In the absence of access to formal banking services, both savings and credit, and to appropriate government support, low-income households tend to set up their own financial systems to satisfy their credit needs. This is particularly true in urban areas where such assetless hoseuholds are systemically kept out of the formal financial system, creating a niche for informal systems to operate instead.

Financial systems servicing the poor tend to be set up mutually among themselves, or may be an informal enterprise that provides such funds. Since they lack the necessary collateral and assets (even a fixed residential address for squatter settlement residents), most of such systems are small in size and for short periods, and provided on mutual trust. Many of these informal systems in fact predate mordern banking services.

This review of literature looks at five such informal credit market mechanisms - Money Lenders, Pawn Brokers, ROSCAs, Friends, Neighbours and Relatives, and Community Groups - that work informally and service low-income households.

Money Lenders The Business of Lending: Money Lenders as Enterprises L ending by money lenders is an activity that antedates contemporary banking system from ancient times. They have been organized in the form of family or individual business. They vary in their size from small petty money lenders to substantial indigenous bankers whose businesses, at times, have exceeded that of commercial banks. In India, historically, money lenders have had a prominent position in the capital and credit markets. They are usually aligned along ethnic lines and are variously called as shroffs, seths, sahukars, mahajans, chettis etc. in different parts of the country [Das-Gupta, 1990:9-12]. Money lenders lend money, act as money-changers and finance loan trade by means of bills of exchange. They usually use working capital of their own, and do not generally get deposits or solicit savings from the public. They grant loans on personnel recommendation and guarantee to persons well-known to them. They also sometimes grant loans against securities such as gold, jewellery, land, promissory notes etc [Iqubal, 1988: 367-369]. Money lenders usually do not have contact with other suppliers/institutions as they usually depend on their own funds. But they do borrow from joint stock banks and other financial institutions in times of high demand, thus creating a channel where formal funds are channeled to the informal sector . Various attempts have been made by the Reserve Bank of India (RBI) - to regulate and bring into its preview, the functioning of money lenders and indigenous bankers. Recommendations from RBI that detailed accounting styles, rediscounting and deposit taking functions, support by commercial banks etc. were not accepted by associations and unions of lenders, disagreeing with some of the provisions made by RBI [Sundharam, 1996: 5.23-5.27]. Money Lenders in India come under control of the Money Lenders Act, promulgated by each of the different states. The Act essentially sets out the appointment of a Registrar-General of Money-Lenders who maintains a Register of Money-lenders in their jurisdiction. The Registrar provides for a license to money lenders to carry out their business, regulates the terms and conditions under which a loan is provided to borrowers, and arbitrates in disputes between money-lenders and borrowers in cases of default or other aspects. Compliance with the Act is rare however, and majority of the money-lenders do not obtain such a license to operate. Literature Review of Money Lenders Issue Discussion References Advantages of money lenders They usually provide short-term finance of small loans - which is ideally suited to low-income groups, who cannot digest' larger loans, and do not prefer long-term commitments. They provide loans to borrowers expeditiously and in a flexible manner, thus making finance available immediately, when it is needed and with a minimum amount of paper-work and official requirements. They function in close physical proximity to the borrower, enabling frequent contact and thus dispensing the need for collateral requirements. They do not have fixed business hours, and therefore provide loans as and when requests are made. Sundharam, 1996: 523-527 Tannan,1954:9-21 GoK, 1968 ADB, 1990 Disadvantages of money lenders They are unorganized and do not have any contact with other sections of the banking industry They combine money lending with trading and commission activities and thus introduce risk into their business. They do not distinguish between short-term and long-term finance and also in the purpose of the loans. They follow traditional methods of keeping accounts and do not give receipts in most cases. They charge high rates of interest in proportion to banking institutions. Relationship with Banks Money lenders play a useful role in providing credit loans to sectors not supported by commercial banks. Money lenders may borrow from commercial banks during high demand for credit, by using bills of exchange or their own funds as security. Key Implications of Money Lenders: Credit provided by money lenders is timely - that is, it is available immediately when it is most needed - need for quick/timely credit. They do not maintain regular business hours, and usually work throughout the day - thus making themselves available to borrowers at any time - flexible business hours. They live or work close to the residences and work places of their borrowers, and are hence easily accessible - close physical/psychological proximity.

