Millennials prefer online loans to finance themselves

Perhaps because they have already been born in the digital age, millennials are the most adapted to online loans, as can be seen from the study Trends in demand for online loans prepared by Prida Cash Lender. The data of this analysis, presented recently, highlight that the thirties are the main consumers of online loans: 37% of the Internet loan applicants last year were between 30 and 39 years old. An age range in which two generations converges:

  1. Millennials , born between 1980 and 1997; They are 36 years old today.
  2. The so-called Generation X , born between 1966 and 1980, are currently between 37 and 50 years old.

These are followed by applicants aged 40 to 49, with 27% of applications, and 20-29 years, with 19%.

 

Online loans, the millennial option

Online loans, the millennial option

According to the conclusions of the study, the millennial generation is a challenge for traditional banks, since their way of seeing life is in the Antipodes of their parents and grandparents. So much so, that most millennials think that the way we access and manage money will be totally different in just five years and a third, 33%, believe that after five years they won’t need a bank.

In this sense, a study conducted by the insurance company Allianz Life in the USA. points out that 63% of millennials find money in the barrier when planning their future, since it determines things like where and when to study, where to live or not to have children. In addition, another report from the Scratch division of Viacom Media Networks, entitled ‘The Millennial Disruption Index’, reveals that more than half of millennials, 53%, see only differences between their bank and the rest . And along the same lines, Fintonic points to the limited loyalty of millennials to financial institutions, emphasizing the fact that one in three millennials does not have a credit card.

Millennials do not have the confidence that their parents or grandparents had in traditional banks and in fact believe that in five years they will not be necessary

 

Online loans for specific needs

Online loans for specific needs

Since the vast majority of them requested quick loans to Prida Cash Lender, 28%, did so for amounts less than one thousand dollars (although the offer is up to 5,000 dollars ), to be returned in comfortable monthly installments. However, at this point it is possible to make a separate mention to the self-employed, who break the barrier of one thousand dollars to request amounts greater than 3,000 dollars.

In their lack of empathy towards traditional banking, both millennials and Generation X – the first generations of the digital era – opt for online lenders to provide them with a service in keeping with the routine they live day to day: a quick management, comfortable and secure, since it can be requested from any device with Internet access and in a matter of minutes, and the possibility of having the money fast , compared to the expected entails of requesting a loan from a traditional bank. In addition to the anonymity that guarantees fast loans online, compared to the explanations that must be given when opting for other financing methods.

 

Other features of online loans

The analysis of the demand for online loans in Spain by Monedo Now also throws other conclusions, such as the month in which we are most lacking in liquidity is September , coinciding with the end of summer vacations and going back to school (and the expenses involved ), since it is the month that more requests for online loans were made. After September, the month in which more applications were registered was August, the quintessential holiday month. As a curious fact, it should be noted that most of the applicants declared to be a worker (69%) and made their request from Monday to Thursday, midway through their workday (about 12:00 hours).

 

The type applicant for an online loan is a man,

The type applicant for an online loan is a man,

Between 30 and 39 years old, without children and employed by others. By sex, 57% of the requests were made by men and 43% by women. As a whole, more than half of the applicants declared that they had no children, 52%, although the numbers change if we make a distinction by sex: in the case of women, it was the least (46%) who declared no have offspring, while if we only attend to men, the percentage of those without children rises to 58%.

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