What Lending Has Taught Us About Marketing to People

What Lending Has Taught Us About Marketing to People

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We used to think the hardest part of reaching our borrowers was the targeting. Get the list right, send the message, done.

It took us a while to realise we were solving the wrong problem.Here's what years of lending in this market has actually taught us: the same person can need completely different things from you depending on the day, the week, or when a life changing event has occurred.

A teacher who borrows every 15th of the month like clockwork because she knows her salary won't “drop” until the 28th. A trader who borrows randomly, whenever a bulk deal surfaces that he can't afford to miss. Two completely different people. Two completely different relationships with money. But without looking closely at behaviour, you'd message them the same way. And you'd lose one of them.

What makes this even more interesting is what our borrowers tell us. When we ask, roughly half say they're using what looks like a personal loan to actually fund their business, restocking inventory, covering a supplier payment, bridging a cash gap before a big order comes in. The other half are managing personal needs, school fees, transport, and an unexpected bill. Same product, two completely different financial realities.

When we started paying attention to those differences, the messaging changed. And so did the results. Conversion improved but more importantly, the communication felt honest.

Lending is one of the most personal financial decisions a person makes. It means someone needs help and is trusting us to fulfil that. The least we can do is make sure what we say actually meets them where they are.

Here at Migo, we are continuously discovering how to do this better. One yes at a time.