All In One - Economics

Book: All In One - Economics

Chapter: 3. Money and Credit

Subject: Social Science - Class 10th

Q. No. 1 of Check Point 02

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Write any two problems face while talking credit from informal sources.

A higher rate of interest and the huge cost of borrowing

The credit from the informal source is the getting loans from the money lenders, relatives and many other therefore it will not have any code of conduct and they will charge any rate of interest which will lead to huge cost the borrowers to repay, and lenders can easily exploit the borrowers.


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