After the completion of the pilot club –
- Members who get successfully level 1 verified, proceed to join the real club. The Money Club declares the list of members who are eligible to join the real club.
- Members can start their first real club by contributing Rs.1000 fortnightly.
- After their first real club members will be eligible to join more clubs only after completing level 2 verification.
- Level 2 verification is the credit and the income check of a member. It requires the following 3 documents:
- Last 3 months bank statement
- Latest ITR form
- Latest credit report
- Joining more real clubs is by invitation only. Invitations are sent on the basis of the transaction history and the verification of the members.
- Bidding happens in the real club on a fortnightly (here 15 days) basis.
- A penalty structure is introduced in the club which must be accepted by all.
- Members volunteer to become the club owner.
- The Money Club team decides who should become the club owner based on the verification and transaction history of the members.
- In case, the club owner manages his club really well, he gets the opportunity to become a Money Club Partner in the next club he is the owner in. As a Money Club Partner, he gets 50% of the commission earned by the Money Club in each round of the club.
- The club owner then forms the club on the Money Club app and sends out the invites to his group members.
- After all the group members accept the invitations, the club owner activates the club.
In a short span of time members who have maintained good history on the platform have reached a contribution of over 20,000 in 1 month. So it is completely up to the member how quickly he wants to scale up.
If you have any questions regarding this please connect with us on whatsapp or by clicking on the “help” icon on the app and we will respond immediately!