Cultures throughout the world engage in some form of community lending. In certain countries, community lending is known by various names, but the concept remains virtually consistent throughout the world: trusted people form a group, contribute savings, borrow money, and receive returns on their investments. The academic term for this kind of lending group is a Rotating Savings and Credit Association, or ROSCA.
It’s also known as “peer-to-peer” banking or lending, in that individual people create a trusted group of peers with whom they can engage in lending or saving money.
ROSCAs are found throughout the world - they’re known by local names in Central and South America, certain Asian countries, parts of Eastern Europe, and within immigrant populations in the United States. WeTrust wants to bring the power and independence of community lending to anyone through our Trusted Lending Circle product.