Pawn Brokers Pledging for Security: Role of Pawn Brokers P awn brokers, as the name suggests, lend money by using marketable assets such as gold, jewellery, household articles etc as collateral or security. Borrowers in need of money pawn' an asset or article as security or pledge and receive a loan which is lower in proportion to the value of the pawned article - this is usually 40 to 50 percent of the value of the item. A pawn ticket' is issued to the borrower as a transaction record. On repayment of the loan plus interest, the pawned article is returned to the borrower. The pawn ticket usually records name and address of the pawn broker and the pawner' or borrower, loan amount and its terms and conditions, detailed description of the pawned article etc. Pawn broking has been in vogue from ancient times with households holding their assets primarily in gold and jewellery - assets that can be transported' easily in times of unrest and pawned in times of financial need. Thus ... pawnbroking has its attractive points for the lender (the pawn broker) as well as the borrower (the pledger or pawner) ... The pledger sells, as it were, his pawn for a certain sum below the going (appraised) market value and retains the right to buy it back within a specified time by returning the original sum plus interest. If he does not, he will lose his property, but no further debt exists and hence no ever-ending debt load ...' [Bouman, 1988: 73]. As with money lenders, pawn brokers in India come under the preview of the Pawn Brokers Act of 1962. It lays out the procedure for a pawn broker to register and obtain a license-to-operate from the Register of Pawn Brokers, and fees to be paid for the license. It details out the rates of interest chargeable (ranging from 12 to 18 percent, depending on the loan amount), repayment details, and grace periods. Compliance with this act has also not been widespread, with only about 35 to 40 percent of the pawn brokers in any city actually registered with the Office of the Registrar of Pawn Brokers. Literature Review of Pawn Brokers Issue Discussion References Advantages of pawn brokers No spiraling debt cycle is created by loans from pawn brokers as a defaulting loan is recovered by the pawn broker from the pawned item Costs of lending is covered by providing loans that are lower than the cost of the pawned item. Collateralized/pawned item is usually a movable' asset, as against immovable/fixed assets such as land, houses etc. Lengthy procedure for establishing credit worthiness is avoided as it is established by the value of assets pawned. Bouman, 1988: 69-89 GoK, 1962 Newsweek, 1985: 43 Disadvantages of pawn brokers If for some reason, the borrower is unable to repay the loan amount, he looses his right to redeem his pawned article. This is a loss, since the amount he received as a loan is less than the value of the article pawned. Pawn Brokers auction or sell off articles that are not redeemed by the borrowers and usually make a profit from the sale - which is not passed on to the article's original owner/borrower. Key Implications of Pawn Brokers: While establishing credit worthiness of a borrower, in absence of viable information, and a steady income, alternate means of collaterizing may have to be used in special cases. This, in effect further reduces transaction costs of loans as the costs of assembling information is eliminated - alternate types of collateral used for guarantees, including recommendations. Loan transaction methodologies have to take into account existing patterns of asset creation among low-income households - assets based on income cycles, long term savings plans etc.

