MicroMoney: introducing a borrower’s portrait and reviews

July Phoo, the Chief Operating Officer of MicroMoney

Did you know that we in MicroMoney keep all the customers’ reviews, testimonials, and gratitudes? Yes, we have hundreds of them — funny, touching and sad stories about all the circumstances that led the unbanked people to MicroMoney. We decided to create a portrait of our borrowers to prove you that a social microloan sometimes is the problem’s solution for almost everyone.

Who is the borrower of MicroMoney?

We analyzed our clients, who they are, what needs or desires push them to take a loan and how they repay their loans.

Our technology of processing and approving loan applications online without any collateral requirement became very popular in the Southeast Asia. A majority of people here have smartphones and use Facebook as the only social network, which is obviously convenient for our investigation process.

Generally, our clients are people who cannot get a bank loan because they have no credit history. Certainly, it doesn’t mean that a person is unreliable. How can somebody start credit history if he or she can’t get a credit because of the classic bank rules? It seems to be an endless circle for hardworking people. Applying for a loan with our service is quick and easy. By completing the application on the mobile phone screen our potential borrowers get a positive or a negative answer in a matter of minutes. The scoring system is very accurate (up to 95%) and that is why we know for sure that our borrowers are honest and reliable people. Let our customer say it by themselves.

“I’m Win Kyine. I have a small business. I often go to the small township to buy goods. One day, when I went there, after buying and transporting goods to my hometown, I lost my money. I knew nobody there. One of my friends told me about MicroMoney. The loan was very easy to get in a short time. Thanks a lot, MicroMoney, for your help”.

“I work in Yangon. I thought once: how could I solve a problem with money I needed urgently? Now I have no worries about that. MicroMoney provides simple and easy loan services. Thanks, MicroMoney”.

Some interesting statistics

MicroMoney approves a loan for every sixth customer average. Investigation shows some reasons why the remaining five social loans are not approved: 23% people were unemployed, 20% refused to provide their contacts, 7% gave false information. People with clear intentions and honest characteristics get an approval straight away.

90% of our borrowers take a loan for the first time in their lives and most of them are men (88%). The average monthly income of 75% of our clients is $200, which is quite high for emerging markets in Asia. Here is the proof:

“I am a producer on TV channel and my salary is high. However, I have a younger brother who lives in Yangon with me. One day, my brother broke a taxi’s door. He opened the door but didn’t see the car behind. The car’s door was broken, so we had to pay compensation. And we did pay a taxi driver. I paid my whole salary but I didn’t worry because I had MicroMoney’s opportunities. They transferred money to my card. No waste of time and no face to face talk. I used MicroMoney’s loan and repaid it within 3 months. I will remember MicroMoney and I will use it again when I need money.”

There are a lot of reasons for applying for a loan but the basic ones are the following. 35% of borrowers need loans because of the invitations to important events, such as weddings, birthdays, anniversaries, 15% need it to buy good-quality food, 10% — for school expenses, children and medical care, motorcycle repair, etc. Looking at positive reviews, we have a good feeling of helping people, which is the main goal of our service. Let our customers talk again:

“Thanks a lot, MicroMoney! I wanted to buy a present for my love for our anniversary but I was short of money. I had no idea how to solve this problem but one of my friends told me that I can apply for a small loan at MicroMoney. It was a surprise. Oh! Very nice service and I got my loan in a short time! It’s really cool. Thank you, MicroMoney.”

“I am 41 years old. I borrowed money from MicroMoney to pay for my son’s education. So I want to say thank you, MicroMoney”.

Almost all the reviews are so emotional. Some are short and some are like little touching stories of how MicroMoney helped somebody to buy a present for grandfather’s birthday, daughter’s birthday, solve problems with children’s school expenses, pay rent before the salary day, and help parents with medical supplies.

Some of them are funny:

“My husband does not give me enough money. Sometimes I spend more than usual, and when it happens, I don’t want to inform him because he might get mad. That’s why I borrow from MicroMoney. In the end of the month, I repay my loan with the money I got from my husband. I can use the service anytime I want and get money easily. Thanks, MicroMoney.”

Some are very touching:

“I’m Htay Naing Aung Phyo and I found MicroMoney while using Facebook. I needed money to buy food and medicine for my puppy. So I decided to try MicroMoney’s service to solve my problems. The money was sent directly to me. Thank you MicroMoney, I wish you success”.

“My sweetheart’s birthday was in the middle of the month. I didn’t have enough money to buy her a birthday present. So I get a loan from MicroMoney. Quickly and easily I got my money and bought a present. We had the solution of our problem with the help of MicroMoney. Big thanks to MicroMoney!”

Losing a wallet is a very common reason for taking a loan. The fact that a borrower will have some extra money in just several minutes is very helpful.

“Once after work, when I went home, I suddenly realized that I forgot my wallet and I didn’t have time to return home to get it back. So I borrowed some money from MicrorMoney. I got the money very quickly. Thank you, MicroMoney!”

And it is so important for us to know that sometimes we help to save people’s health and lives.

“I used MicroMoney’s loan to improve my sister’s health. Getting loan was easy and convenient! Now my sister is healthy and I’d like to wish you the best of everything, MicroMoney. Good luck!”

“I borrowed from MicroMoney when my husband had gastroenteritis and he couldn’t work, so our income was very low. We had to pay for our apartment and for children’s education. We had financial problems. So I applied for a loan from MicroMoney. I didn’t have to talk face to face with anyone, the service was very easy. Thank you, Micromoney.”

“I’m proud of you, MicroMoney, your loan saved my dear son’s life. Now my son is playing and he’s healthy. Thank you for helping my son.”

Customers mention that service is very quick and convenient, which is a great benefit because a lot of problems that might occur need an urgent solution. The majority of our customers come back to apply for a new loan, with the sum much higher than the previous one. 73% of people who had taken the first loan take the second one. 34% of our clients borrowed money five or more times, 7% take ten and more, and 4% take loan fifteen or more times. In case of overdue, we always talk to customers about reasonable repayment. We try to be financial consultants for them and to help them with planning their assets and payments.

Among other things, it is very important to mention that our clients are wise people with clear and specific purposes like family needs, wish to make someone happy and healthy or some other life situation. Our company trusts our clients and our priority is to make them feel safe.

Other reviews in our facebook group here.