What do people need loans for?

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To get things we cannot afford at that moment

To organise parties

To travel

All of the above

answer is A.

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Detailed Solution

People need loans to get things they cannot afford at that moment.
In a loan, a certain amount of money is provided to the other party in exchange for the value or principal amount being repaid later. The lender will frequently increase the principal amount by adding interest or finance charges, which the borrower must pay in addition to the principal balance. Loans may be made for a predetermined, one-time sum or as an open-ended line of credit with a limit of up to a certain amount. In addition to secured and unsecured loans, commercial and personal loan choices are available. Hence, people take loans to get things they cannot afford at the moment.

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