Jafri, J. A., Mohd Amin, S. I., Abdul Rahman, A., & Mohd Nor, S. (2023). A systematic literature review of the role of trust and security on 
FinTech adoption in banking. Heliyon, 10(1), Article e22980. https://doi.org/10.1016/j.heliyon.2023.e22980 

Jarvenpaa, S. L., Tractinsky, N., & Vitale, M. (2000). Consumer trust in an internet store. Information Technology and Management, 1(1–2), 45–
71. https://doi.org/10.1023/A:1019104520776 

Johnson, W. C. (2025). Fintech practices and banking regulation. https://doi.org/10.2139/ssrn.5286312 
Kartini, K., Fitri, F., Rabiyah, U., & Anggraeni, D. (2020). Analysis of the financial literacy behavior model. Golden Ratio of Finance 

Management, 1(2), 114–122. https://doi.org/10.52970/grfm.v1i2.69 
Kim, J., Merrill Jr., K., Xu, K., & Kelly, S. (2022). Perceived credibility of an AI instructor in online education: The role of social presence and 

voice features. Computers in Human Behavior, 136, Article 107383. https://doi.org/10.1016/j.chb.2022.107383 
Lee, J., Jung, T., tom Dieck, M. C., García-Milon, A., & Kim, C.-S. (2024). Affordance, digital media literacy, and emotions in virtual cultural 

heritage tourism experiences. Journal of Vacation Marketing. Advance online publication. 
https://doi.org/10.1177/13567667241255383 

https://doi.org/10.52131/pjhss.2024.v12i4.2577
https://doi.org/10.24914/jeb.v27i2.11891
https://doi.org/10.35335/ijosea.v13i3.404
https://doi.org/10.3390/computers14040144
https://doi.org/10.1590/1807-7692bar2024230132
https://doi.org/10.1007/s10796-023-10423-4
https://doi.org/10.14716/ijtech.v11i4.4032
https://doi.org/10.3390/economies11120286
https://doi.org/10.17705/1CAIS.03617
https://doi.org/10.53555/kuey.v30i2.1742
https://doi.org/10.1016/j.landusepol.2017.12.013
https://doi.org/10.1016/j.intfin.2024.101964
https://doi.org/10.2307/249008
https://doi.org/10.26417/ghmax638
https://doi.org/10.17323/j.jcfr.2073-0438.18.4.2024.136-151
https://ojk.go.id/id/data-dan-statistik/laporan-triwulanan/Documents/Laporan%20Triwulan%20IV%20-%202024.pdf
https://www.ojk.go.id/id/berita-dan-kegiatan/publikasi/Documents/Pages/Strategi-Nasional-Literasi-Keuangan-Indonesia-2021-2025/STRATEGI%20NASIONAL%20LITERASI%20KEUANGAN%20INDONESIA%20%28SNLKI%29%202021%20-%202025.pdf
https://www.ojk.go.id/id/berita-dan-kegiatan/publikasi/Documents/Pages/Strategi-Nasional-Literasi-Keuangan-Indonesia-2021-2025/STRATEGI%20NASIONAL%20LITERASI%20KEUANGAN%20INDONESIA%20%28SNLKI%29%202021%20-%202025.pdf
https://www.ojk.go.id/id/berita-dan-kegiatan/publikasi/Documents/Pages/Strategi-Nasional-Literasi-Keuangan-Indonesia-2021-2025/STRATEGI%20NASIONAL%20LITERASI%20KEUANGAN%20INDONESIA%20%28SNLKI%29%202021%20-%202025.pdf
https://www.ojk.go.id/id/berita-dan-kegiatan/publikasi/Documents/Pages/Strategi-Nasional-Literasi-Keuangan-Indonesia-2021-2025/STRATEGI%20NASIONAL%20LITERASI%20KEUANGAN%20INDONESIA%20%28SNLKI%29%202021%20-%202025.pdf
https://doi.org/10.1016/j.foodqual.2024.105275
https://doi.org/10.3390/systems13030158
https://doi.org/10.62754/joe.v3i8.4722
https://doi.org/10.1016/j.ijinfomgt.2013.08.007
https://doi.org/10.1111/joca.12497
https://doi.org/10.1016/j.heliyon.2023.e22980
https://doi.org/10.1023/A:1019104520776
https://doi.org/10.2139/ssrn.5286312
https://doi.org/10.52970/grfm.v1i2.69
https://doi.org/10.1016/j.chb.2022.107383
https://doi.org/10.1177/13567667241255383


