April 17, 2018
Unexpected expenses and financial needs can come up quickly when we least expect it. But what are the options? Borrow from a friend? Borrow from a bank? Request a quick, high interest payday loan? Now there is an exciting new platform that allows customers to work with friends and family to secure a short term loan or save for something special: Community Saving Platform (CSP).
Based on the age-old concept of community lending, Community Saving Platform is the world’s first online social saving platform that allows members to leverage their network to achieve their financial needs without paying high interest fees.
The CSP model is designed so community members each contribute small amounts on a regular basis via a set payment schedule, rather than contributing or lending large amounts up front. Participating members take turns each period receiving their “draw” from the community so, at the end of the designated period, all participants have recouped the money they contributed.
How Community Saving Platform Works
An individual sets up a Community Platform and defines its purpose. Then, the member establishes a weekly or monthly amount they’d like to contribute, and would like others to contribute. Next, the member invites friends and family to join them via the platform. Those who agree to participate will sign a legal contract. This helps ensure community members are participating as agreed.
Each contributor is given a designated time period from which to receive their portion of the savings. For example, if 10 people contribute $10 each for 10 weeks, each person will take a turn receiving $100 each week. By the end of the 10 weeks, each person has contributed $100 and each person has received $100. This serves as both a loan for some of the contributors who receive funds on the early end of the period, and an easy savings plan for others who receive funds on the later end of the designated period. The individual who set up the Community Platform can either designate the order in which members receive their draw or he can choose to allow CSP’s algorithm to select the order.
“Our goal is to give our community members more freedom and flexibility to borrow, lend or save their money,” said Iqbal Rahmoon, CEO, of Community Saving Platform. “Our platform promotes a fair society where people globally can help one another meet their financial goals.”
Benefits of the Community Savings Platform:
To learn more about Community Savings Platform visit
About Community Savings Platform
Community Savings Platform (CSP) is the world’s first social saving platform that allows you to leverage your network to achieve your financial needs without paying any interest.Based in London, CSP is guided by a mission and philosophy that is wrapped around helping our growing global community. CSP is part of NEOMARS
e-commerce division, with a dedicated team experienced in fund management. To learn more, visit
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