Question 1 Report
Which of the following is not a source of farm credit
Sources of credit include:
- Licensed banks
- Deposit-taking companies
- Money lenders
- Government agencies
The informal sources of credit to smallholder farmers as identified in the study area were family or friends, money lenders, produce buyers and farmers' cooperatives, while the formal sources of credit were Nigerian agricultural cooperative and rural development bank, microfinance banks and commercial banks.
Mortgage banks are banks that specializes in originating and / or servicing mortgage loans. A mortgage is a loan in which property or real estate is used as collateral. The borrower enters into an agreement with the lender (usually a bank) wherein the borrower receives cash upfront then makes payments over a set time span until he pays back the lender in full.