Answer:
Explanation:
Loans are money received from outside and its been paid back based on the agreement of the borrower.
Type
Personal loan - This loan can be received from personal bank or union. They can be used for anything as proposed by the owner. It is given based on personal income and it is been paid gradually. It ranges from a few hundred to thousand.
Payday loan - It is short term loan, a personal check is drafted to include how much is to be borrowed and how much interest will be paid. The loan is being paid immediately and the request check is kept with the lender of the money until the money is refunded. Interest are being paid once
Answer:
In a situation where the prices of all commodities are going up and the wages that the workers are receiving remain the same, it is going to be very difficult for the people in the economy to make ends meet. This is because, each family will requires at least twice the money they spend before to make ends meet and since there is no way of getting more money, some things will have to be left undone. Because of the increase in price, some companies may not be able to meet up again financially, when such companies close down, it will lead to increase in the number of people that are unemployed. How will these people take care of their family? Thus, if the situation is not arrested promptly by the government it will make the people in the nation to suffer greatly and this will probably increase the crime rate and the rate people move out of the country to look for greener pastures.
Explanation:
