At Oscar Money, our goal is to empower you to take control of your finances and plan goals ahead, whether the goal is making a significant purchase, planning for a holiday or life event such as a wedding, or just growing your savings.

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Oscar Money is a form of social banking, digitising traditional money circles (RoSCAs) that are widely used around the world. These money circles are built on the strength of communities, the social fabric of trust and our natural desire to support each other. 

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How it works

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Illustrative example:

• 5 people form into a money circle and agree to pay a specified amount (e.g. £100) every month for 5 months

• Every month, one person receives the entire pot (i.e. £500 +/- savings bonus or borrower fee)

• After 5 months, every member has paid in a total of £500, and each receives an average pay-out of £500​

  • If you want to save-up and receive your payout in later months (i.e. you are a saver), you will receive more than the £500 you paid in - an attractive savings bonus

  • If you want to receive your payout in the earlier months of the circle (i.e. you are a borrower), you will receive an amount slightly less than £500; this convenience fee is then distributed to the "savers" in your circle (your friends, family or other likeminded individuals)

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This is different to the existing banking system where most of the value goes to banks and we pay more interest to the banks to borrow than what we receive as interest on what we have in our bank account. This is also more financially responsible compared to credit cards or Buy-Now-Pay-Later options, which encourage excess spending.

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The benefits of using Oscar Money

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• You are able to reach your goal faster than you would if you were saving alone

• You develop a healthy budgeting and regular savings habit

• You are supported by a community of fellow Oscar Money members

• It's fun!

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