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Motivations for Alternative Financial Services Credit Product Utilize. Grounds for utilization of Alternative Financial solutions (AFS) Credit items

Motivations for Alternative Financial Services Credit Product Utilize. Grounds for utilization of Alternative Financial solutions (AFS) Credit items

Expenses Financed with Alternative Financial Solutions Loans. Alternate services that are financial items are usually marketed as short-term solutions for crisis cash requirements among liquidity-constrained individuals. Table 4 presents the reasons that AFS users report for making use of these credit services and products. The essential typical explanation cited for utilizing an AFS loan had not been to satisfy a crisis need: nearly 1 / 2 of AFS users (44 %) reported using the loan to pay for fundamental cost of living. Very nearly 5 per cent reported with the loan to acquire luxury products. Nineteen % of customers utilized the loans which will make up for lost earnings, nearly 13 per cent of customers utilized the loan for home or auto repairs, and much more than 2 % utilized the loan to cover medical costs. 16