What is Savingmate?
Savingmate is a peer to-peer digital app that helps families, friends, co-workers, and communities to save and build credit.
What do I need to sign up for Savingmate?
A smartphone (iPhone or Android), a valid US Social Security Number or driver’s license, and signing into the bank account you want to use for this activity are items required.
Why do I have to link my bank account?
Your bank account must be connected to the Savingamate application in order to transfers your dues when you need to pay your dues to members within your group. Also, money will be transferred to your account when it’s your turn to receive money. Savingmate application will not save your bank account details.
What is the purpose of requiring my social security number?
Is my data safe?
Savingmate encrypts and protects the data using industry standards. Furthermore, once your bank account is connected, we do not store any details about it.
How can I see the history of group payments?
Under your group section you will see group activity payments as to gets paid and who will be in the waiting.
May I use my credit card to join a group?
No, not right now because payment cards have heavy processing costs.
What happens if I don’t have a bank account?
At the moment, our platform necessitates a simple bank account. We’re looking at ways to make Savingmate available to those who don’t have a bank account.
What if my Savingmate account were compromised?
If you believe your account has been compromised, please contact us at firstname.lastname@example.org.
How does Savingmate assist me in improving my credit score?
Savingmate can report your payment behavior on the platform to the major credit bureaus in the United States. Your credit score will improve if you keep your commitments to your group members.
Furthermore, Savingmate can compile a one-of-a-kind ‘Savingmate Score,’ which can be used as alternative proof of creditworthiness. Credit is intended to serve as a substitute for confidence. This is very complex to create in a brief period of time for people with little credit records. As a result, the Savingmate score seeks to offer an alternate method for financial institutions to assess your trustworthiness as a creditor or bank customer.
What occurs if a group member fails to fulfill their obligation?
If an individual fails to make their contributions, Savingmate would inform the customer of their late payment by electronic mail, giving them the chance to correct the situation. Savingmate will give them grace period of 7 days to fufill their promise to pay. If everything else fails Savingmate will report their default to credit bureaus in the same manner as any other unpaid bill.
Is it possible for me to see a list of my payments to my Group members?
Yes. Please (1) choose your group’s icon; (2) navigate to the “My payments to this group” tab; (3) swipe down to refresh the screen; and (4) choose the payment you want to see.
Is it possible for me to see my group’s payment schedule?
Yes. Please (1) click on the button for your Group; (2) navigate to the “Upcoming payouts” tab; and (3) scroll down the page to see all expected payments for the group.
How do I form a group?
Once you’ve downloaded the app and finished the registration phase, you’ll be prompted to build a Group. You must insert a community name, the number of participants, the size of each payment, and the frequency of payment.
Once you’ve established the basic criteria, you’ll need to invite people to enter the Group. Savingmate will send a text message to all members you invite asking them to join your club. Until they can enter the Group, they must first download the app and connect their bank account to the Savingmate application.
Is it possible to abandon a group until the payment period is finished?
No, if you agree to join a group, you must remain a member before the payment period is completed. It would be unfair to the other participants of the group if you were allowed to cancel the deal in the middle of the loop.
What is the minimum number of members to form a group?
Yes. At the moment, all groups must have at least three members before they can form a group.
Is there a charge for the transfer and membership fee to user the applicaton?
Savingmate charges each participant a monthly membership fee of $5.
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If you still have questions that was not answered, please feel free to reach out our support team at: email@example.com