consumer loans emerged as a new way to borrow money. Most tanomoshiko are organized within a workplace or among friends. The members may use the funds built up to finance a trip or a banquet. It is most used by members of social minorities who are less prone to borrow money from financial institutions. The institution has little or no legal status. References Rotating savings and credit association Microfinance in Asia Collaborative finance Society of Japan Economic history of Japan Informal economy in Asia