Ask Question
30 August, 21:34

The financial institution that generally charges the lowest rates on loans is a

+1
Answers (1)
  1. 30 August, 22:36
    0
    The correct answer is a Credit Union.

    Credit Unions are able to charge lower rates than a bank because of their structure. Banks are set up as a for-profit business, so they charge more in order to make themselves more profitable. Credit Unions are set up like cooperatives where the customers own them, or like a non-profit organization. This allows Credit Unions to charge lower rates. Additionally, the Credit Unions normally distributes the profit back to the customer.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “The financial institution that generally charges the lowest rates on loans is a ...” in 📘 Advanced Placement (AP) if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers