Study: 94% of Moroccans Use Consumer Credit Out of Necessity Despite Social Stigma

According to a study by the LMS-CSA firm carried out for the weekly La Vie éco, almost half of Moroccans subscribing to consumer credit (49%) have been doing so for more than 10 years. This mode of financing is nevertheless poorly perceived in society. 94% of the people surveyed said they resort to consumer credit out of necessity. 21% of the respondents say they have taken out at least one loan still in the process of being repaid, while 31% say they have taken out two credits at the same time. 12% subscribe to three consumer credits at the same time.

The study also reveals that one in five Moroccans has applied for consumer credit from microfinance institutions to finance an income-generating activity. 58% of people who have used consumer credit have turned to banks. 4% of respondents say they have taken out a loan to pay off another financial commitment. The same percentage for those who have 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.