Assessment of the Impacts of Access to Personal loans on the Well being of Borrowers, Particularly in TPDF Personal loans in Tanzania
This study paid attention to the ‘Assessment of the impacts of access to personal loans on the well being of borrowers, particularly the study intended to determine the extent to which TPDF members accessed personal loans, the existed wellbeing of TPDF Staff, the way how the existed well being of TPDF staff was associated with access to personal loan facilities and the factors influencing the decision by some of the staff not to access these personal loan facilities. The research areas from which the sample was selected were identified from the research population by cluster method. The research population of this study is approximately 27,000 people; employees of the TPDF available in various units (clusters) in Tanzania. Simple random sampling was used in choosing respondents for inclusion into the sample. Primary data sufficed the research requirement. Main data collection methods were questionnaire and interviews. Findings of the study revealed that though majority borrowers can show the extent of personal loans contribution to their assets, statistically there is no association between personal loans and borrowers’ assets. That statistical implication was also justified by the big disparity of assets ownership among borrowers. Another important observation was that assets are evenly distributed among non borrowers. The study concluded that basing on these findings it is hard to associate with confidence personal loans to the existing well being. The study suggests that for the betterment of borrowers, some personal loans terms should be improved; borrowers should be educated on possible negative effects of loans, better reasons for borrowing. It also advised financial institutions to move closer to borrowers and establish better complaint handling procedures.
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