ROSCAs The Mutuality of Credit: Rotating Savings and Credit Associations R otating Savings and Credit Associations (ROSCAs) are essentially a group of individuals who come together and make regular cyclical contributions to a common fund, which is then given as a lump sum to one member in each cycle. For example, a group of 12 persons may contribute Rs. 100 (US$33) per month for 12 months. The Rs. 1,200 collected each month is given to one member. Thus, a member will 'lend' money to other members through his regular monthly contributions. After having received the lump sum amount when it is his turn (i.e. borrow' from the group), he then pays back the amount in regular/further monthly contributions. This explains the name rotating savings and credit associations' for such groups [Bouman, 1979: 253]. Depending on the cycle in which a member receives his/her lump sum, members alternate between being lenders and borrowers. That is, there is a mutual give-and-take involved in ROSCAs. While the above description explains the principles behind a ROSCA, they however vary considerably in their functioning and organization. Typical variations include: Membership: Members participating in a ROSCA are selected by the organizer based on ethnic lines or geographical limitations. ROSCAs are organized for members of the same ethic background, same place of origin, same native language speaking persons etc. It may also be organized on the basis of a street in a settlement, or the settlement as a whole. Contribution amount: The amount to be contributed in each cycle is decided based on the number of participating members, the total winning amount that each member can get, and other socio-economic factors. Contributions can also be in the form of shares' thus allowing a member to have more than one share or contribution in a particular cycle - increasing his chances of winning the lump sum, but also increasing the regular contributions he has to make [Bouman, 1979:258]. Cycle period: Cycle periods - frequency with which contributions has to be made in each cycle. This can be daily, weekly, biweekly, monthly and half-yearly, depending on the amount to be contributed. Usually, smaller the amount, shorter the cycle period Mode of selecting winner': The basis of deciding the winner of the lump sum is decided in any one of three ways: By consensus, where by common agreement between members, the amount is usually given to a member who is in most need for finance. By lots, where a lottery determines who gets the lump sum in a particular cycle. Members who have received the lump sum do not participate in subsequent lotteries, but continue to make their contributions. By bidding, where the lump sum amount is bid for by the members during each cycle. Thus the member who wins the bid will receive the lump sum minus the bid amount; other members pay their contributions minus their share of the bid amount. ROSCAs can be seen in almost every society around the world, and have been in existence for a considerable period of time. They are flexible and adapt themselves easily to rural and urban peculiarities as well as existing community patterns of grouping/organizing. This flexibility is one reason for their worldwide popularity. Literature Review of ROSCAs Issue Discussion References Advantages of ROSCAs The basic advantage of the ROSCA is that it offers an opportunity for members to save, and at the same time keep such savings fairly liquid and maximizing return. It facilitates the availability of a lump sum of money, which allows for higher investment to be made earlier than accumulation of savings. Most ROSCAs are organized along democratic lines, where operating procedures and other details are decided/ agreed upon by its members. Profits (in the form of bid amounts, for example) and other returns on accumulated contributions are equally distributed to all members. Risk of default is shared by all members and therefore sets up peer pressure to ensure that all members make their contributions on time. Bouman, 1979 Geertz, 1962:241-263 Disadvantages of ROSCAs There is a risk of mismanagement, fraud and bankruptcy by the organizer where he absconds with the accumulated contributions. Timing of the receipt of funds by a member may not necessarily coincide with his need for finance. The cyclical timing also applies to savings, where a member cannot save when he has surplus funds, but has to wait for the ROSCA meetings. Key Implications of ROSCAs: The ROSCA provides a means for the utilization of surplus funds and savings of low-income households- an easy and local savings mechanism. The ROSCA employs democratic (in most types) to decide the organizational and operational aspects, and thus encourages community interaction - involvement of community in interaction and participation. It respects existing community leadership patterns and decision-making processes - use of community patterns in designing savings and credit programmes.

Friends, Neighbours and Relatives Love thy Neighbour: Friends, Neighbours and Relatives Credit Suppliers F riends, relatives and neighbours as lenders and borrowers represent the simplest form of an informal credit transaction. An individual in need of finance approaches a friend, relative or neighbour and requests for funds. The fact that both lender and borrower are well known to each other, dispenses the need for most, if not all, traditional terms and conditions for a transaction: ensuring repayability or credit worthiness, fixed and predetermined repayment amounts and schedules, collateral and guarantees etc. Such lenders are of course, single individual who provide loans on a need-based manner. Credit given by them is loosely transacted on a one-to-one basis, without the involvement of any third parties. It is considered a favour' made for a future reciprocation. There is close physical/psychological proximity between the lender and borrower. Literature Review of Friends, Relatives and Neighbours networks. Issue Discussion References Advantages of friends, relatives and neighbours Terms and conditions imposed on the borrower are very few, if none at all - usually with no interest payments or regular repayment schedules and transaction records are not made. While loans from friends, relatives and neighbours imply an obligation, it is aligned along traditional community links and personal Srinivas, 1991: 103 Disadvantages of friends, relatives and neighbours The supply of loans is irregular and not always available. That is, only when surplus funds are available with the individual or only when requested by a close friend/relative/neighbour, is the loan made. Key Implications of friends, relatives and neighbours: Simple terms and conditions that is understood by both lender and borrower - reduced paperwork, less procedural needs for establishing credit worthiness etc. Respect for existing community linkages, organizing patterns and networks in designing savings and credit programmes. This includes incorporating existing personal information and knowledge available at the community level into such programmes.

