Paying on time Covered by group Defaulted Group hub / liability ring
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Microfinance Group Lending Circle

Microfinance reaches borrowers who have no collateral by replacing it with joint liability: a small group of borrowers co-guarantees each other's loans, so the lender is really underwriting the group's combined ability to pay, not any one household's. This simulation models six such lending circles — households draw loans, invest them in a small business, and face a recurring installment. Watch how peer cash-pooling absorbs small shocks, how a bad enough shock still cascades into default, and how loan size and household income compound over successive cycles for a group that keeps its record clean.