The lower middle class people are unable to become financially included because they have little money, there are no banks nearby, they are unable to complete the paperwork or because they aren’t aware of the available services. People who do not have access to financial services are much less likely to save money and are therefore less likely to have the resources to keep their children healthy, safe and in school.
People from the lower income strata, including blue-collar workers, generally do not engage with the banking sector due to factors such as a lack of credit history, rigid policies, intimidation, lack of trust, and so on. As a result, this segment is exposed to corrupt moneylenders who may exploit them by charging exorbitant interest rates and harassing them. In addition, due to a lack of access to formal banking infrastructure, people in rural areas rely on community-based financial and credit arrangements or savings groups.
Join The First Ever Social Network Which Helps You In Financial Crisis.
What Are Savings Groups?
Savings groups support people who don’t have access to financial services to save money and learn key financial skills. They provide members with access to financial security, filling the gap left by traditional banking institutions.
They are a form of microfinance involving small groups of 15 to 25 members. Savings groups are the first step to financial inclusion as they provide a mechanism to save money while building financial knowledge and skills. They can play a vital role in achieving one’s goals.
Money Club is the first ever social network for this segment of society to save money while also providing a reliable source of emergency funds. It provides you with verified friends who help you in financial crisis.
Money Club work to help families and communities better manage their money. Assisting families to save money helps ensure the investment in essential family needs, and also makes sure there is something extra when emergency strikes.
Read: First Ever Social Network to Solve your Money Problems
Money Club Savings Group
The Money Club is a fast-growing, transparent, safe and secure savings group that allows like-minded people from all over India to save, invest or borrow efficiently through their smartphones.
It is a very convenient for a common man living in a semi-urban or rural area to raise money for a foreseeable event in which he may require a significant amount of cash, such as payment of children’s college fees, daughter’s/wedding, son’s business capital requirements, and so on. Let us see how this platform helps individuals in financial crisis:
Download The Money Club App And Be Ready With Emergency Funds.
Money Club Savings and Lending Group Structure
- Members meet weekly, fortnightly or monthly and pool small amounts of money.
- Those in need of money borrow from this pool of money (savings).
- The one who takes the pool of money repays in installments over the period of time with a very low interest.
- Members who do not take loan earn interest on their savings which is usually 10%-15% p.a much mores as compared to money deposited in Fixed and recurring deposit of banks which is 3%-6%.
- You join a new club and the cycle begins again.
Read: How to Save Money from Salary? 15 Smart Tips
Money Club Digital solutions: Mobile money and Digital Onboarding
- The operation is paperless.
- Loans are cashless – funds are disbursed and repaid via mobile phone.
- You don’t have to go to anywhere. You can do everything sitting at home.
- Since there is no cash transaction, there is less risk and greater safety.
- Each member goes through 1 round of telephonic verification followed by KYC and background check before joining a club. Moreover, the members proceed to higher clubs by building a good transaction history and this creates a network of trusted verified users.
Benefits Of Joining Money Club
- It is the best platform for middle-class families who cannot obtain loans in an emergency and must rely on high-interest money lenders. You can quickly receive a lump sum in an emergency if you regularly save small amounts on this platform.
- You join a group of verified friends and pool money with them.
- You can borrow a sum several times greater than the amount you have invested.
- When you need money, you just have to bid, and the money is in your bank account in six to eight hours.
- All transactions are encrypted and digital in every way. Only members of the club can deposit funds into your bank account directly.
- You can earn money from home. If you sign up to be a Money Club agent and recommend the service to 20 of your friends and family, you could win Rs 20,000.
- You can earn 10% to 15% interest, whereas FDs and RDs in banks may only offer 4% to 6% interest.
Join As A Money Club Agent And Make Money Sitting At Home.
How to Join a Money Club?
Step 1: Download the Money Club app
Step 2: Get screened
Step 3: Get invited to join a Club
Step 4: Pool up money with verified members and bid for the pooled amount. The platform takes the guarantee of each and every member.
Step 5: Move up in the journey as you keep building your track record on the platform.
So, Download The Money Club App and join the first ever social community which helps you with emergency funds for any financial emergency.
Read: Know Your Money Club platform Journey On The Money Club App
How Does The Money Club Mobile App Work? – The Money Club
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