Asian Business Research Journal, 2025, 10(7): 50-59 

58 
© 2025 by the authors; licensee Eastern Centre of Science and Education, USA 

 

 

Liu, J., Zhou, K., Zhang, Y., & Tang, F. (2023). The effect of financial digital transformation on financial performance: The intermediary 
effect of information symmetry and operating costs. Sustainability, 15(6), Article 5059. https://doi.org/10.3390/su15065059 

Mahmood, F., Arshad, R., Khan, S., Afzal, A., & Bashir, M. (2024). Impact of behavioral biases on investment decisions and the moderation 
effect of financial literacy: An evidence of Pakistan. Acta Psychologica, 247, Article 104303. 
https://doi.org/10.1016/j.actpsy.2024.104303 

Makanyeza, C., Svotwa, T. D., & Jaiyeoba, O. (2021). The effect of consumer rights awareness on attitude and purchase intention in the hotel 
industry: Moderating role of demographic characteristics. Cogent Business & Management, 8(1), Article 1898301. 
https://doi.org/10.1080/23311975.2021.1898301 

Mishra, D., Agarwal, N., Sharahiley, S., & Kandpal, V. (2024). Digital financial literacy and its impact on financial decision-making of women: 
Evidence from India. Journal of Risk and Financial Management, 17(10), Article 468. https://doi.org/10.3390/jrfm17100468 

Muñoz-Céspedes, E., Ibar-Alonso, R., & de Lorenzo Ros, S. (2021). Financial literacy and sustainable consumer behavior. Sustainability, 
13(16), Article 9145. https://doi.org/10.3390/su13169145 

Nawi, N. C., Husin, H. S., Said Al-Jahwari, N., Zainuddin, S. A., Khan, N. U., Hassan, A. A., Wan Ibrahim, W. S. A. A., Mohamed, A. F., 
Mohd Nasir, N. S., & Muhamad Hasan, M. Z. (2024). The path to sustainability begins with going paperless: Antecedents of 
intention to use electronic wallet using serial mediation approach. Heliyon, 10(2), Article e24127. 
https://doi.org/10.1016/j.heliyon.2024.e24127 

Nuralam, I. P., Yudiono, N., Fahmi, M. R. A., Yuliaji, E. S., & Hidayat, T. (2024). Perceived ease of use, perceived usefulness, and customer 
satisfaction as driving factors on repurchase intention: The perspective of the e-commerce market in Indonesia. Cogent Business & 
Management, 11(1), Article 2413376. https://doi.org/10.1080/23311975.2024.2413376 

Nwoke, J. (2024). Digital transformation in financial services and FinTech: Trends, innovations and emerging technologies. International 
Journal of Finance, 9(6), 1–24. https://doi.org/10.47941/ijf.2224 

Pascucci, F., Savelli, E., & Gistri, G. (2023). How digital technologies reshape marketing: Evidence from a qualitative investigation. Italian 
Journal of Marketing, 1(2), 27–58. https://doi.org/10.1007/s43039-023-00063-6 

Pertiwi, T. K., Joseph, C., Warmana, G. O., Khoirotunnisa, F., & Hariyana, N. (2025). Exploring platform trust, borrowing intention, and 
actual use of Paylater services in Indonesia and Malaysia. Journal of Risk and Financial Management, 18(5), Article 255. 
https://doi.org/10.3390/jrfm18050255 

Pitthan, F., & De Witte, K. (2025). How learning about behavioural biases can improve financial literacy? International Review of Economics & 
Finance, 99, Article 103989. https://doi.org/10.1016/j.iref.2025.103989 

Prihatini, N. (2023). Analysis of the impact of online lending services on society. Journal of Finance, Economics and Business, 2(2), 47–62. 
https://doi.org/10.59827/jfeb.v2i2.90 

Rahmawati, A., & Ramli, A. H. (2024). E-trust, perceived ease of use, e-satisfaction and e-loyalty for users of the TikTok shop application. 
Jurnal Ilmiah Manajemen Kesatuan, 12(1), 279–294. https://doi.org/10.37641/jimkes.v12i1.2209 

