Question

what are the informal source of credit.​

Answer 1

Explanation:

Formal sources typically charge lower interest rates. They charge much higher interest rates for informal sources.

Examples: Banks and cooperatives Examples: Moneylenders, merchants, workers, relatives and friends etc.

Answer 2

Answer:

your answer

Explanation:

(a) Informal sources of credit are moneylenders, traders, employers, relatives, friends etc. (b) There is no government or private organisation that manages or check the credit activities performed by informal sources