Tandas

[Thomas]

The catch isyou need folks you trust.

One of lifes never ending problems......especially where cash is concerned.

[Borg Refinery]

..a tanda, an informal savings club popular in Latin America, with contributions from her extended relatives.

Members of the club each contribute a fixed sum to a pool of money on a regular, periodic schedule, with the lump sum going to one member each round until everyone gets paid.

This means that members get back what they put in over the course of the scheme, but by getting it in the form of a lump sum, the money can be put to use for purchases, investments or debt payments they otherwise could not afford. Members who get their "hand" early are effectively receiving an interest-free loan, while those who receive theirs later in the cycle are essentially withdrawing a lump of "saved" cash.

With the $5,000 lump sum she received for her turn of her tanda, Ms Robles bought her first car. Her relatives and friends in the savings club were able to put down payments on houses, pay for university tuition - and now, amid the Covid-19 pandemic, survive when their families have been out of work or sick.

With the $5,000 lump sum she received for her turn of her tanda, Ms Robles bought her first car. Her relatives and friends in the savings club were able to put down payments on houses, pay for university tuition - and now, amid the Covid-19 pandemic, survive when their families have been out of work or sick.

https://www.bbc.co.uk/news/world-us-canada-54035099

Out with the banks, this is a much better idea. The catch isyou need folks you trust.