Are you tired of low rates on your savings or sick of getting turned down for loans?
Here are 10 reasons why you might want to join the waiting list. You will be among the first to be notified as we get closer to launching.
Imagine ‘banking’ without the bank, without bankers, just people like you. Your friends, colleagues, neighbours and local community. People you can trust, want to help and invest in.
We let you to easily join or mimic a financial co-operative (including credit-unions) – so you can quickly and easily save with and lend to people with whom you share a social bond.
We give you control of who you share your money with, the terms and managing the risks involved. Despite borrowing from circles of friends, colleagues or others you are associated with, the process is carried out discreetly to protect personal reputation and important relationships.
Many transactions are on the Blockchain, a decentralised platform, directly between you and other circle members using our ‘smart contracts’ and governed by a global community of people committed to preserving its integrity.
We perform credit-checks on new members on your behalf using external services credit reference agencies but also allow each Circle the ability to weigh this against an Internal Trust Score System the formula of which is open to all and easy to understand. So there should be a circle for everyone whilst offering savers the security of knowing risk is managed.
You can personalise how and with who you lend, borrow and save by circle. You can even create your very own circle for friends and family or a local cause you just need to meet our minimum member criteria and commitment requirement.
The process of lending is fully automated. If someone passes the custom criteria (including a variable internal & external credit score) and is accepted into your Circle they can gradually borrow an increasing amount (up to a fixed-limit) from the Circle’s savings pool at a fixed-rate as long as they make their repayments on time.
Savers are typically getting unacceptably low rates from High Street banks. Borrowers using payday loan companies often struggle with exorbitant re-payments. And people using P2P Lenders get locked into lengthy terms of 3 month to 1 Year whilst being dependent upon the platform holding their deposits not going bust.
With MoneyCircles.com we make it fairer for both sides with reasonable rates depending upon the borrower’s credit-worthiness and the lenders generosity and we don’t directly hold any of your money.
Because of the technologies we use the cost of moving your money on and off MoneyCircles.com as well as in and out of circles is fractions of a pence rather than pounds. We just charge the circle a small fee per depositor for using our ‘Smart Contracts’. This means we make it easy and cheap for you to lend, borrow and save with us.
Lastly but most importantly if we are successful we can create a genuinely, ethical and more fairer alternative to the current banking and lending system.. surely that’s something we all want!
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