If you need quick money at the end of the month because you’re waiting for your paycheck, or if you urgently need to pay a medical bill, applying for a conventional loan takes too long to process.

In Indonesia, that’s led to the proliferation of online lenders who target people in a pinch. These types of companies are often referred to as payday lenders.

They hand out unsecured loans after you complete an online application. By looking at data you provide – most ask for proof of employment, mobile phone number and social media profiles – they assess how likely you are to repay on time.

One of the payday lenders already operating in Indonesia since 2015 is UangTeman. But sensing a massive potential demand for short-term unsecured loans in Indonesia, a country of 260 million people, dozens of new payday lenders have launched since. Many of them have links to Chinese firms.

Payday lenders now dominate Indonesia’s Play Store app ranks in the “finance” category.

Out of the top 15 finance apps, 7 are payday lenders – other popular types of apps are official mobile banking apps and mobile wallets.

That does not necessarily mean payday apps already have a massive user base. In fact, most of the apps still have a relatively low number of installs, less than 1 million or even 500,000.

But these app’s quick rise up the ranks suggests the companies behind them are competing fiercely to raise their profile and are willing to spend on user acquisition. Top-ranked apps are more likely to be discovered by new users.

While payday loans can be helpful, there’s a risk that borrowers get caught in a cycle of needing to take out loans repeatedly. Interest rates and penalties for late payment are high for most of these apps. In its early days, UangTeman, one of the pioneers of the model in Indonesia, had to defend itself against accusations of being a loan shark.

Here’s a look at the payday lenders who’ve pushed their way into the top 15 of finance apps in Indonesia. They represent a fraction of those currently competing for market share in the country.

 

CashCash: Rank 3 in Indonesia’s finance app category

CashCash is not a payday lender itself, it aggregates and compares the offers from other payday lenders in Indonesia.

• Install Range: 500,000 – 1,000,000
• HQ Country: not specified
• Developer: Firestorm-sea (no link available)
• Average Ratings (Global): All Versions – 4.1 – 2,380 ratings

 

TangBull: Rank 4 in Indonesia’s finance app category

Tangbull lets you  borrow up to IDR 1 million (USD 75). The app promises to process the request within seconds.

According to this article, TangBull appears be initiated by a Chinese entrepreneur, but no further information about this can be found on its website.

• Install Range: 500,000-1,000,000
• HQ Country: ID
• Developer: TangBull
• Average Ratings (Global): All Versions – 4.3 – 11,896 ratings

 

RupiahPlus: Rank 6  in Indonesia’s finance app category

You can borrow up to IDR 1.2 million (USD 90) through RupiahPlus. The app promises payout within 20 minutes. RupiahPlus’ CEO is Yige Wan, who previously worked at Chinese fintech firm Wheat Financial and Tencent.

The firm’s website does not disclose its source of funding or whether it has affiliations to any other company.

• Install Range: 1,000,000 – 5,000,000
• HQ Country: ID
• Developer: Digital Synergy Technology

 

EasyCash: Rank 9 in Indonesia’s finance app category

EasyCash lends you up to 1 IDR million (USD 75) and process the payment within 24 hours. Its Facebook page states that the firm is from China. It also operates in other Southeast Asian countries.

Headquarter Country/Region: ID

• Install Range: 100,000 – 500,000
• Developer: EasyCash
• Average Ratings (Global)
• All Versions – 3.8 – 6,564 ratings

GoRupiah: Rank 11 in Indonesia’s finance app category

GoRupiah promises loans of up to IDR 50 million (USD 3,740) at a processing time of 1-3 work days. The firm’s website does not disclose its source of funding or whether it has affiliations to any other companies.

• Headquarter Country/Region: ID
• Install Range: 100,000 – 500,000
• Developer: InFin Tech
• Average Ratings (Global)
• All Versions – 4.4 – 9,562 ratings

 

DanaCepat: Rank 12 in Indonesia’s finance app category

DanaCepat gives loans up to 1 IDR million (USD 75) and has a processing time of up to two days . Its website says the firm is part of Hong Kong based Hadoop Fintech.

• Install Range: 500,000 – 1,000,000
• Headquarter: not Specified
• Developer: Perdanaan Teknologi Nusa
• Average Ratings (Global)
• All Versions – 4.4 – 25,166 ratings

 

# Tunaikita: Rank 14 in Indonesia’s finance app category

Tunaikita promises loans of up to IDR 20 million (USD 1,400) with processing times between 12 to 24 hours.

Its website states that the firm is a joint venture between WeCash Southeast Asia (Wecash SEA), JAS Kapital (JASK) and Kresna Usaha Kreatif (KUK). WeCash is a Beijing-based credit assessment company.

• Install Range: 100,000 – 500,000
• Headquarter: not specified
• Developer: PT Digital Tunai Kita
• Average Ratings (Global)
• All Versions – 4.2 – 7,630 ratings

 

Featured image via Freepik