why do ppl in urban area demand credit

Dear Student,

The following points may help you:

a. People in urban areas seek credit from formal sources which includes banks which grants loans to people , ‚Äčon a  reasonable rate of interests, seeks repayment within a stipulated time with a degree of flexibility.
b. They seek credit for building houses, to expand business.
c. People in urban areas also seek car loans, to start a new business venture.
d. They may also take credit to buy a property or for other investment purposes.


Regards

 

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in urban areas population is in very high demand so they also needs employment but their employment is not so good so some families doesn'nt get their daily requirements so they demand for credit
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