Why are informal sources of credit more convinient and people friendly
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Answered by
7
It is because of the following reasons.
1) it is easy to take loans from friends , relatives or moneylenders.
2) banks and cooperatives require proper documentations. So some rural uneducated people find it difficult to take loans from banks and cooperatives whereas moneylenders don't ask for documentation and only ask for collateral.
ashmeen665:
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Answered by
2
It is easy
No need of collateral
Suitable for poor household
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