The simplest is the promissory note which is normally transacted between friends, relatives and with small financial institutions such as a pawnshop. Types of consumer credit and loans vary and they all come in various forms and conditions. This is the reason why more and more people are applying for any type of loans from various financial institutions to be able to meet the necessities of their day to day activities. The amount of cash people earn or have in their savings today is usually not enough to pay for the major necessities needed to at least have a comfortable life.
This is the reason why most people today would need more cash to be able to purchase expensive but necessary items such as a car or a house and lot. The Value of money today has far lesser value than it was 50 years ago.
