Breaking Down the Borrower

What if you could identify and market your lending products to the ideal consumers who are looking for loans right now? Understanding each generation and defining the most attractive borrower groups within them will allow you to optimize your loan offerings and marketing strategies.

We’ve analyzed and identified a segment of borrowers from each generation (Millennials, Gen Xers, and Baby Boomers). Our research exposes more about these segments of the population, what type of experience they expect, and which products will connect with them.

What is important to loan borrowers of different generations? Transparency, control, and flexibility.


“Moving Up” Millennials: A modern experience wins their favor.


“Moving Up” Millennials are a group of educated, driven, 18-34-year old professionals with good (though sometimes limited) credit. With household incomes between $50k-$100k, “Moving Up” Millennials have the means to make higher payments than other Millennials.

Here’s something you might not expect — this group is less concerned with interest rates. In fact, 65% of “Moving Up” Millennials say they make decisions based on a good consumer experience and only 35% on rates. This group prefers an all-digital process, appreciates loan management tools, and likes being rewarded for loyalty.

When targeting this group, keep in mind that they are unsatisfied with the conventional loan application process compared to the convenience offered by other industries. For them, an easy, fast process and a slick user experience outweigh the importance of interest rates. This generation is also concerned about taking on too much debt. Convenience, flexibility, and speed are key to attracting them — along with a product that allows (and even encourages) them to pay down their debts faster.

What kind of loans are they looking for? Young and ambitious, “Moving Up” Millennials are exploring higher education and graduate school. They are also in the early stages of adulthood, which include life events like weddings and home improvement projects, so consider marketing personal loans to this group. Auto loans are secondary for them, followed by refinancing student loans.

Millennials shopping for loans look for modern experience, online loan managements tools, and rewards for loyalty.


“Upward and Onward” Gen Xers: Overcome their skepticism with transparency and service.


Well-educated, employed, and financially savvy, this 35-54 age group. has great credit and a household income between $75k-$125k, which means they have access to preferred interest rates and loan terms.

Though “Upward and Onward” Gen Xers prioritize rates over experience, the experience is still important. This group likes the convenience of a digital lending application but prefers in-person interaction when closing. Reach them with exclusive offers, a sleek digital platform, and a friendly, casual in-person experience.

It’s important to note that this group can be skeptical about loans, having a “what’s the catch?” mentality. To combat this, make it easy for them to understand their loan terms and know exactly where their money is going. They seek products and services that provide a lot of visibility and put them in control.

Offer this group auto loans. Buying and replacing aging vehicles is a priority for them, followed by refinancing student loans, then home loans.

Gen X loan borrowers look for a great interest rate, exclusive offers, and attentive in-person service at closing.


“Established and Educated” Boomers: Rate is king, but experience and security matter.


Members of this 55-72 age group are well educated, employed but nearing retirement, and are financially stable. They typically have household incomes between $100k-$150k with excellent credit and sizable savings.

“Established and Educated” Boomers make decisions primarily based on interest rate. In fact, 82% will choose a lender for the rate compared to the 18% who might be swayed by the overall experience. They will take the time to research and submit documents online (meaning a digital application process is still important), but like the “Upward and Onward” Gen Xers, they want to have a positive in-person experience when closing the loan.

Similar to the “Upward and Onward” Gen Xers, this group prioritizes auto loans, followed by refinancing student loans. They are less focused, however, on home loans than they are on consolidating personal loans.

Baby boomer loan borrowers look for a great interest rate, a digital lending application, and attentive in-person service at closing.


Attract all three groups with a revolutionary new loan.


We designed the Kasasa Loan® to give consumers from all generations the lending experience they want.The Kasasa Loan is transforming the way people think about borrowing money and paying it back with a new concept called take-backs™. It’s the only loan that lets borrowers pay ahead to get out of debt faster, but gives them the flexibility to take back what they overpaid in case of surprises.

revolutionary loan product kasasa loans dashboard helps millennials, gen x, and baby boomers better manage their debt

The loan also features a sleek, mobile-friendly dashboard that lets borrowers manage their debt by showing them the status of their loan in just seconds. In fact, 85% of consumers said they would log into their Kasasa Loan dashboard monthly to manage their loan.* (With more engaged borrowers, you gain significant cross-sell power!)

Because borrowers also want transparency, the dashboard lets them clearly see the impact of payment changes before they make them, providing them more control over their loan and enabling them to make better financial decisions.

Looking for a Kasasa Loans demo? Request one here!

*Based on 2017 Kasasa consumer study

Tags: Research, Lending