CONSUMERS’ KNOWLEDGE ON INTEREST RATES AND REPAYMENT PERIOD ON CREDIT SOURCE
Journal Title: European Journal of Business and Social Sciences - Year 2014, Vol 3, Issue 8
Abstract
Quantitative approach was adopted where descriptive research design was be applied. A sample of 100 potential and existing credit consumers was used to collect data using a questionnaire, by visiting lending institutions, market and business places, learning institutions and some respondents at their home places. Findings suggest that credit consumers were not fully aware of the credit lending conditions so as to make an informed decision on where to acquire the credit facility. The study also showed that Work place and financial institutions constituted 72 and 78 percent of the financial information respectively to the credit consumers despite some biasness expected from the financial lending institutions. According to these findings and previous research work, it is evident that lack of financial knowledge is more likely to affect specific groups and this should concern the policy makers, including less financially sophisticated and lowerincome consumers.
Authors and Affiliations
Patrick Chege Muchiri| School of Human Resource Management, Jomo Kenyatta University of Agriculture and Technology, Walter Bichanga Okibo| School of Human Resource Management, Jomo Kenyatta University of Agriculture and Technology
Keywords
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- EP ID EP10501
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