Insights from Moneyview’s 2023 Consumer Credit Survey: Evolving Landscape of Credit Score Awareness and Financial Preferences

Moneyview, a leading financial services platform, has recently released the findings from its 2023 Consumer Credit Survey, providing valuable insights into credit habits, loan aspirations, and key factors influencing financial decisions. The survey captured responses from a diverse group of individuals, shedding light on the evolving landscape of credit score awareness and financial preferences.

According to the survey, an impressive 40% of respondents diligently check their credit scores every month, indicating a growing awareness of the importance of credit health. Additionally, half of the participants reported receiving suggestions to improve their credit scores at no cost, showcasing a proactive approach towards credit management.

A significant 71% of respondents expressed plans to take a loan in the range of Rs. 30,000 to Rs. 2,00,000, highlighting the continued demand for financial assistance. When choosing a lender, participants prioritize positive ratings, low processing fees, low interest rates, high loan amounts, instant approvals, quick disbursements, and a completely online process.

The survey also revealed that 24% of individuals planning to take a loan aim to invest in business, 15% require funds for medical emergencies, and another 15% intend to use the loan for home renovation or construction. A noteworthy 88% of respondents affirmed their regular practice of checking their credit scores without fail, emphasizing the importance of credit monitoring.

Communication channels such as WhatsApp/Text messages and emails emerged as the primary sources of credit score awareness for 34% of respondents, followed by Google/Online Search at 18% and recommendations from friends and family at 12%.

Occupation and designation statistics from the survey show that 61.52% of loans were taken by salaried individuals and 38.48% by the self-employed in 2023. The distribution of loans across town classes was 19.98% in Tier 1, 12.69% in Tier 2, and 66.93% in Tier 3. Additionally, 13.98% of females and 86.01% of males availed loans in the year 2023.

Overall, the insights from Moneyview’s 2023 Consumer Credit Survey highlight the importance of credit awareness and prudent financial planning in today’s rapidly evolving financial landscape. The findings provide valuable information for individuals looking to make informed financial decisions in the digital age.