m5 Flashcards
1
Q
due date of payment is extended by suppliers
A
suppliers credit
2
Q
provided lending services to its members and the members pay contributions to the cooperative
A
credit cooperatives
3
Q
provides several loan products catering to different types of needs
A
banks
4
Q
first take note of the high interest rates on this source of funds
A
credit cards
5
Q
they usually charge higher interest than banks but their credit requirements are more lenient compared to banks
A
lending companies
6
Q
provides funds in exchange for collateral, usually jewelry, or other items of values
A
pawnshops
7
Q
interest is usually paid per month and monthly interest is 20%
- annual interest is 20%*12 or 240%
A
informal lending services (5/6)
8
Q
highest interest
A
informal lending services
