Read the paragraphs under the heading 'Types of Loans' and answer the following
question: What sort of loans are more common in your area?
Answers
Answer:
loan is a sum of money that an individual or company borrows from a lender. It can be classified into three main categories, namely, unsecured and secured, conventional, and open-end and closed-end loans.Types of secured loans
Home loan. ...
Loan against property (LAP) ...
Loans against insurance policies. ...
Gold loans. ...
Loans against mutual funds and shares. ...
Loans against fixed deposits.No work is possible without the aid of money. It is not really possible for every individual to have a sufficient amount of money to accomplish his wishes. Thus to get the required sum of money he borrows money which he later pays off. This activity of borrowing money is an important feature of the loan.loan is a form of debt incurred by an individual or other entity. The lender—usually a corporation, financial institution, or government—advances a sum of money to the borrower. In return, the borrower agrees to a certain set of terms including any finance charges, interest, repayment date, and other conditions.
Explanation:
The answer of the question is
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Gold loans , educational loans , vehicle loans and home loans are more common in my area.