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I am in a savings pool. Like a , it allows us to make our savings available to each other as loans. But we don't charge interest on the loans, instead members accumulate savings as they pay off their loans, which become available to them when the loan is paid off. Also, we make decisions about loans by consensus, instead of having a loan officer making final decisions. But we depend on volunteer administrators and we need some banking software to manage the accounting.

@strypey

Hi.

https://ledger-cli.org not enough, even as a base? I read that https://hledger.org has a Web interface. Of course, the reports generated may not be in the schema/format for auditors, etc. I only started using it as an individual.

@wyatwerp thanks for the tip, I'll look unto that. Because of the novel way Savings Pools work, we'll probably need some dev work done to make the software fully match our use case. But building on top of a stable banking package could be a lot less work, and less risky, than starting from scratch.

@strypey How do you handle the situation when somebody fails to repay the loan?

@chebra so far it's never happened. I guess in theory everyone could take a hit. But we usually ask for an asset to secure the loan. Also, each pool is a small, member-run organization and new members are recommended and trusted by an existing member. So we're lending to people we know, not random strangers. The consensus process for each loan application includes a lot of discussion about exactly how the loan will be paid, whether we can help reduce the person's cash costs as a group etc

@strypey

I've always wanted to see something like this happen for insurance. I mean the way the current insurance industry operates is such an anti-community scam.

I guess ultimately though, hat you're doing could work as such given that it's interest free, with a person just applying for a loan if needed because of the kind of event an insurance claim would normally be filed for...

ould definitely be great to see a wider adoption of #SavingsPools...

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