I have been a member of this small coop in our neighborhood in the Philippines. For years the business went good, many are lending money and paying it back, so what that means is that when one borrow some money, they have to pay certain percentage for it.
Every December each year, the one who handled the money will give each member the profit of their money until just a couple of days ago when I called my mother in the Philippines, she told me that the business had closed down and that she did not get any because her two sons borrowed money from that small coop and were not able to pay it back.
God bless business lenders so they can help poor people and those who need cash in times of needs. There are quite a few of them out there who have been helping people in their community for years. Thank goodness.
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