May 2 (SeeNews) - Quick access to financing and simplified lending procedures are the two top reasons why borrowers opt for taking out a small consumer loan from a non-banking institution in Bulgaria, a new survey has shown.
The main purposes of borrowing from a non-banking institution in Bulgaria are the purchase of goods (69%), covering unexpected expenses (23%) and home repairs (8%), according to the survey commissioned by Sofia-based consumer loan company Easy Credit.
The survey was conducted by local research agency Market Links among 1,000 respondents in Sofia and other large cities in Bulgaria.
About 43% of the respondents said that they would be unable to cover unforeseen expenses without borrowing money. Most of them said they would seek financial help from relatives or friends, while the rest would resort to the services of banking and non-banking institutions.
Easy Credit was founded in April 2005. It operates in Bulgaria, Romania, Macedonia, Poland and Ukraine.