Lime Credit Group Office in Mexico (Lime MX) presents its borrower’s portrait as of 2022. According to the study, a typical Lime MX customer is a small business owner, male, in his 30s. He normally takes a loan of 2,000 MXN for a term of 35 days.
Demographics
Let’s take a closer look at the statistics. Most loans in Lime MX are still taken by male borrowers, even though the share of female clients has been increasing steadily and has amounted to 40% in 2022. The vast majority of the customers are economically active and use Internet regularly, which is no surprise since the company operates in the online segment only. Specifically, around 70% of the company's borrowers are people aged 21 to 40 years.
Geographically, Lime MX borrowers are generally concentrated in the capital and major regional centers. By state, most loans in 2022 were issued in Mexico City, State of Mexico, Jalisco, Veracruz and Nuevo Leon.
As for the borrowers’ professions, Lime MX services are mostly consumed by small entrepreneurs: every third loan is taken to develop a small family business. Moreover, compared to 2021, the share of entrepreneurs among Lime MX customers has increased from 24 to 32%. At the same time, every fifth borrower (21%) belongs to blue-collar workers. Almost the same part of the company’s client base consists of managers (20%) and a slightly less share is taken by service workers (14%).
Loan amount
Most Lime MX customers favor loans of 2,000 MXN and above. The most common loan amount chosen by 62% of customers is that of 2,000-2500 MXN. At the same time, every seventh borrower (14%) gets a loan in the amount of 3,000-4,000 MXN.
Interestingly, the preferred loan amount for new borrowers differs slightly compared to that for the total customer base. For this segment, loans of 2,000 MXN are also leading confidently with 71% of customers choosing this amount. In contrast, only a quarter of borrowers take small loans of 1,500-1,600 MXN.
Compared to 2021, in 2022 Mexican customers took noticeably greater amounts: the number of bigger loans of 2000-2500 MXN more than doubled, while the number of smaller loans of 1100-1600 MXN decreased by 1.8 times. The situation has changed even more drastically for new customers, with the number of larger loans of 2000 MXN having increased almost by 7 times over the year.
Loan term
In most cases, Lime MX customers choose loans for a term of 30-35 days: this is what every third borrower does. Slightly fewer customers (18%) are willing to repay the debt in 21 days. Shorter loans are less popular: only 10% of the company’s borrowers prefer to pay off in 7 days.
Among the new Lime MX customers, the majority also opt for longer-term loans. Moreover, what is especially surprising, this share among the “newcomers” is higher than among the “experienced” borrowers: up to 40% of new customers prefer to repay in 30 days or more.
The fact that Lime MX customers favor larger and longer loans indicates a high trust level among those, revealing the potential to increase the share of solvent borrowers as well as to build a long-term relationship with them.
Demographics
Let’s take a closer look at the statistics. Most loans in Lime MX are still taken by male borrowers, even though the share of female clients has been increasing steadily and has amounted to 40% in 2022. The vast majority of the customers are economically active and use Internet regularly, which is no surprise since the company operates in the online segment only. Specifically, around 70% of the company's borrowers are people aged 21 to 40 years.
Geographically, Lime MX borrowers are generally concentrated in the capital and major regional centers. By state, most loans in 2022 were issued in Mexico City, State of Mexico, Jalisco, Veracruz and Nuevo Leon.
As for the borrowers’ professions, Lime MX services are mostly consumed by small entrepreneurs: every third loan is taken to develop a small family business. Moreover, compared to 2021, the share of entrepreneurs among Lime MX customers has increased from 24 to 32%. At the same time, every fifth borrower (21%) belongs to blue-collar workers. Almost the same part of the company’s client base consists of managers (20%) and a slightly less share is taken by service workers (14%).
Loan amount
Most Lime MX customers favor loans of 2,000 MXN and above. The most common loan amount chosen by 62% of customers is that of 2,000-2500 MXN. At the same time, every seventh borrower (14%) gets a loan in the amount of 3,000-4,000 MXN.
Interestingly, the preferred loan amount for new borrowers differs slightly compared to that for the total customer base. For this segment, loans of 2,000 MXN are also leading confidently with 71% of customers choosing this amount. In contrast, only a quarter of borrowers take small loans of 1,500-1,600 MXN.
Compared to 2021, in 2022 Mexican customers took noticeably greater amounts: the number of bigger loans of 2000-2500 MXN more than doubled, while the number of smaller loans of 1100-1600 MXN decreased by 1.8 times. The situation has changed even more drastically for new customers, with the number of larger loans of 2000 MXN having increased almost by 7 times over the year.
Loan term
In most cases, Lime MX customers choose loans for a term of 30-35 days: this is what every third borrower does. Slightly fewer customers (18%) are willing to repay the debt in 21 days. Shorter loans are less popular: only 10% of the company’s borrowers prefer to pay off in 7 days.
Among the new Lime MX customers, the majority also opt for longer-term loans. Moreover, what is especially surprising, this share among the “newcomers” is higher than among the “experienced” borrowers: up to 40% of new customers prefer to repay in 30 days or more.
The fact that Lime MX customers favor larger and longer loans indicates a high trust level among those, revealing the potential to increase the share of solvent borrowers as well as to build a long-term relationship with them.