Ridwan, M., Puspitasari, R., Winarsih, T., Wangsih, I. C., & Sudarmanto, E. (2025). The effect of digital banking adoption, trust in fintech, 
perceived security, and customer satisfaction on financial inclusion in Indonesian banking. West Science Business and Management, 
3(1), 158–168. https://doi.org/10.58812/wsbm.v3i01.1794 

Rita, P., Oliveira, T., & Farisa, A. (2019). The impact of e-service quality and customer satisfaction on customer behavior in online shopping. 
Heliyon, 5(10), Article e02690. https://doi.org/10.1016/j.heliyon.2019.e02690 

Riyanto, F., Purusa, N. A., Zakaria, F., & Chaichotchuang, E. (2025). Behavioral factors determining interest in using online loans generation 
Z: A study in Indonesia. Jurnal Penelitian Ekonomi dan Bisnis, 10(1), 55–65. https://doi.org/10.33633/jpeb.v10i1.12147 

Sari, S. P., Sanusi, A., & Fionita, I. (2023). The effect of financial literacy on the online loan users’ behavior (Danabijak) through financial 
attitude as an intervening variable. International Journal of Economics, Business, and Entrepreneurship, 6(2), 131–139. 
https://doi.org/10.23960/ijebe.v6i2.210 

Sekarlaras, A. F. A., Siregar, H., & Hasanah, N. (2025). Effects of financial literacy and self-efficacy on risky credit behavior of Gen-Z. Jurnal 
Aplikasi Bisnis dan Manajemen, 11(2), 468–485. https://doi.org/10.17358/jabm.11.2.468 

Sharma, V., Jangir, K., Gupta, M., & Rupeika-Apoga, R. (2024). Does service quality matter in FinTech payment services? An integrated 
SERVQUAL and TAM approach. International Journal of Information Management Data Insights, 4(2), Article 100252. 
https://doi.org/10.1016/j.jjimei.2024.100252 

Shefrin, H. (2007). Beyond greed and fear: Understanding behavioral finance and the psychology of investing. Oxford University Press. 
https://doi.org/10.1093/oso/9780195304213.001.0001 

Singh, N., Misra, R., Quan, W., Radic, A., Lee, S.-M., & Han, H. (2024). An analysis of consumer’s trusting beliefs towards the use of e-
commerce platforms. Humanities and Social Sciences Communications, 11(1), Article 899. https://doi.org/10.1057/s41599-024-03395-
6 

Solihati, G. P., Anah, S., & Anggraini, W. (2025). Fintech user satisfaction as an intermediary: Analysis of the influence of financial literacy, 
ease of use, and trust on user loyalty in MSMEs. KEUNIS, 13(1), 1–17. https://doi.org/10.32497/keunis.v13i1.6120 

Suryawan, T. G. A. W. K., & Santikasari, N. N. (2024). A behavioral analysis of online loan application adoption: The roles of ease of use, 
risk, and trust in rural Bali. Jurnal Ilmu Manajemen, 21(2), 85–100. https://doi.org/10.21831/jim.v21i2.78161 

Suryono, R. R., Budi, I., & Purwandari, B. (2021). Detection of fintech P2P lending issues in Indonesia. Heliyon, 7(4), Article e06782. 
https://doi.org/10.1016/j.heliyon.2021.e06782 

Sutedja, I., Adam, M. F., Hafizh, F., & Wahyudi, M. F. (2024). An analysis of the effect of using online loans on user data privacy. 
International Journal of Advanced Computer Science and Applications, 15(7), 1211–1216. 
https://doi.org/10.14569/IJACSA.2024.01507118 

Tahar, A., Riyadh, H. A., Sofyani, H., & Purnomo, W. E. (2020). Perceived ease of use, perceived usefulness, perceived security and intention 
to use e-filing: The role of technology readiness. Journal of Asian Finance, Economics and Business, 7(9), 537–547. 
https://doi.org/10.13106/JAFEB.2020.VOL7.NO9.537 

Taylor, J. W. (1974). The role of risk in consumer behavior: A comprehensive and operational theory of risk taking in consumer behavior. 
Journal of Marketing, 38(2), 54–60. https://doi.org/10.1177/002224297403800211 

