According to a customer survey conducted by online loan firm Robocash Group, speed of service is the key advantage of online financing tools stated by 50.4% of users in the Philippines, India, Indonesia, and Vietnam.
The difference between the four countries is relatively small. In particular, the share of Filipinos who appreciated this feature is lower the average by five points (45%) only. Still, speed has the highest preference among local customers.
Other advantages of fintech financing were related to its accessibility. The company statistics showed that a lot of customers of relevant services are residents of rural areas.
“In many cases, they are self-employed or employed informally, and few of them have some credit history. In this respect, the possibility to get formal financial assistance looks positive by itself,” Robocash said.
For instance, a reduced list of supporting documents is the main advantage provided by online financing tools for 22.8% of respondents in the Philippines.
Third place belongs to a higher probability to obtain financing with 9.6% of voices. On the total scale of the four countries, this feature was appreciated by 12.5% of all respondents who took part in the survey.
One more group of advantages relates to the convenience of fintech services at use. The round-the-clock operation, together with a variety of ways to obtain cash, complements significantly to the speed factor.
“The findings have confirmed that quick elimination of gaps in a family or personal budget is the most common purpose of short-term online advances. That is why top priority is the speed of service. It also correlates with the main reason to apply for financing,” the company said.
“For most customers, daily needs and regular monthly payments make the largest and most important part of family expenses. In particular, one-third of respondents (30.6%) spend most of their budget on food, fare payment etc. Then, monthly bills for housing and utility service, mobile phones, TV etc. make the largest spending for almost every fourth customer (24.5%). These are very cases requiring instant payment in the first turn.”