ROSCAs are interest free saving and lending between peers. ROSCAs work when you have a group of 3 or more people contributing a certain amount of money each fortnight or month. At the end of this time period, each member of the group is paid the total contributed amount. This process repeats until everyone is paid. The great thing is the first person to receive payment is taking out an interest free loan and the last to receive payment have found a smart way of short term savings.
SunBox facilitates ROSCA activities in a safe and secure way so that your family and friends can crowd loan and save together. SunBox is especially useful to those who do not want to take out a formal loan from a bank or credit card because of high interest rates. Loaning through ROSCA is completely interest free. SunBox is also useful to those who want to save but find that they dip into their savings too early as every member of the group has a scheduled payment date.
SunBox has advanced measures to help protect you, your family and friends from delayed payments and fraudulent activities. Protective insurance ensures that your SunBox runs smoothly and once your SunBox is completed, the money is returned to your account.
YES! You can request records of your payments and submit them to credit agencies which demonstrate your capacity to meet financial commitments. Moreover, if you are late with a contribution, this will reflect negatively on your credit report.
SunBox ensures that there are measures to help each SunBox continue as scheduled and all payments are received. Protective insurance and up to date contact information help immensely. Defaulting on your contribution will not only make you liable and impact your credit score but may get you banned from using this app in future.
Within 24 hours. There is a two-step verification process that users must complete first.
YES! SunBox benefits are available world wide. Invite all your friends and family!
You can reach us through our app under the ‘Get help’ section in the menu. Alternatively, you may contact us at sunboxapp@gmail.com