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Hui (informal Loan Club)
Hui () refers to a group-based rotating saving and credit scheme that is popular among many immigrant and migrant communities throughout the United States and in Taiwan. ''Biao Hui'' ( 'to bid in Hui') is the Chinese verb when someone is engaging or participating in ''Hui''. Process The basic premise of the model is a group of close friends and family members coming together once a month and contributing a fixed amount of the money into a money pool. Every time, one member of the group will be chosen to withdraw the entire lump sum from the pool, often for purpose of down payments towards houses or cars or to start a new business. When the same group of people comes together again in the subsequent month contributing the same fixed amount, another member of the group will be chosen to take the lump sum. This process is repeated until every member in the group had a chance to withdraw the lump sum in a given month. Initiation and role of the group leader A particular ''Hui'' is usu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Rotating Savings And Credit Association
A rotating savings and credit association (ROSCA) is a group of individuals who agree to meet for a defined period in order to save and borrow together, a form of combined peer-to-peer banking and peer-to-peer lending. The first academic description of ROSCAs was by Shirley Ardener in 1964. F. J. A. Bouman described ROSCAs as "the poor man's bank, where money is not idle for long but changes hands rapidly, satisfying both consumption and production needs." They are also known as '' tandas'' in Latin America, '' chama'' in Swahili-speaking East Africa, ''kameti'' (کمیٹی) in Pakistan, ''visi'' among Gujaratis in India, ''ekub'' in Ethiopia, ''partnerhand'' in the West Indies, ''cundinas'' in Mexico, ''hagbad'' in Somalia, ''stokvel'' in South Africa, '' susu'' in West Africa and the Caribbean, ''hui'' () in Chinese communities in East and Southeast Asia, ''hội''/''hụi'' in Vietnam, ''paluwagan'' in the Philippines, '' gam'eya'' (جمعية) in Egypt, ''gye'' () in South Kore ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Taiwan
Taiwan, officially the Republic of China (ROC), is a country in East Asia, at the junction of the East and South China Seas in the northwestern Pacific Ocean, with the People's Republic of China (PRC) to the northwest, Japan to the northeast, and the Philippines to the south. The territories controlled by the ROC consist of 168 islands, with a combined area of . The main island of Taiwan, also known as ''Formosa'', has an area of , with mountain ranges dominating the eastern two-thirds and plains in the western third, where its highly urbanised population is concentrated. The capital, Taipei, forms along with New Taipei City and Keelung the largest metropolitan area of Taiwan. Other major cities include Taoyuan, Taichung, Tainan, and Kaohsiung. With around 23.9 million inhabitants, Taiwan is among the most densely populated countries in the world. Taiwan has been settled for at least 25,000 years. Ancestors of Taiwanese indigenous peoples settled the isla ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lump Sum
A lump sum is a single payment of money, as opposed to a series of payments made over time (such as an annuity). The United States Department of Housing and Urban Development distinguishes between "price analysis" and "cost analysis" by whether the decision maker compares lump sum amounts, or subjects contract prices to an itemized cost breakdown. In 1911, American union leaders including Samuel Gompers of the American Federation of Labor expressed opposition to lump sums being awarded to their members pursuant to a new workers compensation law, saying that when they received lump sums rather than periodic payments the risk of them squandering the money was greater. ''The Financial Times'' reported in July 2011 that research by Prudential had found that 79% of polled pensioners in the UK collecting a company or private pension that year took a tax-free lump sum as part of their retirement benefits, as compared to 76% in 2008. Prudential was of the view that for many retirees, ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Down Payment
Down payment (also called a deposit in British English), is an initial up-front partial payment for the purchase of expensive items/services such as a car or a house. It is usually paid in cash or equivalent at the time of finalizing the transaction. A loan of some sort is then required to finance the remainder of the payment. The main purposes of a down payment is to ensure that the lending institution has enough capital to create money for a loan in fractional reserve banking systems and to recover some of the balance due on the loan in the event that the borrower defaults. In real estate, the asset is used as collateral in order to secure the loan against default. If the borrower fails to repay the loan, the lender is legally entitled to sell the asset and retain enough of the proceeds to repay the remaining balance on the loan, including fees and interest added. A down payment, in this case, reduces the lender's risk to less than the value of the collateral, making it more like ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
TIME (magazine)
''Time'' (stylized in all caps) is an American news magazine based in New York City. For nearly a century, it was published Weekly newspaper, weekly, but starting in March 2020 it transitioned to every other week. It was first published in New York City on March 3, 1923, and for many years it was run by its influential co-founder, Henry Luce. A European edition (''Time Europe'', formerly known as ''Time Atlantic'') is published in London and also covers the Middle East, Africa, and, since 2003, Latin America. An Asian edition (''Time Asia'') is based in Hong Kong. The South Pacific edition, which covers Australia, New Zealand, and the Pacific Islands, is based in Sydney. Since 2018, ''Time'' has been published by Time USA, LLC, owned by Marc Benioff, who acquired it from Meredith Corporation. History ''Time'' has been based in New York City since its first issue published on March 3, 1923, by Briton Hadden and Henry Luce. It was the first weekly news magazine in the United St ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Vetting
