General
Fastsusu is a mobile application designed to help individuals achieve their financial savings goals and build credit. Users connect through community based money pools and rotate their funds to save capital faster. The platform simulates the traditional form of a rotational savings club.
Rotational savings clubs are also known as tandas (Latin America), cundinas (Mexico), susu (West Africa and the Caribbean), partnerhand (Carribean/UK), hui (Asia), Game’ya (Middle East), kye (South Korea), tanomosiko (Japan), pandeiros (Brazil), arisan (Indonesia) and chitfund (India).
A susu is a type of informal savings club arrangement between a small group of people who take turns by lending and re-paying funds.
By rotating your funds with the help of others, you have the ability to access capital faster. Studies show that people who save in a group are three times more likely to successfully reach their savings goals. Also, a susu can serve as an alternative for loans. Which in turn allows our users to avoid high APR rates.
Groups
To join a group, simply navigate to the “group search page” and select a group of your choice. You also have the option to create your own group from the home page or be invited to join one via text.
A susu is a type of informal savings club arrangement between a small group of people who take turns by lending and re-paying funds.
Group size can range from 3 to 12 people.
Fastsusu will issue a warning to individuals who fail to commit to their payment plan. We process an auto-payment from the individuals linked bank account. If the payment fails on our first attempt, the individual will be blocked from joining other groups until the collection is paid. We report missing payments to collection agencies and in some cases to credit bureaus.
The start date of the group will simply adjust to a new date until the minimum amount of individuals confirm their spot in the group.
Unfortunately, we cannot accommodate your request without penalties involved. Missing payments reported can negatively impacting your rating score and result in prevention of the use of our services in the future.
You can find more in the late or default payments section.
The number of cycles correlates to the number of individuals in each group and payment frequency.
For example, a group of 6 individuals who plan to save on a monthly basis, will each make 6 payments of the expected amount. This is a total of 6 payment cycles.
Your collection date is determined by when you join a group. You can choose your place in a group if there are open slots available. Otherwise you may be placed depending on availability of spots in a group.
Yes. We limit groups sizes to a maximum of 12 individuals and minimum of 3.
You have the ability to select your payout date if you start or join a group with various open slots. However, once a group is in session you are unable to switch the date you are set to receive payment.
When all payment cycles are complete and everyone has received their collection the susu will end. You have the option to recreate the group with the same members or a find a new one!
The group leader can set the group size, payment frequency and amount. They also have the ability to invite members to the group and set the group as public or private.
Group sizes are limited to a minimum number of 3 members to a maximum of 12.
The amount an individual can save is dependent upon the type of group and a members rating.
Public groups are limited to a $1000 dollars per month savings goal. This means that members in a group of 10 members would each pay $100 dollars a month. Please note that member ratings only affect the amount a person can save in a public group.
In a private group, ratings are not a factor. However, users can only save up to $500 per month in a given cycle.
Payments
To make payments simply connect a valid U.S bank account account and join a group. By joining a group you agree to pay your monthly payments on a scheduled basis. Deductions are made from your account on due payment dates and members can choose to receive notifications prior to all transactions.
To receive payments simply withdraw your funds directly from the app to your bank account.
Payments are received from each member of the group on your scheduled collection date. You can find your scheduled payment date on your group dashboard.
Funds are collected from each member on the date of their scheduled payment. This attempt is usually taken from each bank account during the early hours of the day.
If a member of the group leaves mid-cycle, they will be held responsible for all payments due. They will not be able to join other groups until the debt is paid. Missing payments may be reported to a collections agency or credit bureau.
We take the initiative to ensure that our members feel confident saving with us, so we step in to pay off any missing payments. This way the group can continue until completion of all cycles.
We send notifications prior to any transaction. Reminders are used to ensure that members are aware of any upcoming payments. In the event that a payment is late, you are still responsible for paying back the group. If a payment is late for more than 5 days, we will report the late payment to a collections agency and/or credit bureau.
Bank Account
Upon member sign-up, users will be asked to connect their account. You can easily enter your details or log-in to your banking institutions portal from there.
Another way to connect your bank account would be to navigate over to the setting page and select ‘bank account’. Members have the option to manually enter their account details, or sign-in to the banking portal of the institution of their choice.
To verify your account, simply await details on your account verification within the app or through your e-mail.
To change your bank account, navigate over to the setting page and select ‘bank account’. You can manually enter the details of another account or log-in to the portal of a banking institution. An account must be entered and verified before the start of a group. Once a group has started, you have the option to change your account only after a payment has defaulted.
We’ve partnered with the best transaction API’s available to our market. Deposits reach your account in as little as a few seconds. Please do note that this may vary depending on the users banking institution.
Security & Identity
Fastsusu uses industry standards to encrypt and protect your information. Information about a users bank account is not stored with our services.
Users are required to link a valid U.S bank account in order to join a group.
Other members can only view your upcoming payments. They do not have access to other members private financial information.
Credit Score
Fastsusu may report your payment history on our platform to top credit bureaus within the United States. If payments are made on time to a group that runs for more than 6 months, this can be reported as a micro-loan and thus can positively improve ones credit.
Payments to groups that run for more than 6 months can be reported to credit bureaus as ‘micro-loans’. Despite only reporting payments from groups running 6 months or more, late payments can still negatively impact individuals in smaller groups as late or missing payments are also reported to collections agencies.
Fastsusu reports payments to credit bureaus to ensure that our user feel comfortable saving in public groups. This adds on to the responsibility of making payments in a timely manner. We also feel that reporting credit can help establish a payment history that can prove an individuals credit worthiness.
Payments that are late more than 5 days will be reported to credit bureaus. This will be marked as a ‘late payment’ on financial statements.
Payments are reported as ‘micro-loans’ for groups running 6 months or more.
Support
If you experience technical difficulties within the app, simply contact our support team or view the mobile FAQ page.
There may be several factors involved with issues connecting a bank account.
1) Ensure that you’ve correctly entered your banking information.
2) Check that funds are available in the account as our API providers check for balances present.
If these options are do not solve the issue, visit our contact page to reach out to our representatives and we’ll be happy to assist you further!
