The age-old concept of chit fund is now democratised and on your phone within your trusted network of family and friends.
The Money Club android mobile app where trusted peers fund peers through this age-old financing mechanism. On this app, you can pool up money within your trusted circles and pick the pooled amount when you need it the most.
I can easily get BULK money when i need it. I can pay in installments.Cons:
It is a good app. But a good one has always a scope for being better. Specially in terms of the UI/UX.
I created a Money Club on this app, with 3 of my childhood friends. Each one of us contributed Rs.500 per month and we pooled up Rs.2000 per month. I picked up this Rs.2000 in the second round (second month) to pay off my broadband bill.
Now each one of us has decided to contribute Rs.2500/month, pooling up a total of Rs.10,000/month. Excited to pick this BULK MONEY!
Its make the chit fund process democratic, digital, cashless and convenientCons:
Money transfers are not on the app yet. It will be great if money trasnfers happen within the app itself
Peer to peer chit fund is an innovative concept. It helps people get access to bulk amount of money when they really need it , at low interests and without any useless paperwork!