Vetting is the process of performing a background check on someone before offering them employment, conferring an award, or doing fact-checking prior to making any decision. In addition, in intelligence gathering, assets are vetted to determine their usefulness. Etymology To ''vet'' was originally a horse-racing term, referring to the requirement that a horse be checked for health and soundness by a veterinarian before being allowed to race. Thus, it has taken the general meaning "to check". It is a figurative contraction of ''veterinarian'', which originated in the mid-17th century. The colloquial abbreviation dates to the 1860s; the verb form of the word, meaning "to treat an animal," came a few decades later—according to the ''Oxford English Dictionary'', the earliest known usage is 1891—and was applied primarily in a horse-racing context ("He vetted the stallion before the race," "You should vet that horse before he races", etc.). By the early 1900s, ''vet'' had begun t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Los Angeles Times
The ''Los Angeles Times'' (abbreviated as ''LA Times'') is a daily newspaper that started publishing in Los Angeles in 1881. Based in the LA-adjacent suburb of El Segundo since 2018, it is the sixth-largest newspaper by circulation in the United States. The publication has won more than 40 Pulitzer Prizes. It is owned by Patrick Soon-Shiong and published by the Times Mirror Company. The newspaper’s coverage emphasizes California and especially Southern California stories. In the 19th century, the paper developed a reputation for civic boosterism and opposition to labor unions, the latter of which led to the bombing of its headquarters in 1910. The paper's profile grew substantially in the 1960s under publisher Otis Chandler, who adopted a more national focus. In recent decades the paper's readership has declined, and it has been beset by a series of ownership changes, staff reductions, and other controversies. In January 2018, the paper's staff voted to unionize and final ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Market Interest Rate
An interest rate is the amount of interest due per period, as a proportion of the amount lent, deposited, or borrowed (called the principal sum). The total interest on an amount lent or borrowed depends on the principal sum, the interest rate, the compounding frequency, and the length of time over which it is lent, deposited, or borrowed. The annual interest rate is the rate over a period of one year. Other interest rates apply over different periods, such as a month or a day, but they are usually annualized. The interest rate has been characterized as "an index of the preference . . . for a dollar of present ncomeover a dollar of future income." The borrower wants, or needs, to have money sooner rather than later, and is willing to pay a fee—the interest rate—for that privilege. Influencing factors Interest rates vary according to: * the government's directives to the central bank to accomplish the government's goals * the currency of the principal sum lent or borrowed * ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Collaborative Finance
Collaborative finance is a category of financial transaction that occurs directly between individuals without the intermediation of a traditional financial institution. This new way to manage informal financial transactions has been enabled by advances in social media and peer-to-peer online platforms. The wide variety of collaborative finance resources may vary not only in their organizational and operational aspects, but also by geographical region, share of the financial market etc. It is precisely this heterogeneity that enables the informal savings and credit activity to profitably reach those income-groups not served by commercial banks and other financial institutions. It is their informality, adaptability and flexibility of operations – characteristics which reduce their transactions costs and confers upon them their comparative advantage and economic rationale. Collaborative Finance is characterized by highly personalized loan transactions entailing face-to-face dealings w ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mutualism (movement)
Mutualism, also known as the movement of mutuals and the mutualist movement, is a social movement that aims at creating and promoting mutual organizations, mutual insurances and mutual funds. According to the prominent mutualist Gene Costa, the movement encourages and assists the provision of mutual benefits against risks to those accessing its funds and or the elevation of their material and spiritual living standards by regular payment or contribution. Institutionalized through mutual funds, mutualism has been universally recognized as a generator or embryo of classical forecast and modern social security systems and currently coexists with them. Although the fall in the popularity of mutual funds in many social environments coincided with the start of public social security system in the early decades of the 20th century, in Europe and other parts of the world mutualism continues to be an important player in the social economy. Mutuals providing healthcare coverage are united in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Solidarity Lending
Solidarity lending is a lending practice where small groups borrow collectively and group members encourage one another to repay. It is an important building block of microfinance. Operations Solidarity lending takes place through 'solidarity groups'. These groups are a distinctive banking distribution channel used primarily to deliver microcredit to poor people. Solidarity lending lowers the costs to a financial institution related to assessing, managing and collecting loans, and can eliminate the need for collateral. Since there is a fixed cost associated with each loan delivered, a bank that bundles individual loans together and permits a group to manage individual relationships can realize substantial savings in administrative and management costs. In many developing countries the legal system offers little, if any support for the property rights of poor people. Laws related to secured transactions – a cornerstone of Western banking – may also be absent or unenforced ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Susu (informal Loan Club)
A susu or sou-sou or osusu or asue (also known as a merry-go-round, Partner or Pawdna in Jamaica and sol in Haiti)) is a form of rotating savings and credit association, a type of informal savings club arrangement between a small group of people who take turns by "throwing hand", as the partners call it. The name is used in Africa (especially West Africa) and the Caribbean. The basic principle is that each member of the group makes a standard contribution to a common fund once per some time period. Then each period the total contributions are disbursed to a single member of the group. The recipient changes each period in a rotating fashion such that all the members of the group are eventually recipients. Participants of a susu do not make a profit, but receive their contributions as a lump sum and is a forms of savings clubs. Overview A member who receives a distribution early on effectively receives a loan. They collect a larger sum of money early and "repay" as they make contri ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
