Kredivo loan rejections tied to OJK rule limiting multiple active fintech loans

Indonesia's financial regulator Otoritas Jasa Keuangan (OJK) issued Circular No. 19/SEOJK.06/2023, which prohibits borrowers from holding active loans with more than three fintech lenders at the same time. Kredivo follows this rule, so loan applications are rejected when the applicant already has three active loans with other providers.

Kredivo also applies its own internal assessment criteria; a request may be declined even without three existing loans. The company advises users to wait 30 days after a rejection before applying again and to ensure all personal and financial data remain current. Loans are intended for productive purposes such as business capital or urgent needs, helping borrowers manage repayments more easily.