ASSESSMENT OF THE PERCEPTION OF RURAL SMALL SCALE COOPERATIVE FARMERS ON LOAN REPAYMENT IN IFEDORE LOCAL GOVERNMENT AREA, ONDO STATE

This study investigated the perceptions of rural small-scale cooperative farmers regarding loan repayment in Ondo State, utilizing a structured questionnaire administered to 105 respondents selected via multi-stage sampling. Descriptive statistics were employed to analyze respondents' socio-economic characteristics, perceptions of loan repayment, loan utilization, and constraints affecting timely repayment. The findings revealed that (36.2%) were between the age of 50-59, indicating an active farming demographic. A notable male majority (57.1%) suggests gender biases in credit access, while 77.1% of respondents were married, potentially enhancing farm management efficiency. Educationally, over half (52.4%) had only primary school education, which may hinder access to loans with strict literacy requirements. Most farmers (87.6%) owned 1-2 plots, typical of subsistence farming. Loan utilization is primarily for essential inputs, with significant constraints identified, including high interest rates and lack of government support. Preference for weekly repayment aligns with traditional savings practices. Despite a generally positive perception of loan repayment, challenges like small landholdings and low monthly incomes (average 81,571 NGN) impacted repayment capability. The study highlighted the need for structural adjustments, including improved extension services, flexible loan terms, and targeted government support, to enhance financial resilience and timely loan repayment among rural farmers. These insights underscored the importance of supportive frameworks to bolster the financial sustainability of small-scale farmers.