To find out the general awareness of the various non-bank lending sector related issues a survey was recently conducted in one of the markets where 4finance has active operations. The study included 700 respondents, who have ever used the non-bank credit lending services.
Society perceptions and points of view are of great value – they help improve the quality of services provided. During the survey people’s opinions about responsible borrowing were researched. The results show that people lack information, and they would like a simple, transparent way to find answers to questions related to the industry.
60% of all respondents admitted that they are not aware of legal framework and norms, even though they are directly relevant to the consumer.
Almost 90% admitted that it is very important for them to know about consumer rights and responsible borrowing, but at the same time, the share of respondents indicated that they do not know where to look for industry-related and relevant information themselves. Therefore, financial education platforms such as BorrowResponsibly are intended to meet the needs of consumers, and at the same time reduce the risks which may arise from ill-considered use of non-bank credit lending services.
If you are interested in how legislation regulated lending and other industry services, we encourage you to contact your lender’s Customer Service Department!