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10-11-2020
English

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The Morris Plan, the first plan to make installment loans or credit available to the average
citizen, began in what year?

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10-11-2020

Answer:

1910

Explanation:

The first was started in 1910 in Norfolk, and the second in Atlanta in 1911. The plans established installment credit for customers. Lending required the borrower to provide references and proof of earnings to establish the borrower's credit worthiness. The banks gave depositors interest to secure funds for the loans.

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