253

American Journal of Economic and

Management Business

p-ISSN: XXXX-XXXX

e-ISSN: 2835-5199

Vol. 2 No. 7 July 2023

THE MINDSET OF MSME ACTORS TOWARDS

ONLINE LOAN APPLICATION

(USING THE RUBICON MODEL PERSPECTIVE)

Ike Meilani Fajarsari

Politeknik Masamy Internasional, Banyuwangi

Email : [email protected]

Abstract

MSMEs receive special attention from the government and economic institutions because

of their strategic role in supporting inclusive and sustainable economic growth. The

pandemic that hit made the MSME economy decline. Business actors still want their

business to run but are hampered by the funds they have. One of the efforts to increase

business capital by making an online loan. This study used quantitative methods and the

type of data used was primary data, namely the results of distributing questionnaires with

questionnaires using the concept of the Rubicon model. The population selected in this

study is MSMEs in Banyuwangi Regency. There is a Predecisional (X1) influence on

Online Loans (Y). CrossingRub (X2) affects Online Loans (Y). In the Postdecisional

variable, there is no Postdecisional influence (X3) on Online Loans (Y). In the

SustainingAc variable, there is an influence of SustainingAc (X4) on Online Loans (Y).

It requires a wise and planning approach, online loans can be a valuable tool for business

people to achieve their business goals.

Keywords: MSMEs; Ijen Geopark; Online Loans

This article is licensed under a Creative Commons Attribution-ShareAlike 4.0

International

INTRODUCTION

The development of digital technology continues to affect the business world in

rapid and significant ways (Ratten, 2020). The growth of e-commerce continues to be the

dominant trend worldwide. Consumers are increasingly relying on online shopping to

purchase goods and services, prompting traditional companies to adapt to more digital

business models (Fu et al., 2020). The increased accessibility of technology and resources

has made it possible for anyone to create innovative solutions to existing problems. The

emergence of smartphones is one of the technological developments that are growing

rapidly. In 2022 Indonesia ranks fourth in the world in terms of smartphone users, with

192 million users in Newzoo quoted (Sadya, 2023).

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Figure 1 data of Smartphone user countries in the world

Smart phones can be used to do many things, such as interact through social media,

pay online, and send messages through instant messengers. The Internet and digital

technology have provided easier and wider access to information. Advances in

technology have changed the way people interact and communicate with each other.

Better connectedness allows people to share views, experiences, and ideas globally

(Kwantes & Chung-Yan, 2016). This allows people to seek knowledge, learn about new

things, and access news and information from various sources, as a result by having

access to various perspectives and points of view, the mindset of the community becomes

more open and diverse.

Business activities cannot be separated from technology, technology facilitates

various forms of innovation and creativity by providing a platform that makes it easier

for people to create new products or services (Coelho & De Brito, 2013). One form of

combining information technology and financial services that can make transactions

carried out quickly without worrying about distance is fintech. One of the factors driving

the growth of fintech innovation is the change in consumer perspective on the importance

of having an internet connection that allows transactions to be made quickly and easily

(Rizvi et al., 2018). One type of business in the fintech industry is online loans. Online

loans are a type of loan that can be applied for and processed online through platforms or

websites that provide loan services electronically (Wahyuni, 2020). Online loans have

characteristics such as, the loan application procedure is carried out online through a

website or mobile application, the process is faster, and without collateral. The ease of

borrowing funds is more efficient and increasingly popular among the community.

MSMEs have an important role in the economy because they contribute to creating

jobs, increasing economic growth, and acting as innovators in various business sectors

(Franquesa & Vera, 2021). The scale of MSMEs is smaller than large companies,

management control is needed to continue to assist MSME owners in managing their

businesses efficiently and effectively (Nopiyani, et al., 2022). The COVID-19 pandemic

not only has an impact on the economic aspect but also has an impact on the consumption

behavior of needs in the community, including MSMEs. Many MSMEs experienced a

decline in income due to decreased demand and restrictions on economic activity during

the pandemic as well as suboptimal internal controls (Amin, Meilani, Agus, & Firdaus,

2023). In addition, MSMEs also find it difficult to obtain additional capital to maintain

Ike Meilani Fajarsari

255

their operations. After the pandemic, MSMEs continue to struggle to survive by finding

creative ways to survive, innovate and adapt to changing situations. One way to survive

by increasing capital is by borrowing on online loans. This is because the process is faster

and loan funds can be disbursed in a short time after approval. But it is undeniable that in

some cases with online loans, if the borrower cannot manage loan payments properly, the

borrower can face sanctions in the form of fines or penalties.

In the perspective of the action phase model, Rubicon provides an explanation of

the stages of decision-making behavior (Liu, Lai, Hwang, & Tu, 2022) (Kim, Shin, &

Lee, 2020). According to the Rubicon model there are four phases of one's actions, in this

theory describing the mental and emotional processes that occur when a person decides

to take action and overcome obstacles in achieving those goals. First, the predecision

phase is where potential goals are evaluated using a mindset of considering to decide on

a choice. Second, the phase of crossing the rubicon is to have made a choice and started

making that decision. The third phase, postdecisional, is the ability to face the

consequences of the decisions they have taken and remain committed to the actions they

have chosen. Last is the sustaining action phase, where consistency and constancy are

needed to achieve the desired goals. Based on the background description above, this

study answers the problem, what is the mindset of MSMEs regarding the use of online

loan applications using the Rubicon perspective?

