loan club

loan club
loan club ˈloan club noun [countable] FINANCE
a group of people who save money together so that members can borrow money at lower interest rates than at banks:

• loan clubs of people with a common bond, for example tenants' associations or factory employees

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loan club UK US noun [C]
a group of people who make regular payments into an account so that members can borrow money from it: »

The loan club offers hope to people with bad credit ratings to be able to borrow money.

Financial and business terms. 2012.

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