Internet finance, a byproduct of the close coupling of Internet technology with the financial sector, has contributed significantly to the growth of local economies. This essay first examines the relationship between regional economic growth and online financing. Second, the constraint mechanism between Internet finance and local economic growth is examined using the efficacy function of the coupling degree evaluation model. The consistency of the spillover impact of the Internet finance cluster on the economic growth of the region and the surrounding areas is examined using the spatial effect decomposition. In 2021, the Moran indices of W1, W2, and W3 were 0.418, 0.123, and 0.341, respectively. The correlation between Internet financing and local economic growth is strengthened, while the influence factor of economic and geographical distance is reduced.