There is power in unity!
A member only Rotating Savings and Credit Association (ROSCA) community. Build generational wealth, budget, and save!
Save money, and meet goals via group contribution with automatic re-contribution.
It’s easy to get started:
1. Download and sign-up – subject to approval
2. Background check via third-party company, as required
3. Approval required
4. Contribute via plaid, or offline payment
Our Rotating Savings & Personal Savings features are the perfect solution.
How a ROSCA Works
In this ROSCA business model, members pool their money into a common fund, generally structured around monthly contributions, and a single member withdraws the money from it as a lump sum/goal at the end of each cycle. This continues for as long as the group exists.
With Social Savings Club, you can set up automatic personal savings, or rotating groups with family, friends, and associates.
Example of our ROSCA
A ROSCA is established, could gather four trustworthy individuals, and require each of them to initially contribute $1,000 to the fund. At the end of the first cycle, the first member to enter the rotation cycle has reached the goal of $4,000, taking home a lump sum (minus admin fee and re-contribution). In the second rotation cycle, another member would reach the goal of $4,000. This would continue, until everyone has a turn with the proceeds. With our unique recontribution feature, this will continue as long as the community exists.
What can you do on Social Savings Club app?
Group Contribution
With Social Savings Club, you can create or join a rotating savings group (ROSCA) with family, friends, or co-workers. Contributions are rotated among members based on rotation place. The payout can be daily, weekly, or monthly.
We have two types of rotating savings groups
• Public groups: Receive a public group invitation code from any member or our agents. Or allow our app to place you in a group.
Coming soon
• Private groups: Here, you are in charge, along with our assistance. Instead of using an informal platform to organize your group contribution, you can easily use Social Savings Club to set up the group and invite your friends, family and co-workers. The advantage is that your members get to build generational wealth by using our platform to organize their contributions and recontribution.
The app includes two different saving modes that will help you save money:
1. ROSCA 1.0: Create generational wealth via contribution and payout of funds that you put in, withdrawal and keep a history of all your transactions. Then, just let our app track and help you reach your target budget.
2. ROSCA 2.0: Create generational wealth via our profit strategy. With a set in-app goal, accomplish your goal faster with no time limits. Payout could occur: weekly, bi-weekly, or monthly. Then, just let our app track and help you reach your target savings.
KEY FEATURES:
* Visualize, and keep track of your progress with the rotation cycle and member list
*Notifications are included, so you never miss a payout or important information to save money
*Business Corner, advertise your business, or find products, and services
* Chitter chat to communicate within your group or private one on one
* Take the worries out of commitment with the no risk re-contribution feature
* No internet connection is required to use the app, and it’s designed to work for every device with any software version
* We’ve made it so fast and simple to use that you’ll be able to start saving money in a matter of seconds!
* Bank-level security and privacy
We will constantly update our App to support a wider range of features.