Group members lend each other

Alameen

Member
Arabic
Dear English experts

What word is used for a loan in which a group appoints a period for their loan course based on the group members, if they are 10 then the course is 10 months, and they fix an equal monthly share that each member has to pay throughout the course.

Every month of the course they draw lots, whoever wins he gets the total of his fellow shares and gets out of further draws, then next month is the same but one member dropped though he continues to pay his monthly share and so on to the last member.

There is no interest, it is just a loan paid in parts, the luckiest is the one who wins first and less lucky those who follows.

it just so happens that luckily all members in this group are men, otherwise I would be confused with pronouns.
 
  • cyberpedant

    Senior Member
    English USA, Northeast, NYC
    As far as I know, this is not a custom in English-speaking communities in the U.S., so there's no word for it. It is common in Mexico (where it is called a "tanda") and perhaps in Hispanic communities here.
     
    < Previous | Next >
    Top