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How Do American Consumers Borrow
Young consumers often have not established their credit ratings. Many do not have steady incomes. They might have difficulty borrowing money from an agency in business to make loans. Parents or relatives are usually their best source of loans. Of course, the parents or relatives would have to have money available and be willing to lend it. You might even get an interest-free loan. However, a parent or relative who lends should receive the same interest as any other lender.
There are disadvantages in borrowing from parents or relatives. One is that they may not insist on you paying back the money by a certain time. As a result, you might let the loan drag on. This is especially true if you are not required to pay interest. This is not a way to develop good credit habits.
For most consumers, the cheapest place to borrow is at a commercial bank. Banks are a good source of installment loan which m
A. The newest type of bank loan is simple to get.
B. Bank loans are more difficult to get.
C. Banks charge higher interest rates.
D. Banks offer loans to those having a fairly good credit ratin