The fintech lending industry continues its upward march with increasing disbursements, showing a promising future for the industry. There has also been a growing acceptance of digitalisation of financial services and lending. Most borrowers today are comfortable with digital medium when opting for loans. With rapid digitalisation, borrowers are also seen monitoring their credit scores regularly.
According to a recent survey by MoneyView, an impressive 40 per cent of respondents diligently check their credit scores every month, highlighting a growing awareness of the importance of credit health.
Additionally, over 50 per cent reported receiving suggestions from various platforms to enhance their credit scores at no cost, reflecting a proactive approach towards credit management.
Communication channels, such as WhatsApp/Text messages and emails from various platforms, emerged as the primary source of credit score awareness for 34 per cent of the survey respondents. Google/Online Search accounted for 18 per cent, and recommendations from friends and family contributed to 12 per cent, said the survey.
Loan applications to increase
About 46 per cent of those intending to take a loan have increased within the last two months, indicating dynamic financial planning. A significant 71 per cent of the survey respondents expressed plans to take a loan in the range of Rs. 30,000 to Rs. 2,00,000, underlining the continued demand for financial assistance, highlighted the survey.
The survey highlighted that 26 per cent prioritize positive ratings when choosing a lender, while 29 per cent focus on low processing fees, 48 per cent consider a low rate of interest, 31 per cent seek high loan amounts, 25 per cent value instant approvals, 21 per cent prioritize quick disbursements, and 16 per cent favor a completely online process.
Among those planning to take a loan, 24 per cent aim to invest in business, 15 per cent require funds for medical emergencies, and another 15 per cent intend to use the loan for home renovation or construction, further revealed the survey.
