Female millennials are Lendr’s biggest borrowers
These “starting out” customers are the market of online loans.
Smart Communications Inc.’s Lendr platform has seen rapid growth in its first two years of operations, and a huge chunk of that performance is attributed to single ladies in need of extra cash.
Lendr, which is the app used by financial technology firm FINTQ to get in touch with borrowers, said majority of its client base are “single and employed” females born between 1982 to 2004 — or young adults just beginning with their respective careers.
“At this stage of their lives, they only have need for relatively simple financial products such as a transaction account and/or a credit card. From time to time, they utilize basic banking products to fund their rest and recreation activities or invest in the financial market,” FINTQ Managing Director Lito Villanueva said in a statement.
They mostly use the lending platform to fund their travels, buy new gadgets, or sustain other hobbies.
Also, 80 percent of borrowers come from the provinces, while a fourth live in low-income towns.
“This only shows that there is really a huge untapped market by formal financial institutions in rural communities and with our digital financial platforms such as Lendr,” Villanueva added.