#TheMoneyClubDiaries is here to showcase inspirational stories of many Money Clubbers, who got their wishes fulfilled, and who successfully handled their financial contingencies with the help of The Money Club mobile app.
Today’s contributor is a budding photographer, who is now a happy owner of a long-awaited cellphone. Read on-
I am an amateur photographer. For a long time now, I have been thinking of buying a good quality phone with a good camera and variety of shooting modes.
Given my take home salary of 35,000 it was difficult for me to save enough to purchase one. The wait would have been excruciatingly long since I save only about 4-5k a month.
I was wondering how I could get some quick money for this purchase when I saw an article on LinkedIn about this company, The Money Club. They spoke about lending and borrowing within trusted communities.
I looked deeper and shared it with my roommates and office colleagues and since most of us do a lot of lending and borrowing anyway for expensive purchases, this app made more sense because now we didn’t have to manage the accounts and we would get returns on our investments which wasn’t the case when borrowing from or lending to friends, off the record.
I got 6 of my friends together and each one of us decided to pool in Rs.3000. This brought the total pooled-in money to a whopping 21,000! Along with it, it brought an opportunity to use the cash for whatever purpose I want and spread the repayments over 6 months which appeared pretty manageable to me.
We decided to hold a bid right away and I bid Rs.600 bucks to take home the 21,000.
Once everyone transferred the money to my account, I made the purchase and my new phone was on its way home.
The way I see it, it’s a steal!. My Rs.600 got me Rs.21000, that too at 3.33% interest on a loan of 21,000, and each of my friends made an interest of Rs.100 on their small investments. Just how cool is that! No banks involved, no high-stake investment or high amount lending, a bunch of people pooling in small amounts of money to create a huge pool of money to help each other out with purchases!
If I hadn’t adopted the Money Club route, I would have waited for another 6 months to buy my dream phone. Or I would have paid a huge interest on my credit card. Find me a better way to invest my money!