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Q.

Moneylenders, traders, and family members form part of the ____ sources of credit.


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Detailed Solution

Moneylenders, traders, and family members form part of the Informal sources of credit.
Most informal lenders demand substantially greater interest rates on loans than professional lenders. Therefore, the cost of informal loans is significantly greater for the borrower. Higher borrowing costs entail a greater percentage of the borrowers' income going toward loan repayment. The most common source of loans for rural families is moneylenders. It is the poorer households that need to depend on the informal sources of loans as people who are doing well financially can afford bank loans or other formal sources.
 
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