Question

Look at the various possible resources of funding below, then answer the questions that follow: ● ● Micro financing Family member / friend Bank e.g. Standard, ABSA Government and Non-Government Organizations e.g. KHULA, Umsobomvu Which resource offers the best interest?​

Answer 1

Without further information on the interest rates associated with each resource, it is not possible to determine which resource offers the best interest.

Interest rates can vary depending on several factors, such as the borrower's creditworthiness, the amount of the loan, the repayment period, and the lender's policies. Therefore, it is important to compare the interest rates and terms of each resource to determine which one offers the best deal for the borrower's specific circumstances.

For example, micro financing may offer higher interest rates than banks, but may be more accessible to borrowers who do not meet the banks' eligibility criteria. Similarly, family and friends may offer loans at lower interest rates, but may not be able to provide the same level of funding as government or non-government organizations.

Ultimately, the best resource for funding will depend on the borrower's needs, preferences, and financial situation, as well as the terms and conditions of each resource.