Finaura Gold Loan Survey Results
Last week we had conducted a survey to know how gold loan was being used by the general public. We are in the process of launching a mobile-based gold loan aggregator product called Finaura. The survey was done to give us a better understanding of the user base. Finaura enables the users to find easy gold loans from gold loan branches located near them.
We had launched the survey using Google Forms which is free service with no limitation on the number of survey participants. The survey was published on our blog and on our Facebook Page. We had also published the survey on all WhatsApp groups we had access to. We even ran a week-long FB campaign but it was only moderately successful.
Key takeaways of the survey
Majority of the people (57.1%) who participated in the survey had used gold loans for emergency needs, there is no surprise there. 19.6% of participants used gold loans to buy land, house, apartment or related needs. The third use case at 8.9% is funding for the purchase of vehicles. These three use cases are what we expected to see. The surprising finding is that 5.4% of the participants have used gold loans to purchase white goods such as television, refrigerator, air conditioners, washing machine etc. We have always thought that gold ornaments have sentimental values attached to them which prevented people from pawning the ornaments to buy non-essential items. Maybe this is a sign of changing mindset of the young generation.