What are the fees associated with using Monk?
We are a group of passionate entrepreneurs dedicated to bringing communities and social circles together to create financial leverage and reduce our reliance on the institutional banks. Monk is based on a century-old offline rotational saving and borrowing concept that has helped countless communities. We believe it can help you and your communities build wealth as well!
In 2016, we will be launching several premium services for our existing users to eliminate any cashflow driven gap one may encounter during recession or economic expansion. Stay Tuned!
What is Monk?
Monk is a mobile app based on a proven offline rotational saving and borrowing concept that has helped countless communities across the globe. You may learn more about such offline systems here, here and here.
Monk can help you and your communities create financial leverage and build wealth in the following ways:
High Yield Savings - Monk users get up to 3% in interest on savings from their groups just by helping their friends in need.
A Personal Credit Line - Your Monk group is your personal credit line backed by your community where one can often borrow up to 10X of the savings in any given month! No Questions Asked.
Low Interest Loan - Monk users never pay more than 3% in interest on loans when borrowing from their groups. All of the interest proceeds will go directly to the friends and family in the group that made the loan possible!
Improve Your Credit Score (coming soon) - All group members in good standing will see an increase in their credit score over time as we formalize partnerships with all the major credit bureaus in the country.
So forget your local bank, let's put the power and wealth back in the communities we tried so hard to build and protect with Monk!
How do I contribute and receive money?
Currently, you may contribute funds to your group savings via your Debit Card. We are working hard with our banking partners to enable seamless bank transfers in the near future.
You will receive the money in your bank account on file within 3-5 business days after you withdraw from your group.
How long does each group last?
The group duration is based on the number of the participating members in the group. Since Monk currently functions on a monthly system, the duration of a 10-member group will be 10 months.
How many times can I borrow or withdraw money from my group?
Once. You may only borrow/withdraw money from any given group once, so plan your withdraw accordingly. You may see the withdraw dates as well as their corresponding amounts in the schedule table at any time once the group starts.
How can I borrow money from my groups?
You may borrow money from your group by tapping on the “withdraw” button in the group’s schedule screen. Please note, you may only borrow/withdraw money from the group on the specified withdraw dates, listed in the schedule screen. In addition, only one group member is allowed to withdraw/borrow money in any given month, and it’s on a first come first serve basis.
When can I borrow money from my groups?
You may borrow money from your groups on the withdraw dates listed under the schedule screen. However, only one group member is allowed to borrow money in any given month, and it’s on a first come first serve basis.
How is the group schedule calculated?
The group schedule is calculated based on a linear scale from -3% of the total monthly group savings to +3% of the total monthly group savings.
So for the member that needs to borrow/withdraw money from the group in the first month, he/she will receive 97% of the total monthly group savings, which is equivalent to paying 3% in interest. Whereas the last member withdraws from the group will receive up to 103% of the total monthly group savings, which is equivalent to receiving 3% in interest on his/her total savings . Below is a timeline illustration of the process. You may also visit the “sample schedule” link in the group creation screen of the app to access the schedule calculator.
What happens if I don’t need to borrow money from my groups?
Your savings can be borrowed by other members in your group at an average interest rate of 2%.
What if no one takes out money on the scheduled withdraw date?
The group will continue. We will recalculate the schedule to reflect such an event.
Can I join multiple groups?
Yes, you may participate in multiple groups at any given time.
Can I join the same group twice?
No, you can not join any group twice. This is due to our effort to prevent any confusion and fraudulent activities. However, you may create or participate in multiple groups simultaneously.
What happens if a group member stops contributing?
We will promptly pause the group once a member becomes delinquent. We will conduct a thorough investigation of the situation and work closely all members invovled to recoup any loss from the delinquent member. If the case is deemed fraudulent, we will banish the delinquent member from our platform and transition the case to the appropriate local agencies with group memebers' permission.
Can I leave a group?
You may leave the group at anytime prior to the group deadline date, which is 5 days before the group start date. You cannot leave the group past the deadline date as the financial health of the group depends on your continuing commitment.
How does Monk protect my personal and financial information?
All of your personal identifiable information(PII) and financial data is stored with our PCI-certified services. In addition, all your financial data is encrypted with AES-256, one of the most advanced encryption systems.
What happens after a group ends?
The remaining group savings will be disbursed equally among all the members who haven't withdrawn money, which will be their total savings plus interest.