EFFECTS OF UNSECURED PERSONAL LOANS ON HOUSEHOLD FINANCIAL HEALTH OF PRIMARY SCHOOL TEACHERS IN EMINING DIVISION, BARINGO COUNTY, KENYA
DOI:
https://doi.org/10.24297/ijmit.v12i1.6311Keywords:
Unsecured personal loan and Financial .Abstract
Credit facilities include both secured and unsecured loans. For employees, unsecured personal loans have become more popular due to the relative ease and speed at which they can be obtained. The study focused on three areas namely: evaluate the effects of school fees loans on household financial health of primary school teachers in Emining division, assess the effects of home improvement loans on household financial health of primary school teachers in Emining division, examine the effects of emergency loans on household financial health of primary school teachers in Emining division and establish the effects of development loans on household financial health of primary school teachers in Emining division. The study used descriptive research design. Purposive sampling was used to obtain a sample of 165 respondents, 5 teachers from each of the thirty-three primary schools, in Emining Division, Baringo. A questionnaire was used to collect primary data from the respondent. Correlation analysis was conducted to test the study hypotheses. Results of the study showed that there is a statistical significant positive relationship between unsecured personal loans and household financial health. In particular, there is a statistical positive association between school fees loans, home loans, emergency loans, development loans and household financial of primary school teachers. The study concludes that unsecured loans contributes to the wellbeing of primary teachers.Downloads
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References
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16. Grades, E. (2007). The impact of Microfinance on Rural Poor Households’ Income and Vulnerability to Poverty: Case Study of Makueni District, Kenya. Inaugural- Dissertation
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18. Hudon M. (2009). Should Access to Credit be a Right? Journal of Business Ethics, 84 (1)
19. Joo, S., & Grable, J.E. (2004). an Exploratory Framework of the Determinants of Financial Satisfaction. Journal of family and Economic issues 25(1) 162-171
20. Kentours Sacco (2015). Types of Loans retrieved on Jan 14, 2015 from http://www.kentours.co.ke/index. php/normal-loan.html
21. Kenya Census (2009) Information on Kenya-Census-2009, Retrieved on December, 11 2015 from http://www.scribd.com/doc/36672705/
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23. Milango Financial services (2014). Types of Loans retrieved on Jan 14, 2015 from https://www.google.com/search? q=milango+loans&ie=utf-8&oe=utf-8
24. Nam. I. & Elliott., W (2013). Isstudent Debt Jeopardizing the Short-Term Financial Health of U.S Households?
25. Nangila, L.O. (2013).The Efects of Unsecured Personal Loans on Household Welfare of Secondary School Teachers in Bungoma County, Kenya. , A Research Project Submitted In Partial Fulfillment of The Requirements For The Award Of The Master Degree In Business Administration (MBA), University Of Nairobi.
26. Omwange A. M., (2012). Relationship between Microfinance Loans and Household Welfare in Bungoma County-Kenya, A Research Project Submitted In Partial Fulfillment Of The Requirements For The Award Of The Master Degree In Business Administration (MBA), University Of Nairobi.
27. Orodho, (2009). Elements of Education and Social Science Research Methods.
28. Porter, N.M & Garman, E.T. (1993). Testing a Conceptual Model of Financial Well-Being.Financial counseling and planning.
29. PWC, (2007). Unsecured Loans in Retail Banking. Ensuring Sustainability in the Muslim World:
30. Quach. H., Mullinax .A.,&Murinde V. (2005) Access to Credit and Household Poverty Reduction in Rural Vietam; A Cross-Sectional Study.
31. Rio A.D., & Young G., (2005).The Impact of Unsecured Debt on Financial Distress Among British Household, Working Paper No. 262
32. Steed B. (2011). Personal Finance: Another perspective, Budgeting and Measuring your Financial Health, chapter 3 Brigham Young University
33. World Bank Survey, (2012).Unsecured Credit in the Mortgage Market. World Development Report 2012. Building Institutions for Market. Washington, DC, The World Bank/ Oxford University Press.
2. Becchetti L; &Conzo, P (2013). Credit Access an Life Satisfaction; Evaluating the Non Monetary Effects of Micro Finance.Applied Economics.
3. BoreshaSacco(2015). Types of Loans retrieved on Jan 14, 2015 from https://www.google.com/search?q =boresha+sacco+loans+topup/refinaneloans
4. Branch and Agency Examination Manual on Commercial Loan. Sept 1997 Sec. 3050.1 Pg 8
5. Brennan, C., & Gallagher, K. (2007). Consumer Over Indebtedness a Review of the Quality of Money Advance Services in Scotland. International Journal of Consumer Studies.
