Education and health [ edit | edit source] Labour productivity is defined as output per worker, or the quantity of goods and services a worker can produce per hour of work. It critically depends on the education, skills, and training of workers as well as on the type of capital they use in the production process. Growth in productivity is the key to long-term growth which in turn is a prerequisite for development Investments in human capital formation are necessary to achieve higher labour productivity, faster long-term growth and improved living standards. Better health and education increase labour productivity and allow individuals to have more, better, and higher-paid employment opportunities. Better education and health are also responsible for number external benefits (both are the most important examples of merit goods). Remember too that achieving better health and education are themselves development goals. Appropriate technology [ edit | edit source] Growth is necessary for any long-term progress in development but not all types of growth do lead to development.
Borrowers who are struggling financially or who have been financially irresponsible in the past, have low FICO scores that raise doubts with banks that they will be able – or willing – to repay an unsecured personal installment loan. Collateral for Bad Credit Installment Loans If you find a bank willing to approve you, you likely must provide collateral or a credit-worthy cosigner. Banks are somewhat more lenient in underwriting secured installment loans, which makes sense. After all, if borrowers default on secured loans, lenders can seize the collateral to minimize or eliminate any losses. However, if your score is too low or if you have too many detrimental items on your credit profile, you will likely be turned down, even if you provide collateral or a co-signer. And even if your credit is stellar, there is nothing quick and easy about getting the money you need fast. The application process for many banks requires weeks of waiting. That's potentially only a minor inconvenience during a major endeavor such as searching for a new house.
In business since 2012, Spotloan loans are for people who need money quickly but have bad credit scores or lack a credit history. But Spotloans, with a maximum rate of 490 percent, aren't for everyone. If you want a lower interest rate, consider credit card cash advances or personal bank loans and credit lines. Credit card cash advances If you already have a credit card, you may be able to get a cash advance on your card. Keep in mind you'll probably pay a higher interest rate than you would for a purchase. And you'll pay a one-time fee for the cash advance, usually 2% to 5% of the amount borrowed. Personal bank loans and lines of credit Many banks offer personal loans (as opposed to business loans) to customers, as well as personal lines of credit. The difference? With a loan, you get one lump sum. You can tap a line of credit as needed (until you reach the maximum borrowing amount). A loan's interest rate is usually set, while a line of credit's can vary. But unlike payday and short-term installment loans, it can take several weeks to get the money from a new loan or line of credit.
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One benefit of an automatic payment arrangement is that, if sufficient funds to cover the payment are in your account, your payment will be made whether or not you remember to make it, which may help to keep you from from incurring any late payment fees. Why do you ask for my credit score? I thought you said no credit check. We ask you to tell us your credit score because we do not run a credit check on you. If we request and obtain a credit report on you, it may negatively affect your credit score. does not request or obtain a credit report. Instead, by submitting your information though our website, you are giving express authorization for only our participating lenders to conduct such a credit check on you in order to make a decision on your loan. How much money can I borrow? Our participating lenders offer loans of up to $35, 000 to those customers who meet the highest of credit standards. Start now to find out the maximum amount any participating lenders with whom you are connected to might offer to you.
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The technology employed determines whether any acceleration in growth will translate into human development gains or not. In general, technologies can be distinguished into capital intensive or labour-intensive. Capital-intensive production process rely mostly on the use of physical capital (on machines) whereas labour-intensive production processes rely mostly on the use of labour (on workers). Remember that in many production process there is no choice: you cannot construct a labour-intensive oil refinery. Since in most developing countries labour is the relatively abundant factor of production, it follows that appropriate technologies are labour-intensive. A labour-intensive technology translates to increased employment and income generation for the population of the country and an exit from poverty. On the other hand, capital-intensive technologies lead to what is referred to as jobless growth, which is a type of growth that does not lead to improved living standards. Credit and microcredit [ edit | edit source] The importance of credit and micro-credit institutions lies in the simple fact that typically, if you cannot borrow, you cannot make any investment in physical, natural, or human capital.
It follows that policies aiming at reducing income inequality and making growth inclusive will encourage development. Poverty reduction depends not only on income growth but also on how income is distributed: poverty is reduced and development is achieved if there is growth accompanied by narrowing income inequality. A more equitable distribution of income will make it easier to reach a consensus among different population groups. This is a necessary condition for a government to be willing and able to undertake successfully the required institutional and economic reforms that accelerate growth. Lower income inequality decreases the prevalence of corruption in a country and corruption is considered a major obstacle to the development process as it increases the costs of doing business and it destroys efficiency. Trust between economic agents increase, also decreasing the cost and increasing the likelihood of doing business, another necessary condition for growth to accelerate. A more equitable distribution of income will decrease the number of the very poor so that more people will have access to education and health resources and so become more productive members of society.
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