“Although anyone over the age of 18 can apply for a loan, we have noticed that they are mostly young adults (…) The information we have indicates that most of our users use it for different needs, such as daily expenses, purchases , home improvement and business entrepreneurship, etc.”
The platform indicates that more than a million people are first-time users of this service and more than 60% continued to use it by applying for loans more than twice.
It should be noted that by 2022, the placement of credit cards increased due to the good performance of formal employment and the recovery of real wages, according to BBVA Research. Until August of last year, 20.5 million plastic cards had been awarded, a growth of 8.9% compared to the same period in 2021.
Total customers, who are the ones who settle the total account of their card, represent 2.6 percentage points of growth, while non-total customers, who pay only the minimum and earn interest, represented 6.3 percentage points.
In the case of DiDi, the loans that are granted are varied but with a common trend: they need fast money.
“We noticed that users can withdraw a small amount for daily expenses or a larger amount for purchases or travel. Most of them withdraw amounts between 1,000 and 10,000 pesos depending on what they need. The advantage that we have seen that is most important to users is quick withdrawal, in order to solve any need, “said Hurtado.
According to data from the most recent National Survey of Financial Inclusion ( ENIF 2021 ), 78.7% of the population between 18 and 70 years old prefers the use of cash to carry out transactions greater than 501 pesos; 12.3% use debit cards; 3.4% use a credit card, while only 3.3% use other tools such as transfers, checks or prepaid cards.
How to apply for a loan in DiDi?
The company points out that the average request is less than 10 minutes. To obtain a loan, you must do the following:
The service can be accessed through the DiDi applications in the My Wallet menu, or by downloading the independent app DiDi Loans in official stores for iOS and Android systems.
Subsequently, personal data, current INE, and a selfie will be entered, as well as the bank account number where the loan amount will be received. Once their identity and credit history have been verified, the user will receive confirmation that they can apply for the loan, as well as the approved amount. This process takes less than 24 hours.
When the loan is requested, the amount and payment term must be chosen. Once finished, the user will receive the amount in his bank account in approximately two minutes. Processing time, starting with the user’s application until you receive the transfer in your bank account, takes less than 24 hours on business days.
Loans range from 300 to 30,000 pesos and the user who requests it can choose the payment term, either 61 or 91 days, with a monthly interest rate that will start at 5%.