why is it difficult for poor to get loan from banks
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The poor find the process of taking loans from the bank difficult because of lack of proper documents and collateral. NOTE – Collateral refers to the asset that is owned by the borrower and is used as a guarantee to the lender until the loan is repaid
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Heya mate here is ur answer
●The poor find the process of taking loans from the bank difficult because of lack of proper documents and collateral.
●That's why they take loan from their relatives , friends , landlords, etc.
●In villages , people are illiterate so they do not want to go through the process of documentation.
Hope you get ur answer !!!!
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