Joola is a new way to save and earn rewards
A quick introduction to Joola
Joola is a savings and rewards app that helps people build access to capital, regardless of socioeconomic status. We offer an alternate pathway for friends and family to save money using the rotational savings method.
What is the inspiration?
This method has been around in one form or another since at least 600 BC in ancient China, but its modern manifestation was developed by Nobel Prize winner Muhammad Yunus with Grameen Bank in Bangladesh. The concept is simple: In a group of twelve members, every member makes an equal contribution (say $10), then one person gets paid back any time there’s enough money saved up ($120). A group ends when all members have gotten their payouts.
A savings app for groups of friends, family or coworkers who want to save together
In the United States, nearly half of all adults live paycheck to paycheck. This is a major problem for many Americans because it makes saving money difficult. The average American household has $5,200 in credit card debt. This is a problem because it causes people to live paycheck-to-paycheck and struggle with basic necessities like food and shelter.
If you’re having trouble paying bills on time or saving for special occasions like vacations, Christmas or weddings, this is definitely something worth looking into. Every dollar saved adds up quickly when it’s compounded by several other people who are putting money away at the same time.
Saving money can be hard, especially if you don’t have any to spare. That’s why we created Joola, a new way for friends and family to build access to capital together. We know how important it is to have someone in your corner when it comes time for big purchases or emergencies – so we made an app that helps people do just that.
Download the app now and make sure your friends do too!