Social lending and borrowing in virtual financial community

摘要

Disclosed herein is a computer implemented method for creating and maintaining a virtual financial community with a plurality of subscribers subscribing to a social lending and/or borrowing scheme. A total face value and a scheme period are specified for the scheme. Each subscriber periodically invests a predetermined portion of the total face value until the end of the scheme period. A beneficiary subscriber is democratically elected for borrowing an amount equal to the total face value at the end of each investment period. The beneficiary subscriber may relinquish a percentage of the borrowed amount that is democratically decided by the subscribers and/or the scheme moderator. The percentage of the amount relinquished by the beneficiary subscriber is distributed between the non beneficiary subscribers and the scheme moderator. The steps of electing and distributing are repeated for each of the predefined periodic intervals until the end of the scheme period.