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Online loans have become a popular solution among students to meet their financial needs. However, the ease of access and the rapid process of online loans also carry risks that need to be watched out for, such as high-interest rates, aggressive collection, and misuse of personal data. This study aims to identify the various risks faced by students in using online loans and how they manage and overcome these risks. The results show that the consumption patterns of students are influenced by their unstable financial conditions, so the use of online loans, although it can be a solution, also contains risks that need to be anticipated, such as excessive consumptive behavior, difficult to manage debt burden, and negative impacts on mental health. Comprehensive education and mentoring are needed for student users of online loans, as well as support from universities and other stakeholders to help students manage their finances responsibly
Paden et al. (Sun,) studied this question.