Ask HN: Paying for big-ticket expenses by joining forces with people you trust

Hi all, I am working on an app called Prana that is based on the practice of informal lending popular in immigrant communities. Say you need money for car repairs end of month. You can use Prana to start a savings group and invite family and friends to join. At the start date, all members contribute to a communal pool that goes to one member, based on regularly scheduled “draw” dates. You can opt to get the first draw, which helps pay for your car repair. After that, the money is distributed round robin to a different friend or family member every month, until everyone has received a lump sum. Prana is a resource to help you cover large expenses that would otherwise require you to use a credit card or take out a loan. What are your thoughts around the idea and how open are you with joining forces with trusted friends and family members to participate in this form of no interest loan? This is a popular practice among immigrants, but I am curious to hear from those who've never heard of this financial tool. Thanks!