The first question that comes to the minds of our prospective users is that how The Money Club platform ensures repayments? And we say, “The Money Club doesn’t need to ensure repayments”. Did that confuse you? I know you might be thinking, “Why?”
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OK, let me ask you a question. Suppose your best friend is in need of money, fortunately you have enough to help him that time and you give him the funds, would you really want someone to ensure the repayment? I guess the answer is most probably a “NO” and this applies to all your trusted network, like your family members, school friends, college friends, colleagues and many more. The common thing among these people is TRUST. A trust for which you don’t want a third party’s assurance for the repayments.
The Money Club strictly advise people to form a club only with those whom they can trust with their money. We have seen that there is negligible chances of default when people strongly trust each other.
You might be thinking,
“Still, what if someone among the club members delays to repay?”
OK, if in case someone delays in transferring money to the bid winner,
The Money Club will keep nudging the person via app notifications and alarms,
asking him/her to make the payment.
Not only this but also The Money Club will send SMS messages and app notifications to all the other club members, asking them to nudge the defaulter to pay money to the bid winner, creating a joint liability.
This puts a social pressure on the defaulter and he also fears to lose his reputation in his trusted and close network. This way The Money Club has decentralized risks, hence has lower default rate in comparison to banks.
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If a person defaults, The Money Club puts him/her in the blacklist, so that he/she can never use The Money Club platform again. Also, the defaulter loses the trust of his club members or his trusted group and we believe it is the biggest loss which he/she suffers.
So, the trust within your networks ensures repayments. Due to this TRUST, people enjoy great benefits here in The Money Club platform.
Keep Trusting, Keep Money Clubbing!
