Primary Fears of Mexicans When Seeking Online Credit
Mexico still faces a challenge in financial digitalization. Although the offer of fintech with digital financial products is growing, Mexicans remain concerned about privacy, conditions, and treatment by online credit platforms.
A study by the fintech Kueski reveals the main fears and what users look for when choosing a platform to request a loan.
- High interest rates: This is the biggest fear, affecting 45% of respondents. “Often, since it’s not clear how capital and interest are divided, people are afraid to take out a loan and end up paying more than they expected,” explained Lisset May, senior vice president of sales at Kueski.
- Data security: 22% of users fear their privacy being violated and the handling of their personal data. “One major barrier is the distrust in entering data online,” commented May.
- Financial system mistrust: High distrust in the financial system remains, with unauthorized charges being a key concern.
What Users Value in Digital Loans
When seeking a secure personal loan, Mexicans prioritize convenience and transparency. 27% seek quick and easy-to-request credits, while 17% value clear and transparent interest rates. The option to pay without penalties for early payment is also crucial.
“This shows that the population is willing to learn about the practices of various financial entities,” affirmed May. Users protect themselves by reading reviews and comments, and ensuring the platform is registered with the Condusef, a critical step for security.
Purpose of Online Loans
Loan objectives vary by age group. Older individuals primarily use these credits to establish or improve their credit history. Conversely, younger people view them as a tool for better financial management. For all groups, personal loans serve as a means to address economic emergencies.
Key Questions and Answers
- What are the main concerns of Mexicans when applying for online credit? High interest rates, data security, and mistrust in the financial system are the primary concerns.
- What do users value in digital loans? Users prioritize convenience, transparency, quick and easy application processes, clear interest rates, and the ability to pay without penalties.
- How do Mexicans use online loans? Older individuals mainly use them to build or improve credit history, while younger people see them as a tool for better financial management. For all age groups, online loans are used to handle economic emergencies.
