There are two groups of individuals who benefit from the Money Club. These groups are the borrowers and the investors. We will discuss the first group in this post – the borrowers.
Borrowers use the Money Club for a variety of reasons. Some use the funds to start a business, others pay off high interest debt and others use it for unexpected emergencies. Because the Money Club eliminates the middleman, you are able to pay substantially less in interest than you would by borrowing from a bank, or getting a cash advance from your credit card. In fact, most people who use the Money Club wouldn’t be able to get a loan from a bank anyway.
One group of people that uses the Money Club quite effectively are Asians who have come from their home country to America. Quite often they come to America nearly penniless, having had to pay exorbitant fees to their home government to get approval to leave. But within months have enough money to open a salon or a washateria or gas station. A simple salon will require at a minimum $20,000 to open (or buy from a previous owner), and can exceed $250,000. How could a freshly arrived immigrant pull this off? Many of them use the power of the Money Club.
Would it be possible for a new immigrant who barely speaks English, has no credit history in the US, and has nearly no reported income to get a loan to open a nail salon or hair salon? Of course not, but the Money Club removes the impersonal gatekeeper, the bank, and allows a skilled, willing worker to receive investment to start his business without the need for collateral.
Nail technicians at Pro Nails Nail Salon in Tomball, TX indicated that if they were to open a salon one day, that they would use the Money Club to secure funding for there venture. The Money Club can work for anyone, from investor to borrower.