All In One - Economics

Book: All In One - Economics

Chapter: 3. Money and Credit

Subject: Social Science - Class 10th

Q. No. 5 of Self Assessment

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Mention the sources of informal credit.

Credit from these sources moneylenders, friends, relatives, traders, employers, etc. can be said as informal sources of credit.

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

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