A lending circle also know as a lending club offers much-needed relief in times of need. Ain’t like any other money circle, its sole purpose is to lend money amount a group of participants interest-free or low interest depending on the group arrangement.
Any respectful businessman is part of a lending circle. Most immigrant communities have lending circles. It creates purpose and develops a sense of responsibility towards each member of the community.
The example below illustrated by MISSION ASSET FUND, A 501C3 ORGANIZATION. Explains how the organization leverages a lending club to help people build credit.
A lending circle is a great way to get access to interest-free money to achieve your financial goals. Imagine all the things you can do if well planned.
Here are some reasons why you should join a lending circle.
Lending circle helps you build your credit.
In addition, lending circle helps you with constant funding options if you run a business or a start up.
Also,lending circle helps you pay for your education.
Equally, lending circle can help you pay for your medical bill.
Lending circle helps get access to a down payment for a house. If you are part of a group of highly successful members you can actually pay out of pocket for your house.
In conclusion, lending circle should be an addition financial toolkit in your life.But most importantly,it is a community of trustworthy people with genuine mutual interest.