Susu
What is a Susu?
A Susu, is an informal rotating savings club, where a group of people get together and contribute equal amounts of money, towards a one-time loan, that is paid out in return, to each member on a previously agreed-upon schedule. Black Communities Action Committee is restarting our Susu! With the proven success of our last 7-year bid, having over 60k loans given and successfully paid back, it is time to restart again! Bringing the black community together to support and secure financial stability.
We are looking to have three loan options, a $500 loan, a $1000 loan, and a $10,000 loan. Each loan amount requires at least 12 participants, who will equally pay a monthly savings amount according to the loan amount. Then, each member will receive the loan in random rotation for the 12 months of the year. So, as there are 12 cycles, 12 saving payments, towards your 1 loan, that is drawn randomly out of the 12 months.
One monthly payment for a $500 loan, would be $42. $42 dollars paid out for 12 months equals $500. You will be given the loan, for the full $500, one month out of the 12 months, from a random draw. The same process is used for all the loans, except the amount changes. Monthly payments for a $1000 loan, is $84, and your $1000 loan is again pulled at random. Both the $500 and $1000 loan is a 12 month borrowing plan, that is completely paid off within the 12 months.
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Loan Types
Payment Plans
There is two options for the $10,000 loan, a 12 month loan, and a 24 month loan. Same random draw for the payout month for the loan, but the monthly savings payments differ. For a 12 month plan, it would be $834 per month, and for a 24 month plan, it would be $417 per month.
Within this Susu, you are committing, investing, in yourself and your community. In a place where sometimes $500 is just enough to set your life back on track, where options seem none, there is a way we can come together and support one another, investing in our own personal wealth. If you would like to get started on your own personal loan, today, please contact us.