Question

7. Is it better to get loans from Banks or from private money lenders ? Write 4 sen-
tences to support your answer ?
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Answer 1

Answer:

Yes, It is better to get loans from banks than private money lenders.

Explanation:

1. Banks charge a fixed amount of interest where it is uncertain in case of private money lenders.

2. You collateral is safe in hands of the bank.

3. Banks offer long term loans as well as short term loans. The private money lenders offer amount for a shorter period of time.

4. If you don't pay one EMI, the bank allows up to three times but the private money lenders don't allow that.

Hope this helps !!!