August 6, 2021International news
Millennials dominate P2P lending and borrowing
Millennials dominate as the most influential cohort as both borrowers and lenders on peer-to-peer (P2P) lending platforms, says study. LenDenClub, among the country’s largest P2P lending platforms, released its 2020-21 report on the key borrowing and lending behavior of its consumers
According to the report released, millennials belonging to the age group of 21-30 years were the most active as both borrowers (56%) and lenders (54%) on its platform. This was followed by the cohort belonging to the age group of 31-40 years accounting for 37% in case of borrowers and 33% in case of lenders.
It further stated that medical emergencies accounted for 35% of digital loans that were availed during the year. As two consecutive waves of the Covid-19 pandemic took a toll on the Indian healthcare system, there was a huge spurt in medical emergencies reported through the year.
