The Committee System involves a group of people (can range from 5-20) coming together to form a “Committee” where each person contributes certain amount of money towards a pool of funds. Typically the person initiating the committee is the cashier or the committee owner and is responsible for each transaction and servicing of everything that goes for that particular committee.
Advantages of Committee System
Now you and your friends can easily create your own pool of funds and pick it when you need it the most. The friend who needs the funds, bids his interest rate for it, while the others enjoy returns by splitting the interest among themselves.
1. Boosts your Buying Power by 5 times immediately
2. You dont need to wait to buy your favorite things
3. It converts your spends to EMIs
4. Your investments can earn more than stock markets and mutual funds
5. Now, you can save regularly along with your friends
6. Easy access to money in emergencies
7. Borrowers get loans at cheap rates and Investors get high returns. And most importantly useful for those who can’t get debt from banks.
Risks :
The biggest is the credit risk that the person does not pays the principal payments. For the same reason committee are often formed between close members of society where trust level is high.
Simplicity of Committee App:
It is unique way to manage your Committee System.
Committee owner just need to add few details and app will automatically do the draw and assign the disbursement money with each member of the Committee Member.
Bidding is done on every scheduled date provided by the owner
Bidding is done only for few hours and will automatically stopped
No Bidding will be done on second and last committee date
Second bid amount will be given to the owner of the committee
Owner
Good Luck Saving Money