How is a Digital Personal Loan Aligned with the Value System of Millenials?

How is a Digital Personal Loan Aligned with the Value System of Millenials?

Millennials believe in the idea: "You only live once". Therefore, they aim to make the most out of life by living it to the fullest. This is evident in their lifestyle and spending habits. They believe they deserve the best, and when their paychecks aren't sufficient to support their lifestyle, they proactively turn to other alternatives like borrowing. 

No wonder, in October 2021, more than 80% of millennials were found interested in applying for personal loans in the near future. Moreover, the launch of digital loans has improved the borrowing experience of millennials tenfold. Here are the ways how these loans align with the value system of millennials.

 

Millennials are Tech-Savvy 

From ordering food to booking movie tickets, millennials prefer to do everything online. The same goes for applying for a personal loan. Therefore, millennials find digital personal loans the most easy-to-access credit products. To apply for a loan, they need to download a reputed fintech company's money loan app on their Android or iOS device. Then, the entire application process, including documentation and disbursal, happens online, eliminating the need to visit the lender.

 

Millennials are a Fast-Paced Generation 

"Life is short, and every moment matters" for millennials. So they can't wait for days to get a loan sanctioned. Here, digital loans come to their rescue. Once one applies for a quick loan and it's approved, the funds are disbursed to the borrower's bank account within a few minutes. This provides instant access to cash to meet urgent requirements like sudden holiday plans and medical emergencies.

 

Millennials Like Options 

Millennials like to be given a choice in everything. That's why digital personal loans are perfect for them. Moreover, these loans come with end-user freedom. So, they can finance various goals like relocation, vacation, rental deposits, a 2/4-wheeler purchase, etc. This is in tune with the ever-changing lifestyle and wants of millennials.


Millennials Prefer Flexible Credit Products 

Since the wants and needs of millennials keep evolving, they often need to borrow multiple times. So, they prefer flexible credit products to avoid debt accumulation. Digital personal loans offer this flexibility in loan amounts, tenures and repayment modes. Suited to various loan amounts, different tenures, such as 90, 180, 270, 365 and 540 days, are offered. The repayment modes, too, are flexible and include bank account debits, NEFT and IMPS. 

Conclusion 

Millennials also prefer modern methods and simple eligibility to access loans. The money loan app of a top fintech company assesses the borrower's creditworthiness not merely with the credit score. For a more comprehensive credit assessment, the borrower's social loan quotient is evaluated on modern factors like their smartphone metadata and social media footprint. This facility and others like a minimum eligible salary of ₹15,000 only make digital loans millennial-friendly credit products. 

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