Finlok – Save Together, Stay Together

Man is a social being. With the advent of technology we are “connected” like never before with our family, friends, colleagues and neighbours. We are able to share real time updates, news and life events with in our social networks and receive feedback and responses straight away.


However when it comes to managing one’s finances most of us are left fending for ourselves. As a result we end up not saving enough, dipping into savings for unnecessary expenses, struggle to get credit and then to pay it off, don’t invest for future goals. Does this list sound familiar? Can you relate to this yourself? Look around you, this would be a common struggle for people in your social network as well.


It is surprising that in such a connected and digital world we are not able to connect with people in our social network to help manage our finances. I grant that asking someone for a loan is not always comfortable. It may also not be possible for a single person to give us a large sum of money.  


Savings Groups


For centuries people have been collaborating in savings groups to save, access credit and earn returns. There are many variations to this model – simple round robin, reverse bidding, credit societies, lottery and many more; however the core principle remains the same. A way for a group of people that are connected and trust each other: co-workers, friends, family members, neighbours, to get together and save, get credit within their group and earn returns. In India these models go by many names – chit funds (regulated under the Chit Fund Act; unfortunately however most chit funds operate under an unregulated and illegal format), bhishi, BC, committee etc. In fact the models exist across the world too – called ‘tanda’ in Latin America,‘hui’ in China, ‘stokvels’ in South Africa and ‘partnerhand’ in West Indies.


Save Together, Stay Together

People typically complain that saving alone is very difficult. One needs motivation and would love help. Finlok is India’s 1st Group Saving App that has digitised the entire group saving activity using the latest and most secure mobile and payments technologies. Imagine this as a personal bank for your group.

Finlok’s Savings Groups provides an excellent way to –

  • Create a forced saving discipline

    • You have funds due each week/month towards your savings group. This makes it less likely for you to spend on unnecessary expenses

  • Motivation

    • One motivation is to meet your own goal based saving target; the second is to help your group members meet their saving targets

  • Access to short term credit

    • Finlok’s credit models rely on your behaviour in your savings groups to offer hassle free short term credit

  • Earn returns against your savings group

  • Transaction History for medium/long term credit

    • Finlok further helps users to maintain a transaction history against their bank accounts thereby build a financial profile for the longer term.

Finlok - Savings Groups

Finlok helps users meet life’s goals (buying the latest gadgets, plan holidays), invest for future (lump sums towards fixed deposits, gold etc.), paying off costly debt (such as credit cards, payday loans etc.).


What are you waiting for?


Download Finlok

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