MoneyFellows is a collaborative group lending and savings platform. It is a trusted and more convenient way of finding and managing Money Circles (Gam’eya) online by digitizing the informal traditional offline ROSCA (Rotating Savings and Credit Association) model.
Money Circles’ concept is a common model in over 90 countries around the globe. They call it different names like "Chit funds" in India, "Tanda" in Mexico, “Committees” in Pakistan and "Gam’eya" in the Arab world.
MoneyFellows combines saving and credit by establishing money circles of which:
- Based on a user’s score they are able to search and find a suitable money circle to join.
- Once the money circle starts, all users then pay a similar monthly installment for a defined number of months.
- Each month, one of the circle members receives the total money paid by everyone else until all members have received their payouts.
For the past 1,500 years money circles have been done offline the same old, hard way with lots of limitations and pains.
Moneyfellows utilizes technology to help people find trusted, more convenient money circles, easily track and automate payments while building up user’s MoneyFellows score
The beauty of having a digitized money circle platform is the continuous availability of slots that meets everyone’s needs (either looking to save or in need of urgent money).
- Flexible payment options (Salary automated deductions - Credit Card – Cash collection).
- Fixed Payout date for all users, no delays.
- 100% Trusted money circles (Never worry, if someone stops paying, MoneyFellows will replace his slot).
- Extra benefits for employees of our corporate partners.
- Smart scoring system that allows users to keep building up his/her score to unlock higher payouts and earlier slots.