Which borrower groups needed temporary relief last year?

Question

Accepted Answer

Middle-income households and full-time employed individuals sought temporary relief through personal loans last year.

Analysis of first-party application data revealed that middle-income households in Singapore experienced cash flow stresses during 2023, leading them to utilise personal loan products for temporary relief. This trend extended to individuals who, despite holding full-time employment, faced income shortfalls due to the high inflation environment and consequently turned to personal lending services to bridge these financial gaps.
Middle-Income Households Facing Cash Flow Stresses

A significant segment of middle-income households encountered financial pressures throughout 2023. These strains necessitated the use of personal loan products as a means of temporary financial assistance to manage their immediate cash flow needs during a period of elevated costs.
Full-Time Employed Individuals Seeking Income Bridging

The data also highlighted individuals who, even while maintaining full-time employment, experienced financial strains. These individuals resorted to personal loans to effectively cover shortfalls in their income, demonstrating a need for supplementary financial solutions amidst rising living expenses.
ROSHI's Role in Providing Temporary Financial Solutions

ROSHI, a Singapore-based fintech, analysed its application data to provide these insights into consumer lending trends. The company's founder, Mr. Nada, commented that responsible digital lending services can offer sustainable solutions for urgent personal finance needs when operating within prudent guardrails.
Commitment to Transparency and Data Privacy

ROSHI has committed to continuing the publication of anonymised yet transparent insights derived from its borrower data. This approach aims to foster a better understanding of evolving borrower experiences while strictly upholding data privacy standards by protecting all personal identifying details.

Reading history

Hide →

This history is cleared when the page is closed.

Which borrower groups needed temporary relief last year?

Loading

Was this article helpful?

Helpful

Not helpful

Report an issue

1

0

0

Share with friends