The Money Club — P2P Lending Mobile App
The Money Club mobile app is a safe and secure platform for online chit fund. Using this app, you can join a chit fund with people from all over India who are verified by the Money Club company. Also you can form your own club with your trusted people (friends, family or office colleagues) and start pooling up money.
Benefits — Through this app, you can
- Save money regularly
- Pick up the bulk money whenever you need it the most
- Earn 3–4 times higher returns than bank fixed deposits.
- Buy things on EMIs. You don’t need to wait for saving money in order to buy something.
Maths behind The Money Club concept:
Let me explain you the concept with the help of an example. Suppose there is a group of 10 members who have mutually decided to contribute Rs. 5,000 per month.
In their group, the total pool amount will be Rs. 50,000 per month (Rs. 5,000 x 10 members). Every month there will be an auction (bidding) on the Money Club app among these 10 members.
The member whose bid amount is the highest will be the winner of that month and he will receive Rs. 5,000 from all his members (9 members). Lets say that Mr. A is the winner and his bid amount was Rs. 4,500. It means that he paid Rs. 4,500 as interest in order to get Rs. 50,000 in his bank account.
His bid amount (Rs. 4,500) will be equally distributed among his 9 group members and each one will earn Rs. 500 (monthly returns). In the coming months, Mr. A will not be allowed to bid, instead he will keep paying back his installments (Rs.5,000) per month.
In a group of 10 members, there will be 10 rounds and in each round there will be a unique winner. No money comes on the app instead the members can transfer the funds to each other directly.
Download ‘The Money Club’ app, → TheMoneyClub — Android Apps on Google Play
Watch the below video to understand online chit fund on the Money Club.
- The Money Club Concept — English Version
- The Money Club Concept — Hindi Version
