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JAMB Commerce 2000 Question 27

Question 27

Co-operative Societies

The major condition for obtaining loan in thrift, credit and loans cooperative societies is

  1. A.provision of collateral security
  2. B.a high level of education
  3. C.possession of a large business
  4. D.an approved project plan.
Show the answer and explanation

Answer: A (provision of collateral security)

Explanation

The key takes some form of security as the main condition for a cooperative loan.