Community Groups When Banks turn the other way: How do the poor manage? P robably the most significant of all informal credit market initiatives is that of a community organizing itself into a group and generating finance at the community level. There is a wide range of such initiatives ranging from, for example, a small informal group of women who help each other in times of financial need, to that of registered community level societies that offer savings and credit services to its members, and are linked with external groups such as NGOs and commercial banks. The significance of such community financial activity has to be understood from the larger perspective of solidarity and community development: of low-income groups being able to help each other; of resource generated by the group and for the group; of community organization, leadership identification and training, education and skill development and other related issues. Of particular importance is the involvement of the whole community in collective decision making in matters that directly affect them. Literature Review of Community Groups Issue Discussion References Other names for Community Groups People's Organizations, Self-Help Groups, community-based organization Srinivas, 1991. Advantages of Community Groups Savings - The group provides an opportunity for its members to save, however small an amount, and in intervals suited to them: daily, weekly or monthly. - Returns on such saved amounts are sometimes better than those available from other formal institutions. - Savings in some cases is compulsory, where loans are given as a multiple of the saved amount, encouraging thrift among the members. Credit- - Small loans for short periods are available on terms and conditions that are acceptable by the borrowers (which are also decided by them). - The terms and conditions of such loans are usually flexible, allowing for unforseen delays in repayment. Decision-making- - The process of decision-making within the groups is democratic and is arrived at by consensus and agreement. This means that all benefits from any activity is equally shared by all members - Leaders of such groups are usually identified through a process of extensive community participation and meetings. Community organization- - The decisions and smooth functioning of all activities are carried out by leaders and community volunteers who are, in many cases, trained by NGOs and other external agencies. This increases the efficiency and yield of such activities. - The participatory approach that is adopted by community groups is a useful experience that can be adopted to various other fields such as education, health etc. Trust and confidence building - - Bringing the community together for savings and credit activity also increases the process of community networking and sharing of resources. - The united' front put forth by such organizations and its members builds trust and confidence in external agencies: for e.g., the government and banks. - Trust and confidence building also ensures that the resources generated lead to overall economic development of its members and the community as a whole. Disadvantages of Community Groups Limited internal resources - - The amount of financial resources that communities can mobilize on their own is quite limited. Most overcome such shortcomings by networking with NGOs, banks and other external agencies. Vested interests - - Despite consensus and collective decision-making processes, community groups are sometimes plagued by vested interests and other unscrupulous persons. Growth and development of a Community Groups The growth and development of a Community Group is usually done in four stages - Formation - - Identifying residents and leaders through participatory activities - Evolving group norms and bylaws, electing leaders, training, awareness building - Regularizing group meeting schedules - Decisions on the mode and method of savings and loan activities - Pooling of savings, issue and collection of small loans. Stabilization - - Leadership development and stabilization - Handling of group level transactions from NGO. - Cluster/community interaction activities - Initiation of related income-generating programmes. - Linkages with banks, cluster ROSCAs etc. Growth - - Establishing extended links with banks and individual loans to members. - Increased community development programmes. Expansion - - Expansion of assets at the group level for various activities - Increased linkages with other communities, networks at the regional, national and international levels. Types of Community Groups Community groups Women's groups Youth groups Political groups Special-interest groups Groups aligned along ethnic and other minority lines. Factors affecting formation of Community Groups Size and physical limits of the community Ethnicity - religion, language, place of origin etc. Socio-economic profile - age-groups, income levels, place and type of employment, investment in housing and infrastructure, tenure, civil status etc. In general, attributes of homogeneity in the community help in group formation and cohesion, ensuring commitment and participation; attributes of heterogeneity enhances the functioning of the groups itself by providing mutual insurance capacity and strong leadership, transparency in the savings and credit activity. Key Implications of Community Groups Need for strong community groups with trusted and trained leaders and other officials. Need for both savings and credit activities for generating local resources as well as confidence building for participation of external institutions such as banks. Need for NGOs and other external developmental agencies for training and mobilization of both members and leaders. Linking savings and credit activities with other development programmes that enhance participation and solidarity building within the community. Participation in other community networks for sharing of experiences and ideas so as to enhance efficiency and overall economic development of its members.

Acknowledgement:
The above write-up is abstracted from the author's Ph.D. research report, "Development of a Housing Finance Triangle Linking People's Organizations, NGOs, and Commercial Banks in Developing Countries" presented in June 1996 at the Tokyo Institute of Technology. The focus, as in the report, is on India, with case studies and references drawn from other South and Southeast Asian countries.

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