4 ways that the youth of India are using their instant loans
The times are changing, and so are the spending patterns and borrowing habits of the younger generation. The new-age financial preferences and shopping trends of young Indians are unique and quite a departure from older generations. It’s a budding working population that believes in making smart financial choices to get their evolving needs met, with an anytime-anywhere mindset. The generation, thus, is growingly turning to instant personal loans to aspire for and achieve things that may sometimes not be supported by the salaries drawn from their jobs.
According to a 2020 report by the credit bureau, CRIF High Mark quoted in the Economic Times, millennials and young borrowers in the age group of 18-30 years primarily drive the personal loan demand. This can be attributed to their tendency of making informed financial decisions. They are in touch with the versatility extended by personal loans in utilizing the funds for any unplanned or unforeseen expenses. There are diverse lifestyle needs that are being addressed with these quick instant loans and some of them have been detailed in this blog.
Moving cities in a financially independent way
The younger generation does not believe in staying confined to the home town most of their lives. They are getting out, exploring cities, and following good jobs to the ends of the world. This means they are always in need of cash at a moment’s notice. These are also responsible adults who also refuse to do it on another person’s finances, even if it were the parents’.
That’s where small instant loans are coming in handy in their journey of exploration and fresh new beginnings. Obtaining loans from banks can be a lengthy process, especially when you need to make fast professional decisions. The online instant loan apps are enabling easier access to loans, for these tech-savvy, new-to-credit, salaried individuals with zero to no credit history.
Manifesting travel plans
Gone are the days when taking trips meant months of savings. The younger generation believes in spontaneity, picking up their bags and leaving to satisfy their wanderlust when they get that calling. They had already gone the digital way for their travel bookings, and now they are turning to the digital lending space to fund their sense of adventure through some of the top instant loan apps in India. Fast processing and approval are attracting more and more young people to these instant short-term loans for traveling. Young Indian travel buffs are driving the travel loan and holiday loan segment in India.
Making big life changes
Younger Indians at the juncture of getting married or starting a family often hesitate to take out their rainy day savings to fund these events in their life. The instant cash loans that are available online are easing these tough decisions and allowing them to immerse themselves in the joy of hitting big milestones in life without reaching out for their savings. These instant credit loan apps are connecting individuals with regulated lending entities without the hassle of going through traditional banking procedures.
Maximizing their lifestyle
The younger generation is known for their extravagant lifestyles that often worry their parents. But as a collective, they are conscious beings who believe in making calculated financial decisions. So when they splurge on upgrading their lifestyle with a gadget, appliance, or vehicle, it is usually to address a practical, day-to-day need. They are increasingly choosing to avail of instant cash loans online, so as to have the option of paying back in easy EMIs without exhausting their month’s income at once.