More than 90% of Moroccans use consumer credit out of necessity. A mode of financing yet poorly perceived in society. This is revealed by a study carried out by a specialized firm.
According to a study by the firm LMS-CSA carried out for the weekly La Vie Éco, almost half of Moroccans subscribing to consumer credit (49%) have been using it for more than 10 years. This method of financing is however poorly perceived in society. 94% of those surveyed said they use consumer credit out of necessity. 21% of respondents say they have taken out at least one loan that is still being repaid, while 31% say they have taken out two loans at the same time. 12% take out three consumer loans at the same time.
The study also reveals that one in five Moroccans has applied for consumer credit from microcredit organizations to finance an income-generating activity. 58% of people who used consumer credit turned to banks. 4% of respondents say they have taken out a loan to settle another financial commitment. Same percentage for those who financed higher education with consumer credit. 7% of Moroccans have taken out a loan for health problems and 5% for their children’s school fees, the same study specifies.