Amazing - I apologise if I sound overly judgemental, I just feel that very often these sort of schemes cause more problems than they solve.
I live in an area where wages are very low and a lot of young families have fallen into the trap of borrowing money from people who charge high interest. It is the high interest that causes many of them to default. In desperation I have known some to take out extra loans to cover the original debts thereby increasing the problem ever further.
There is now an alternative here which seems to be working very well and that is the local Credit Union, people can pay into the union when they have a bit to spare and can borrow more against it. Because a lot of the participants know each other they are more likely to honour their debts. A much more friendly concept don't you think?!