Online loans are of high importance for 61% of Vietnamese borrowers, according to a Robocash’s survey.
The main reasons for choosing online loans is an easy application process (41%) and fast transfer of funds (21%).
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A survey conducted by Robocash Group among the Vietnamese borrowers has shown that online lending plays an important role for them. Two thirds of respondents have also mentioned that they were planning to take another loan for a bigger amount in the near future.
61% of Vietnamese borrowers pointed out that online loans have been at least as important for them as other sources of borrowings over the past 12 months. At the same time, 27% named them as the main source of borrowings, and 11% – as the only one. It means that there is still a high demand for alternative lending, which is also supported by the insufficient penetration of banking services in the country. In 2018, 69% of the adult population remained unba.
The main reasons for choosing online loans is an easy application process (41%) and fast transfer of funds (21%). However, 11% of respondents prefer this type of borrowing as it allows them to improve their credit history.
Concerning the goals of online loans, they have mostly remained the same over the past six months. The major change was noted by 29% of the respondents who said that they started borrowing more for unforeseen needs.
As for the near future, 61% of those surveyed mentioned that they planned to take an online loan for a larger amount than before. Analysts of Robocash Group believe that on the one hand, this is a result of the accumulated underconsumption caused by the pandemic. But on the other hand, it is also an important indicator that the situation has been stabilizing and life is returning to its usual course. Gaining more confidence in the future, the people are ready to spend more for their financial needs.
The survey was conducted by Robocash Group in March 2021 and involved 323 respondents in total.