Loan Clubs

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Loan Clubs

Post  Lucius11 on Tue Jan 10, 2012 3:46 pm

This is usually done in ethnic communities. Several families will pool their money (or a rich member can sponser it). Whoever needs the money can bid with an interest rate. Once the money is paid off it is then used to loan to others. The cycle continues and everybody wins. It requires a high level of trust.

Yet for those who don't have the strong trust networks there are online peer to peer lending websites such as lendingclub.com

Lucius11

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