When banks won't lend, 'tandas' provide

Tandas – also known as “rotating credit associations” – can serve as a substitute for bank loans. Each member of a tanda puts in the same amount of money each week and then each member has a turn to receive the whole pot. Many immigrants rely on tandas because of the difficulty of getting credit without an official economic history. The money is often used to pay for expensive but treasured traditions –Quinceañeras and weddings – or unexpected costs like medical bills. “The fact that it has been found all over the world is a real testament to its importance in people’s lives.” Read more on Boyle Heights Beat.