Question

Which type of lending Institution is being described?

Answer 1

Answer:

Credit or Cooperative Union

Step-by-step explanation:

Lending institutions can be defined as institutions that provide financial support to people or individuals by making loans available to people who need them.

Lending Institutions can be privately owned and operated or it can be publicly (government) owned and operated. The loans that they make available to people come from the money deposited in such institutions by people or other institutions.

Some types of Lending institutions that we have are:

a) Credit ( Cooperative) Unions

b) Commercial banks

c) Online banks e.t.c.

The type of lending institution that s formed by a group of people who become its members and deposit their money with the institution and can take loans from the institution's available funds is called the CREDIT(COOPERATIVE) UNION.