Can WeTrust Disrupt Payday Loans? Part 5. A Speedy Meeting for a Speedbag
This is Part 5 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.
For Part 4, click here.
In last week’s Trusted Lending Circle, Khoi had received the pot and fixed his car. This week, there was no one with a pressing emergency need for the funds. However, out of gratitude for the funds they had already received, Sheila, Charlie and Khoi all excitedly wanted to contribute, even though they had already received their payouts.
With no one pressing for the funds, Andrew, the foreperson of the ROSCA and our boxing coach, mentioned that the speedbag in the gym was heavily damaged. He would be happy to accept the week’s funds to purchase a new speedbag. With no pressing emergencies, we all quickly agreed, and it was decided that Andrew would receive the pot to help defray the costs of buying a new punching bag. It seemed like everyone had become very comfortable with the Trusted Lending Circle concept and participating in it has begun feeling like a regular ritual for all of us!
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!