Project Everest

[Experiment Results]: SoCon Fiji - Loan Structures in Fiji December 2018

Reference the Experiment Design Post:

In our experiment, the team focused on the solution phase. The experiment was focused on validating the assumption that consumers prefer a loan structure with the following attributes:

  • Prepayments available
  • Fixed interest rate
  • Individual loan
  • 4 weeks
  • Weekly repayments


The long-term goal involves identifying whether this loan structure is a sustainable  and viable system in which the payment plan can be based on.



The results are displayed here:

We acquired data regarding these metrics by surveying 24 people and the results are as follows:

  1. 41.7% of villagers preferred to have prepayments

  1. 83.3% of villagers prefer individual loans

  1. 16.7% of villagers prefer a 4 week loan

  • 20.8% prefer loans that are less than 4 weeks
  • 16.7% prefer loans that are 4 weeks
  • 50% prefer loans that are 5-7 weeks
  • 12.5% prefer loans that are 8-10 weeks
  1. 91.7% of villagers prefer weekly repayments


Validated learning:

Overall, our findings (statistics) were able to validate 4 of our assumptions. The assumption regarding a fixed interest rate was not tested as it was deemed unnecessary due to the short term nature of the loans and size of the loans, as well as the effort in administering changes in interest rates and payment amounts.

While the experiment build recommended to survey at least 30 people, we found that with the results we currently have, it was not viable to continue with this survey as there are a number of underlying assumptions we need to individually validate prior to conducting this experiment.


Next Move:

Such assumptions needed to be validated before conducting this experiment further include:

  • Villagers receive income on a monthly basis
  • Villagers prefer repaying loans as frequently as their income is paid

From this month we have collated a lot of data which have aided our understanding of Fijians’ preferred loan structures. However, we have also identified many areas that need to be researched further which will be validated in future proposed experiments. We will be posting this soon.

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edited on 18th December 2018, 01:12 by Anastasia Cao
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