Traditional Chit fund Companies
vs
The Money Club
If you’re looking for a Traditional Chit Fund Companies alternative for borrowing, saving or investing money, The Money Club is your best bet. It is an AI-powered chit fund platform that is 100% online and is a powerful solution optimized to provide higher returns while making your financial transactions safe, secure and convenient.
Money Club is unique and a worthy (or better) alternative to Traditional Chit fund Companies. Find out why!
About Traditional Chit fund Companies
A traditional chit fund company will have different schemes running for different time durations, different contribution amounts, and a different number of members. The operations usually involve rolling out the chit scheme, finding potential members, registering the members into a chit, collecting their collections, conducting auctions, distributing the funds, and maintaining the books. These companies earn a fixed amount for operating these schemes. The number of members in the chit is equal to the time duration of the scheme, and each of these members is required to contribute a fixed amount of money for each period. ...
Most traditional chit fund companies work offline with little or no online presence. So, if you have to enroll in a chit fund scheme, you’ll have to visit the branch or wait for an agent to come to your house to register you. Moreover, these traditional chit fund companies serve a particular city, region or state. This means, traditional chit fund companies are geographically constrained; you cannot become a member if you are not in the city, state or region where the traditional chit fund company operates.
About Money Club
The Money Club is a safe and secure mobile platform for Peer-to-Peer Chit fund or Committee. It offers an opportunity to join a group of like-minded people from all over India to start saving or investing money. In times of need, people can also borrow money that is multiples of what they have invested. All the members are verified by the Money Club before they start pooling up money on the platform.
Traditional Chit fund Companies vs The Money Club Online Chit Fund Platform
Traditional chit fund companies work on a completely traditional offline method of running chit fund schemes. Due to the lack of an online experience, the process of enrolling, contributing, and borrowing is extremely inconvenient. Moreover, there is an exhaustive list of documents involved for which you might need to visit the branch physically.
The Money Club essentially offers an end-to-end 100% online process. This means that everything takes place online with no paperwork and no physical presence, right from registration, verification, contributions to payments.
How Money Club is Different from
Traditional Chit fund Companies
AI-powered Platform
Money Club is India’s best AI-driven online chit fund platform with 100% online process, ensuring safe, secure and smooth peer-to-peer lending experience.
Zero Paperwork
Registration, verification, bidding, transactions and almost everything else on the platform can be done online without the hassle of massive paperwork, thus saving your time and effort.
Variable Commission Structure
Unlike the traditional chit funds, the Money Club has a variable commission structure which starts with 4% of the chit amount and goes down to as low as 0.5% based on the performance of the subscriber.
Here’s a look at some of the other differences
| Features | Traditional Chit fund Companies | The Money Club |
|---|---|---|
| AI-powered platform | ||
| Zero paperwork | ||
| Performance linked commission structure | ||
| Gamified customer journey | ||
| High-frequency chits (daily, 3days) | ||
| People can join from PAN India | ||
| No physical presence required during an auction |
The Money Club is not just any online chit fund platform - we are optimised for higher returns and a better customer experience!
Gamified Customer Journey
As you build a good transaction history, you can proceed to higher amounts of Money Clubs through a gamified customer journey.
Large Amount Chits
Users can join multiple clubs resulting in a cumulative club amount of more than 1 lakh based on their profile on the platform.
Long Frequency Chits
Along with the high frequency clubs, the Money Club also runs the long frequency clubs like the fortnightly and the monthly clubs wherein the auctions happen in every 15 days or in every 30 days.
Online Payments
Users can make transactions from any of their online payment apps like google pay, phonepe, etc. and submit the transaction id in the Money Club app.
High Frequency Chits
Unlike the traditional chit funds, the Money Club runs the daily and the 3-days frequency clubs as well which help the subscribers to earn returns in a short tenure or borrow whenever they feel the need.
Open to PAN India
Like-minded people from anywhere in India can join a Money Club and begin their journey with us.
No Physical Presence Required
The entire process, right from registration to auction, is 100% online. This means you can conveniently be in the comfort of your home during the auction.
