A business unit in which savings of members are lent to others is a
Answer Details
A business unit in which savings of members are lent to others is called a "credit and thrift society".
A credit and thrift society is a type of financial institution where individuals pool their savings to provide loans to other members of the society. Members of the society may include individuals, small businesses, or even large corporations.
The primary objective of a credit and thrift society is to provide its members with access to credit at a reasonable cost. Members can borrow funds from the society to finance their businesses or personal expenses, and the loans are typically repaid with interest over a predetermined period of time.
Credit and thrift societies are often formed by individuals or small groups who are unable to obtain loans from traditional banks due to a lack of collateral or a poor credit history. By pooling their resources and lending to one another, members of a credit and thrift society can obtain the funds they need to start or expand their businesses, or to meet their personal financial needs.
In summary, a "credit and thrift society" is a business unit where members pool their savings to provide loans to one another, with the primary objective of providing access to credit at a reasonable cost.