Thomas, G. N., Nur, S. M. R., & Indriaty, L. (2024). The impact of financial literacy, social capital, and financial technology on financial 
inclusion of Indonesian students. International Research Journal of Economics and Management Studies, 3(4), 308–315. 
https://doi.org/10.56472/25835238/IRJEMS-V3I4P140 

Tiwari, P., Tiwari, S. K., & Gupta, A. (2021). Examining the impact of customers’ awareness, risk and trust in m-banking adoption. FIIB 
Business Review, 10(4), 413–423. https://doi.org/10.1177/23197145211019924 

van der Schyff, K., & Flowerday, S. (2023). The mediating role of perceived risks and benefits when self-disclosing: A study of social media 
trust and FoMO. Computers & Security, 126, Article 103071. https://doi.org/10.1016/j.cose.2022.103071 

Vijayagopal, P., Jain, B., & Ayinippully Viswanathan, S. (2024). Regulations and fintech: A comparative study of the developed and 
developing countries. Journal of Risk and Financial Management, 17(8), Article 324. https://doi.org/10.3390/jrfm17080324 

Wang, C., Ahmad, S. F., Bani Ahmad Ayassrah, A. Y. A., Awwad, E. M., Irshad, M., Ali, Y. A., Al-Razgan, M., Khan, Y., & Han, H. (2023). 
An empirical evaluation of technology acceptance model for artificial intelligence in e-commerce. Heliyon, 9(8), Article e18349. 
https://doi.org/10.1016/j.heliyon.2023.e18349 

Wang, C., Liu, T., Zhu, Y., Wang, H., Wang, X., & Zhao, S. (2023). The influence of consumer perception on purchase intention: Evidence 
from cross-border e-commerce platforms. Heliyon, 9(11), Article e21617. https://doi.org/10.1016/j.heliyon.2023.e21617 

Wang, P., Zheng, H., Chen, D., & Ding, L. (2015). Exploring the critical factors influencing online lending intentions. Financial Innovation, 
1(1), Article 8. https://doi.org/10.1186/s40854-015-0010-9 

Wang, Y., Min, Q., & Han, S. (2016). Understanding the effects of trust and risk on individual behavior toward social media platforms: A 
meta-analysis of the empirical evidence. Computers in Human Behavior, 56, 34–44. https://doi.org/10.1016/j.chb.2015.11.011 

Wanof, M. I. (2023). Digital technology innovation in improving financial access for low-income communities. Technology and Society 
Perspectives, 1(1), 26–34. https://doi.org/10.61100/tacit.v1i1.35 

https://doi.org/10.3390/su15065059
https://doi.org/10.1016/j.actpsy.2024.104303
https://doi.org/10.1080/23311975.2021.1898301
https://doi.org/10.3390/jrfm17100468
https://doi.org/10.3390/su13169145
https://doi.org/10.1016/j.heliyon.2024.e24127
https://doi.org/10.1080/23311975.2024.2413376
https://doi.org/10.47941/ijf.2224
https://doi.org/10.1007/s43039-023-00063-6
https://doi.org/10.3390/jrfm18050255
https://doi.org/10.1016/j.iref.2025.103989
https://doi.org/10.59827/jfeb.v2i2.90
https://doi.org/10.37641/jimkes.v12i1.2209
https://doi.org/10.58812/wsbm.v3i01.1794
https://doi.org/10.1016/j.heliyon.2019.e02690
https://doi.org/10.33633/jpeb.v10i1.12147
https://doi.org/10.23960/ijebe.v6i2.210
https://doi.org/10.17358/jabm.11.2.468
https://doi.org/10.1016/j.jjimei.2024.100252
https://doi.org/10.1093/oso/9780195304213.001.0001
https://doi.org/10.1057/s41599-024-03395-6
https://doi.org/10.1057/s41599-024-03395-6
https://doi.org/10.32497/keunis.v13i1.6120
https://doi.org/10.21831/jim.v21i2.78161
https://doi.org/10.1016/j.heliyon.2021.e06782
https://doi.org/10.14569/IJACSA.2024.01507118
https://doi.org/10.13106/JAFEB.2020.VOL7.NO9.537
https://doi.org/10.1177/002224297403800211
https://doi.org/10.56472/25835238/IRJEMS-V3I4P140
https://doi.org/10.1177/23197145211019924
https://doi.org/10.1016/j.cose.2022.103071
https://doi.org/10.3390/jrfm17080324
https://doi.org/10.1016/j.heliyon.2023.e18349
https://doi.org/10.1016/j.heliyon.2023.e21617
https://doi.org/10.1186/s40854-015-0010-9
https://doi.org/10.1016/j.chb.2015.11.011
https://doi.org/10.61100/tacit.v1i1.35


