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Hi Sarah, yes it is rather informal and is commonly done by close-knit groups (friends, co-workers, relatives), unfortunately for this lending system, the larger the group gets, the higher the chance for undercontributions. But since the group is often close to each other, they provide each other leeways and find compromise whenever that happens.

I guess that is one of the factors why it appeals to the community so much compared to lending from banks and other lending institutions where there are strict sets of rules that need to be followed.

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Melvin commented on Hilaria: A Tlaxcalancingo perspective

Thank you Andreas, these are great! I tried to empathize with Hilaria's situation and I would definitely find banks and understanding their requirements very intimidating. Hilaria is an amazing resource and I hope that her input helps us formulate a good solution that should help them understand the financing system better.

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Melvin commented on Hilaria: A Tlaxcalancingo perspective

This is great Andreas! I would go out on a limb and hypothesize that Hilaria's experiences can be paralleled to communities in other parts of the world as well. I can say that most Filipinos living in rural areas face the same problems when it comes to proper financial education.

Your interview questions were really great and it just shows how a community gets strengthened by hardships and encourages them to help each other out! If you get the chance for an interview with Hilaria, I would like to know her opinion about banks and taking out loans or maybe using technology to learn more about financing.

Great job!