The short answer is yes.
You can set up a group because you need money right now. A lot of traditional rotating funds begin this way.
Unlike for-profit buy-now-pay-later companies like Klarna, with Kin you can pay in 5, 10, 12, or as many you as your group agrees together. And if you aren't able to make a payment, it won't affect your credit score - it's up to your group to decide what happens if a member is unable to contribute in the way they committed to.
Remember Kin Cooperative is for mutual aid, that means saving together should benefit everyone in your group over time in the way that you have all agreed together.
Here is an example:
- Tabi needs a new washing machine because her old one broke.
- She can't afford the £400 for a new one so she contacts 7 friends. If all of them together (Tabi + 7 = 8) put in £50, that's £400 (50 x 8).
- Tabi's friends agree to pay in £50 every month for 8 months. Tabi requests £400 the first month and buys her washing maching.
- Next month, they each pay in again and another friend requests £400.
- They repeat it every month until all of the friends have received £400.
- After 8 months, Tabi has now paid into the group £50 x 8 months = £400, the price of her washing machine.