6. CBK (2012), Unsecured Lending Among Banks
7. CBK (2014) Central Bank of Kenya Prudential Guidelines for Institutions Licensed Under the Banking Act Cbk/Pg/01
8. CFC Stanbic Bank (2014). Types of Loans retrieved on Jan 14, 2015 from http://www.cfcstanbicbank.mobi/heartl andbanking/homeLoan.jsp
9. Comptroller hand book 1998. Loan portfolio management Retrieved on 19th April 2016 at http://www.occ.gov/ publications/publications-by-type/comptrollers-handbook/lpm.pdf
10. Credit Reference Bureau Data Standards Manual, (2008).
11. Drentea, P. &Lavrakas, P.J, (2000). "Over the Limit: the Association among Health, Race and Debt." Social science and Medicine 50, pp 517-529
12. Egerton University Sacco (2014) Types of Loans retrieved on Jan 14, 2015 from http://www.egertonuniversitysacco .coop/index.php/normalloans
13. Farugui U (2008) Indebtedness and the Household Financial Health; An examination of the Canadian Debt Services Ratio Distribution, working paper 2008-46
14. Financial Therapy Association (2013). About the FTA, Journal of financial Therapy Article 4, Issue 1
15. Gichera Thompson. J. (2014). The effects of Student Loans on Long-term Households Financial Stability.
16. Grades, E. (2007). The impact of Microfinance on Rural Poor Households’ Income and Vulnerability to Poverty: Case Study of Makueni District, Kenya. Inaugural- Dissertation
17. Gutman. A, Garon. T, Hogarth. J & Schneider. R (2014), Understanding and Improving Consumer Financial Health in America. Center for Financial Services Innovation found at www.cfsinnovation.com
18. Hudon M. (2009). Should Access to Credit be a Right? Journal of Business Ethics, 84 (1)
19. Joo, S., & Grable, J.E. (2004). an Exploratory Framework of the Determinants of Financial Satisfaction. Journal of family and Economic issues 25(1) 162-171
20. Kentours Sacco (2015). Types of Loans retrieved on Jan 14, 2015 from http://www.kentours.co.ke/index. php/normal-loan.html
21. Kenya Census (2009) Information on Kenya-Census-2009, Retrieved on December, 11 2015 from http://www.scribd.com/doc/36672705/
22. Kenya Commercial Bank (2014). Types of Loans retrieved on Jan 14, 2015 from https://ke.kcbbankgroup. com/personal-banking/borrowing/personal-loan/detail/unsecurednon-check-off-loan/
23. Milango Financial services (2014). Types of Loans retrieved on Jan 14, 2015 from https://www.google.com/search? q=milango+loans&ie=utf-8&oe=utf-8
24. Nam. I. & Elliott., W (2013). Isstudent Debt Jeopardizing the Short-Term Financial Health of U.S Households?
25. Nangila, L.O. (2013).The Efects of Unsecured Personal Loans on Household Welfare of Secondary School Teachers in Bungoma County, Kenya. , A Research Project Submitted In Partial Fulfillment of The Requirements For The Award Of The Master Degree In Business Administration (MBA), University Of Nairobi.
26. Omwange A. M., (2012). Relationship between Microfinance Loans and Household Welfare in Bungoma County-Kenya, A Research Project Submitted In Partial Fulfillment Of The Requirements For The Award Of The Master Degree In Business Administration (MBA), University Of Nairobi.
27. Orodho, (2009). Elements of Education and Social Science Research Methods.
28. Porter, N.M & Garman, E.T. (1993). Testing a Conceptual Model of Financial Well-Being.Financial counseling and planning.
29. PWC, (2007). Unsecured Loans in Retail Banking. Ensuring Sustainability in the Muslim World:
30. Quach. H., Mullinax .A.,&Murinde V. (2005) Access to Credit and Household Poverty Reduction in Rural Vietam; A Cross-Sectional Study.
31. Rio A.D., & Young G., (2005).The Impact of Unsecured Debt on Financial Distress Among British Household, Working Paper No. 262
32. Steed B. (2011). Personal Finance: Another perspective, Budgeting and Measuring your Financial Health, chapter 3 Brigham Young University
33. World Bank Survey, (2012).Unsecured Credit in the Mortgage Market. World Development Report 2012. Building Institutions for Market. Washington, DC, The World Bank/ Oxford University Press.
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Published
2017-09-20
How to Cite
Kingwara, R., Bett, F., & Bosire, M. (2017). EFFECTS OF UNSECURED PERSONAL LOANS ON HOUSEHOLD FINANCIAL HEALTH OF PRIMARY SCHOOL TEACHERS IN EMINING DIVISION, BARINGO COUNTY, KENYA. INTERNATIONAL JOURNAL OF MANAGEMENT &Amp; INFORMATION TECHNOLOGY, 12(1), 3153–3158. https://doi.org/10.24297/ijmit.v12i1.6311
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