Can WeTrust Disrupt Payday Loans? Part 4. The Trusted Lending Circle Rolls Along
This is Part 4 of a series of articles describing an experimental Trusted Lending Circle in East San Jose utilizing concepts from the WeTrust Platform.
For the introduction in Part 1, click here.
For Part 2, click here.
For Part 3, click here.
I heard some great news after this week’s Trusted Lending Circle meeting: Sheila had passed her nursing exam that she had partly paid for with funds from the Trusted Lending Circle, and Charlie’s uncle had undergone a successful surgery. Everyone seemed more comfortable with the Trusted Lending Circle concept, and both Sheila and Charlie seemed excited to “pay it back” to everyone in the group by continuing to contribute to the Trusted Lending Circle pot.
There were no new pressing needs this week, so everyone decided that since Khoi had graciously offered to pass on last week’s pot and put off fixing his car’s alternator, he deserved to receive the payout this week.
Khoi had been getting rides to work, class, and around town from his friend Charlie (who had received last week’s pot), and it seemed like participating in the Trusted Lending Circle was bringing the two of them together, showing them that they could really trust each other. I was excited to see the Trusted Lending Circle working out so well, and hoped for continued success in the next weeks.
To learn more about how blockchain can enable lending groups like the Trusted Lending Circle described here, follow the WeTrust blog and check out https://www.wetrust.io!