Private circles are circles that are within your social network, according to the social media platforms you are connected to. No badges are required to join or create private circles.
Public circles are circles that are not within your social connections, but are identified as trusted and secure for you to join. Depending on the slot you want to join, you will be prompted a message with the requirements for Moneyfellows to approve your circle slot.
Yes, once you are approved to join a public circle, we guarantee that all other circle participants will pay their monthly installments, otherwise, we will chip in and take legal action to make sure that member pays back all his unpaid installments.
Depending on the way a user chooses to collect the money
we deduct a small service fee out of the payout (range between 1.5% - 2.5%). Example: if it’s your turn to receive 10,000 EGP and you select to receive it to your bank account or as cash through our delivery agent, you will in this case receive 9,850 EGP and we keep 150 EGP as service fees.
We do not charge a user anything in this case, but we rather give that user a discount instead.