How to Use Plently’s Money Circles: A Step-by-Step Guide

What is a Money Circle?

Plently’s Money Circles is an innovative digital platform bringing traditional practice into the modern age. This technology is a means for community-driven people to save and access credit together in a structured, periodic manner. Members contribute money collectively and receive a payout when it’s their turn, all online. 

Known globally by various names such as Ajo in Nigeria, Susu in West Africa, Tanda in Mexico, and Panderos in Peru, Rotating Savings and Credit Associations (ROSCA) have existed over the years and now, you can join in on this tested and trusted financial strategy. 

Why Use Plently’s Money Circle?

This digitized version of an age-old practice ensures a more secure, transparent, and efficient way to manage savings and credit using contemporary technology. By embracing tradition with a digital twist, Plently provides a platform that fosters financial collaboration and freedom.

Who Can Use Plently’s Money Circle?

You’re most likely familiar with any of the above-named ROSCAs all over the world. But even if you are new to the concept, Plently is here to make it even easier and more effective to save and raise money collaboratively. The feature is an effortless way for any group of individuals to provide and access financing together.

Photo by Tima Miroshnichenko

When Should You Use Plently’s Money Circle?

You can use Plently’s Money Circle anytime you want to save collaboratively or need access to credit. It’s perfect for individuals who want to manage their finances in a community-driven way.

How to Use Plently’s Money Circle

Step 1: Download Plently

First, download the Plently app from your app store. It’s available for both iOS and Android devices.

Step 2: Sign Up

Sign up for Plently using your details. Ensure that the information you provide is accurate to facilitate smooth verification.

Step 3: Complete Verification

To create or join Money Circles, users must complete an initial verification process. This guarantees the identity of users as well as the safety of their funds. 

Step 4: Create a Money Circle

Once verified, you can create a Money Circle by following these steps:

• Click "Create Circle."

• Set invite options, slots, and admins.

• Read and accept the terms.

Step 5: Join a Money Circle

To join an existing Money Circle:

• For now, you can only join a money circle by invitation.

• Choose a slot number if not assigned, set privacy settings, and join.

• Confirm your agreement to participate.

Step 6: Add Money to Your Circle

Fund your Money Circle by setting up Autosave or adding money from your wallet or card. This ensures that your contributions are timely and consistent.

Step 7: Explore Member Profiles & Ratings

Check out member profiles and performance ratings as well as their contribution history to understand your circle better. This helps maintain transparency and trust within the group.

Step 8: Invite friends and family into your circle not share

Spread the word about your Money Circle by sharing the Circle Link with friends and family. The more, the merrier!

FAQs
Here are the most common questions we’ve received regarding this feature:

What is a Money Circle?

A Money Circle is a feature by Plently Financial Technology where a group of individuals pool their savings together and take turns accessing the collective fund.

How secure is Plently’s Money Circle?

Plently ensures a secure platform with robust verification processes and transparent operations to protect users’ funds and information.

Can I join multiple Money Circles?

Yes, you can join multiple Money Circles as long as you meet the verification requirements for each.

What happens if a member defaults?

Plently has measures in place to handle defaults, including a verification process, member ratings and performance reviews to ensure accountability.

How do I withdraw my funds from a Money Circle?

You withdraw your funds according to the agreed schedule of your Money Circle. The payout is made into your Plently wallet. 

Is there a cost to using Plently’s Money Circle?

Plently may charge a nominal fee for certain services to ensure the platform remains secure and efficient. Detailed fee structures can be found within the app.

By following these steps, you can easily navigate Plently’s Money Circle and enjoy the benefits of collaborative savings and credit.