Lina, along with ten of her colleagues, starts a financial cooperative to financially assist each other. The members pool their savings in the cooperative, and they can also take loans from it on a low interest rate. Members of the cooperative benefit from higher returns on savings and lower rates on loans. In this scenario, the cooperative started by Lina and her colleagues exemplifies a(n) _____.

Question

Quizplus · Accepted Answer

The cooperative started by Lina and her colleagues is a credit union, which is a member-owned financial cooperative that provides savings, credit, and other financial services to its members.

Lina, Along with Ten of Her Colleagues, Starts a Financial