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View Diary: Line of credit. Line of lies. (87 comments)

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  •  A lot of tight knit communities (5+ / 0-)

    have lending programs for less wealthy members to make home buys, improvements, car buys, business, cover a period of unemployment... I've heard of a few in Brooklyn and I'm sure they exist elsewhere. I'm not sure how they are run though, if there are legal documents or not.

    •  It is quite common (3+ / 0-)
      Recommended by:
      AkaEnragedGoddess, antifa, Kimbeaux

      to pool funds to start up businesses.

      When the group thinks a member is ready to go with the right business in the right location, then money is released from the pool.

      In a variation, my father generally formed a syndicate for each business he wanted to start or buy. He would put up some of his own money and ask his buddies and their friends to become partners.

    •  In Britain there were building societies (3+ / 0-)
      Recommended by:
      AkaEnragedGoddess, antifa, Kimbeaux

      that were formal entities.

      A person would deposit money regularly.

      After a few years of making deposits the member would be able to ask for and get his own loan to buy a house.

      The US variation was a Savings and Loan, but it wasn't always required that regular deposits be made for a number of years before a loan was granted.

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