Asian Business Research Journal, 2025, 10(7): 50-59 

59 
© 2025 by the authors; licensee Eastern Centre of Science and Education, USA 

 

 

Wijayanti, T. C. (2020). Business management training in Bank Bakti Haji Malang. Kontribusia: Research Dissemination for Community 
Development, 3(1), 275–277. https://doi.org/10.30587/kontribusia.v3i1.1143 

Wijayanti, T. C. (2021). Remuneration function in improving work satisfaction and productivity at state-owned Indonesian Harbour III. 
PalArch’s Journal of Archaeology of Egypt/Egyptology, 18(2), 497–510. https://archives.palarch.nl/index.php/jae/article/view/6608 

Wijayanti, T. C. (2024). Employee loyalty transformation: Motivation, discipline, work environment, commitment as a moderator. Indonesian 
Interdisciplinary Journal of Sharia Economics, 7(3), 5466–5488. https://doi.org/10.31538/iijse.v7i3.5410 

Yahaya, R., Zainol, Z., Abidin, J. H. O. @ Z., & Ismail, R. (2019). The effect of financial knowledge and financial attitudes on financial 
behavior among university students. International Journal of Academic Research in Business and Social Sciences, 9(8), 22–32. 
https://doi.org/10.6007/IJARBSS/v9-i8/6205 

Yan, S., Yu, X., Zhang, Z., & Gan, L. (2024). Understanding the acceptance of online tourism programs: Perspectives of generic learning 
outcomes and theory of planned behavior. Heliyon, 10(15), Article e35500. https://doi.org/10.1016/j.heliyon.2024.e35500 

Yang, Q., Pang, C., Liu, L., Yen, D. C., & Tarn, J. M. (2015). Exploring consumer perceived risk and trust for online payments: An empirical 
study in China’s younger generation. Computers in Human Behavior, 50, 9–24. https://doi.org/10.1016/j.chb.2015.03.058 

Yue, P., Korkmaz, A. G., Yin, Z., & Zhou, H. (2022). The rise of digital finance: Financial inclusion or debt trap? Finance Research Letters, 
47(Part A), Article 102604. https://doi.org/10.1016/j.frl.2021.102604 

Yuen, K. F., Ma, F., Wang, X., & Lee, G. (2021). The role of trust in influencing consumers' adoption of automated vehicles: An application 
of the health belief model. International Journal of Sustainable Transportation, 15(11), 837–849. 
https://doi.org/10.1080/15568318.2020.1821416 

ZA, S. Z., & Tricahyadinata, I. (2025). Relevance for tourist visiting decisions – Destination branding vs destination image: Case study from 
Lariti Beach, Bima Regency. Turyzm/Tourism, 35(1), 111–121. https://doi.org/10.18778/0867-5856.2025.15 

Zhang, Y., Ye, S., Liu, J., & Du, L. (2023). Impact of the development of FinTech by commercial banks on bank credit risk. Finance Research 
Letters, 55(Part A), Article 103857. https://doi.org/10.1016/j.frl.2023.103857 

Zhao, H., Khaliq, N., Li, C., Rehman, F. U., & Popp, J. (2024). Exploring trust determinants influencing the intention to use fintech via SEM 
approach: Evidence from Pakistan. Heliyon, 10(8), Article e29716. https://doi.org/10.1016/j.heliyon.2024.e29716 

 
 
 
 

https://doi.org/10.30587/kontribusia.v3i1.1143
https://archives.palarch.nl/index.php/jae/article/view/6608
https://doi.org/10.31538/iijse.v7i3.5410
https://doi.org/10.6007/IJARBSS/v9-i8/6205
https://doi.org/10.1016/j.heliyon.2024.e35500
https://doi.org/10.1016/j.chb.2015.03.058
https://doi.org/10.1016/j.frl.2021.102604
https://doi.org/10.1080/15568318.2020.1821416
https://doi.org/10.18778/0867-5856.2025.15
https://doi.org/10.1016/j.frl.2023.103857
https://doi.org/10.1016/j.heliyon.2024.e29716

