Am in one and it is growing steadily...10 good friends...we meet every quarter on a rotational basis with one guy hosting,contribution is 5k per month we have been together for 3 years now...all the cash is sent to the treasurer end month( before the 5th) and banked collectively...Max loan you can take is 100k payable in 3months,reducing balance....@10%...you need two guys to guarantee you for you to take a loan...Every quarter we buy long ended bonds...the 30 year (SDB with a return of net 10.8%,maturing in 2041) or the 20 year bonds are the most preffered...in the course of this year we are looking at each member doing a cash injection to boost reserves...They work depending on what you guys have in mind...The hardest thing is deciding collectively what to do with the cash after some time and i think thats why most chamas/investment clubs collapse...