DETERMINAN KEPUTUSAN MASYARAKAT MEMINJAM UANG KE RENTENIR

Fatmawati Sungkawaningrum, NIM.: 19300012002 (2025) DETERMINAN KEPUTUSAN MASYARAKAT MEMINJAM UANG KE RENTENIR. Doctoral thesis, UIN SUNAN KALIJAGA YOGYAKARTA.

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Abstract

Background of the problem: In this modern era, small traders play a crucial role in regional economic development but face significant challenges, particularly in accessing capital. Despite being prohibited in Islamic teachings, the practice of loan sharking persists due to limited income and financial information. Small traders are pivotal in transforming income generation amid dynamic economic conditions. However, a persistent challenge is their access to adequate financial resources, leading them to frequently engage with loan sharks to develop their businesses. The enduring issue is the high dependency on loan sharks, which remains prevalent. Problem: Small traders often choose loan sharks due to the simplicity and speed of the procedures despite the exorbitant interest rates, potentially causing long-term financial issues. Conversely, formal financial institutions, which offer loans at lower interest rates and are regulated by the government, present more complex procedures and requirements that are challenging for small traders to meet. The complexity of factors influencing financial interactions with loan sharks has not been adequately addressed. The primary reason is the easier access to loans from loan sharks compared to formal financial institutions. Therefore, this research aims to uncover the causal relationships between variables that influence small traders’ decisions to interact with loan sharks. Methodology: This study employs a microeconomic approach to understand the borrowing behavior of small traders. The methodology uses an explanatory multivariate approach with Structural Equation Modeling Partial Least Squares (SEM PLS) to explain the causal relationships between observed variables, including relevant factors. The research aims to test data implications and provide a more accurate reference for financial information in the context of small traders. Research Findings: The research finds that small traders’ decisions to borrow from loan sharks align with rational choice theory, opting for the quickest and most accessible option despite high-interest risks. Loan sharking remains prevalent because loan sharks understand the needs and conditions of small traders. In contrast, formal financial institutions struggle to attract small traders due to limited accessibility and understanding. The findings contribute to a deeper understanding of the financial behavior transformation of small traders. This research also provides insights into better-planned financial access and significantly informs loan shark customers about the risks and interest losses associated with loan shark loans. It is hoped that this dissertation can contribute to formulating a more inclusive and sustainable Islamic economic strategy. Contributions in the Field of Economics: This research enhances the understanding of small traders’ economic behavior regarding borrowing decisions. It applies rational choice theory and the theory of planned behavior within a microeconomic context. The study provides insights for developing more inclusive and effective microfinance policies to reduce dependency on loan sharks. It also emphasizes the need for more effective interventions from formal and sharia financial institutions in providing capital access to small traders. Additionally, increasing financial literacy among small traders is essential to reduce dependency on loan sharks and encourage the use of formal financial services.

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