Spot a Savings Club Scam

For every legitimate opportunity out there, there’s always going to be someone who takes advantage of it. There will always be scams. Therefore, you have to stay on the lookout to make sure that anything you get involved with is the real deal. For example, if you want to get involved with a savings club, then you need to make sure that you know how to spot a savings club scam.

What Is a Savings Club?

You’re browsing online and see an invitation to join a savings club. Sometimes they’re called giving circles. Alternatively, they may be known as a “susu” or “sousou.”

The concept is fairly simple:

  • A group of people each contribute regularly to a communal fund
  • You each take turns withdrawing money from the fund

That’s it. It’s essentially a communal savings account. Basically, this allows you to have access to large sums of money for times when you need to make big purchases. It sounds great. So how do you spot a savings club scam?

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