Question

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) _____. Group of answer choices

Answer 1

credit union

Step-by-step explanation:

Credit union -

It is a cooperative , which is owned and controlled by the financial members , and is operated for helping people by providing its own members , financial service and credit at the competitive rates .

It works along with the other cooperatives and mutual in the banking world , for the growth of banking sector .

Hence , the correct term for the given information of the question is credit union .