In Colombia, since the arrival of fintech, the number of entities that grant digital credits has multiplied rapidly. For this reason, RapiCredit recently commissioned a survey of more than 500 people in the main cities of the country, to inquire about qualities, they are the most remembered and preferred credit entities by Colombians.

(Digital credits: not just for ‘millennials’).

The first finding of this survey showed that 35.4% of those surveyed use digital credits several times a year and 26.8% prefer digital platforms because they offer greater agility in the process, less paperwork, quick disbursement and more payment facilities. unlike traditional loan entities, which require physical transfers and too many documents.

Another important finding is the general knowledge about interest rates on the part of the population.. And it is that a large part of the Colombians surveyed have the perception that illegal credit methods, such as drop by drop, have lower interest rates, something totally false, since being illegal and not being under the surveillance of entities regulations, this type of credit has interests well above the usury rate, in addition to sometimes using forced and intimidating collection methods.

(Online credits, what are they and how do they work?).

Among the most significant aspects of the survey, the high level of recording that the different digital credit brands in the country have stands out. Before the question»Of the digital platforms, which one do you know or have you heard of? the majority of respondents (61%) chose RapiCredit as their first choice. It was followed by Nequi, with 60% and Sistecredito (50%).

This shows that fintechs have played an important role in the financial inclusion of the country, banking with their low-amount loans to populations that previously did not have these services.

25% of those surveyed who affirm digital lending platforms affirm that they have used them and report having had a very good experience. 40% say they are familiar with the platforms, but assure that they have not yet used them, which shows that these financial inclusion platforms still have a long way to go in their process of banking Colombians from all regions of the country.

(Fintech creates digital credit line for Colombian entrepreneurs).

Finally, digital loans, according to 36.6% of those surveyed, are used to pay other debts, while 14.4% affirm that they are used to finance education expenses, for rent payments (11 .6%) and for food and market aid (10.7%). Other common objects of credit destination are: expenses for enterprises, expenses on children, purchases of technology and payments for public services.