RESEARCH METHODS

Based on the method used, this study uses quantitative methods and the type of data used

is primary data, namely the results of questionnaire distribution. Quantitative method is a

form of scientific approach that examines the problem of a phenomenon, and sees

possible links or relationships between variables in the research determined (Nugroho,

Meilani, Solikin, Era, & dkk, 2023). The population selected in this study is MSMEs in

Banyuwangi Regency. Sampling in this study was taken using purposive sampling

techniques. Here are some criteria that must be owned by MSME respondents:

1. MSME businesses are still running until 2023

2. MSME Actors in Banyuwangi Regency

3. MSME actors have or are using online loan applications

RESULT AND DISCUSSION

The following table is a descriptive analysis of the results of data processing

Table 1. Descriptive Statistics

Descriptive Statistics

Range

Minimum

Maximum

Sum

Mean

Std. Deviation

Predecisional (X1)

364

16236

44.60

8.795

CrossingRub (X2)

364

15053

41.35

5.727

Postdecisional (X3)

364

11192

30.75

6.864

SustainingAc (X4)

364

10801

29.67

7.162

LoanOnline (Y)

364

9885

27.16

4.046

Valid N (listwise)

364

Through the table above we can see the number of question instruments, the

amount of data used, know the minimum and maximum values and also the average value

with standard deviation.

Table 2 Partial T-Test Table

Coefficients

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Vol. 2 No. 7 July 2023

256

Model

Unstandardized

Coefficients

Standardized

Coefficients

Sig.

Std. Error

Beta

(Constant)

8.932

1.500

5.954

.000

Predecisional (X1)

.090

.021

.196

4.221

.000

Crossingrub (X2)

.417

.030

.590

14.068

.000

Postdecisional

(X3)

-.008

.028

-.014

-.291

.771

Sustainingac (X4)

-.094

.023

-.166

-4.049

.000

A. Dependent Variable: Loanonline (Y)

Based on the SPSS table 'Coefficients' above it is known that the significance

value (Sig) of the Predecisional variable (X1) is 0.000, because the value of sig. 0.000 <

0.05, then it can be concluded that H1 is accepted. This means that there is a Predecisional

(X1) influence on Online Loans (Y). In the CrossingRub variable (X2) is the value of sig.

0.000 < 0.05, then it can be concluded that H2 is acceptable. This means that there is an

influence of CrossingRub (X2) on Online Loans (Y). In the Postdecisional variable (X3)

is equal to the value of sig. 0.771 > 0.05, then it can be concluded that H3 is rejected. This

means that there is no Postdecisional (X3) influence on Online Loans (Y). In the variable

SustainingAc (X4) is equal to the value of sig. 0.00 > 0.05, then it can be concluded that

H4 is accepted. This means that there is an influence of SustainingAc (X4) on Online

Loans (Y).

Testing the Effect of Predecisional (X1) on Online Loans

Based on the results above that the Predecisional variable (X1) is 0.000, because

the value of sig. 0.000 < 0.05, then it can be concluded that H1 is accepted. At this stage,

MSME actors may be aware of problems or goals to be achieved, but have not made

concrete decisions to act. The pandemic is enough to make activity activities decrease so

that business turnover and capital also fall. The desire to raise capital is quickly thought

of by business actors, and with many promotional media about online loans supporting

the interest of business actors to increase capital from online loans.

Testing the Effect of CrossingRub (X2) on Online Loans

Based on the results above that the CrossingRub variable (X2) is 0.000, because the

value of sig. 0.000 < 0.05, then it can be concluded that H2 is acceptable. At this stage,

MSME actors get a turning point when making decisions to act and actively taking action

to achieve goals or overcome problems. Loans to banks have been carried out but have

not been sufficient capital to turn back the wheels of business. For these problems,

business actors are moving to borrow funds through online loan applications, Before

making online loans, MSME actors have sought information from various media sources

and partners about how to borrow online.

Testing the Effect of Postdecisional (X3) on Online Loans

Based on the results above that the Postdecisional variable (X3) is 0.771, because the

value of sig. 0.771 > 0.05, then it can be concluded that H3 is rejected. At this stage,

MSME players have no obstacles or problems in carrying out the online loan process.

The online loan is quite easy to do and the process of disbursing funds after approval is

also fast. But the consequence that must be faced is the return of funds that must be on

time, out of the time specified in the agreement there is a high interest. Business actors

admit that immediately liquid funds become a pleasant thing, but if funds are not managed

properly they must be prepared to face the consequences.

Ike Meilani Fajarsari

257

Testing the Effect of SustainingAc (X4) on Online Loans

Based on the results above that the variable SustainingAc (X4) is 0.000, because

the value of sig. 0.000 < 0.05, then it can be concluded that H4 is acceptable. At this stage,

consistency and constancy are required to achieve the desired goal. If successful, one can

achieve positive results and overcome obstacles that may arise on the way to that goal.

MSME actors must consistently manage money well in order to pay principal and interest

debts within the agreed time.

CONCLUSION

MSMEs have an important role in the economy because they contribute to creating

jobs, increasing economic growth, and acting as innovators in various business sectors.

Many specific assistance and support programs are aimed at assisting MSMEs in

improving their competitiveness, access to markets, access to capital, and innovation

capabilities. It is important for MSMEs to have a management control system that suits

their scale and business needs. Online loans have become a popular alternative for many

business actors, especially MSMEs, in finding additional sources of funds to support their

business operations and growth. Business actors who borrow funds on online loans often

look for convenience and comfort in the application process which can be done online

through platforms or applications. The quick and easy process allows them to gain access

to funds quickly, which is invaluable in addressing urgent needs or business opportunities

that come out of the blue. MSME players must prioritize the use of funds for business

purposes that support business growth and sustainability, not for unnecessary expenses.

Need a thoughtful and planning approach, online loans can be a valuable tool for business

people to achieve their business goals.

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