Question 10
Co-operative SocietiesA business whose owners enjoy loan facilities on the basis of personal goodwill is a
- A.commercial bank
- B.thrift society
- C.co-operative society
- D.community bank.
Show the answer and explanation
Answer: B (thrift society)
Explanation
Thrift (esusu) societies lend to members who are known and trusted, without formal collateral.