Consumer Protection and Sharia Compliance in P2P Lending Services: An Analysis of Risks, Regulations, and Ethics in the Use of SPayLater among University Students

Abstrak

This study examines consumer protection and Sharia compliance within P2P lending services by focusing on the use of SPayLater among university students. The research aims to identify potential risks, evaluate regulatory adequacy, and assess ethical alignment with Sharia principles. A qualitative descriptive approach is employed through literature review, regulatory analysis, and examination of relevant Sharia guidelines on financial technology. The findings indicate that SPayLater poses significant risks related to excessive consumption, information asymmetry, and cost transparency, while its contractual structure shows inconsistencies with Sharia requirements on financing and avoidance of riba. The study concludes that stronger regulatory supervision and clearer Sharia-compliant product design are essential to enhance consumer protection and ensure alignment with Islamic ethical standards.