LSS 2533 Research Methods
CLO 3 – Research Findings Report
Marwan Mohamed Sultan
H00277707
CJM
-Mind map
Money
lending
Justification:-
Nowadays it's so easy for people to
borrow money from the bank and other people. Most Emiratis borrow money from
bank to use the money in many different ways. In fact most of them complain
about the high rates which the bank offers. So it's important for the borrowers
to understand how borrowing money could risk their lives. There are many
different ways that could help the borrower to avoid the risk. In the end, the
research will be useful for all people in the UAE which provides the good way
of using money and to prevent harmful effects on the UAE economy. It's
necessary to make people's minds clear so that we can keep the country’s very
high reputation.
Research questions:-
1- What is the first thing you would do when you
receive money from bank as a loan?
2- Why do you borrow money?
3- How do you feel when you are in debt?
4- What would you do when you can’t pay back the
bank?
5- Do you highly recommend to borrow money from
the bank? Why?
6- Do you agree that borrowing money could put
you in bad situations and risk?
Background:-
Borrowing money is one of the most
common issues that people have. They borrow money for many purposes, either to
get what they want or to get what they need. So people always try to choose the
best bank that offers the lowest rate in order to pay back less which would be
better for the borrower. It's so easy to receive money but it’s hard to pay
back. Not paying back could get yourself in a big mess which might end you up
in prison. Using the money in a bad way such as buying a new car while you have
one or using it for leisure will make you regret later on. However people must
stop risking their lives for the sake of their future and family. Using the
money in a good way such as investing or doing a business would make the risk
less where you can make more money and guarantee the payback. That would make a
person’s life safe and allow him a good sleep without worrying much.
Data collection procedures and the
results:-
The data in this research applied to
20 students by using the questionnaires which included 11 questions based on
people’s thoughts and opinions about borrowing money.
Results:-
1- Do you borrow money from the bank?
1. Yes 85%
2. No 15%
2- What is the first thing you would do if you wanted to receive
money from bank as a borrower?
1. Buy a car 20%
2. Spend it for leisure 15%
3. Invest the money 15%
4. Buy a house 30%
5. Other things 20%
3- How do you feel when you are in debt?
1. Worried and sleepless 70%
2. No feelings 30%
4- What would you do when you can’t pay back the
bank?
1. Ask for money from people or
family 30%
2. Nothing and go to jail 25%
3. Try to sell things and get the money to
repay 45%
5- Do you agree that borrowing money could put you in bad
situations and risk?
1. Yes 75%
2. No 25%
6- How could borrowing
money get you in trouble and risk?
1. Create fights when you can’t pay back
the person and end of friendship 5%
2. Puts you in jail when you can’t pay back
the jail 10%
3. Feeling bad and sell things you need
just to pay back 30%
4. all of the above 55%
7- How many times did
you borrow money and paid back?
1. Once 5%
2. More than once 10%
3. Many times 20%
4. None 65%
8- When would you pay
back if you borrow the money?
1. When you have money instantly 75%
2. Postpone till the lender ask 10%
3. You don’t know when 15%
9- Do you want to
borrow money in the future?
1. Yes 25%
2. No 75%
10- Do you recommend to borrow money from the bank? Why?
According to people’s opinion, Many don’t recommend borrowing money
from the bank as one of them say if you don’t really need the money don’t
borrow it, and other one says we should save the money then buy what we want,
and one of them says he is satisfied with the salary. So as others agree that
it could get you to risk, and also they think it’s better than borrowing from
the people. While few people recommend to borrow to make business and have
better life.
11- Why do you think interest rates of the bank is a problem?
According
to people’s opinion, Most of them think that its illegal for the bank to have
high or low interest as it’s forbidden to our Islamic religion and not fair.
Others think that you pay more than you take as one of the students say the
more you delay the paying back the more you pay money.
Interpretation and
conclusion:-
85% of the students
don't borrow from the bank according to the results, which is a very good percentage
and that means they have good thoughts and a bright future. And they don't
recommend borrowing money from the bank as they are satisfied with their
salary. As they agree that it could get you in risk. Also they think it's
illegal and not fair for the bank to have high or low rates which is forbidden
to the Islamic religion, while most of the students in the 15% group recommend
borrowing money in order to make business and live a better life and that's a
good way of using money which has made UAE economy safer. It's important for the people to
understand the right ways of having a better life, bright future and to avoid
the risk that could erase the happiness in people's lives.
