
The Family and Friends Plan offered by Positiviti is a special lending opportunity available on their micro lending platform. Positiviti is a company that raises capital in North America and operates micro loan services in Kenya. The Family and Friends Plan allows a group of family members or friends to pool their money together to reach a total lending fund amount of $50,000.
To participate in the plan, one member of the group needs to enroll in the program and act as the facilitator. The facilitator will be responsible for initiating the enrollment process and identifying the name of the group. Once the facilitator completes the enrollment, the other four members of the group will be invited to enroll in the program as well.
Groups total deposits can start below a combined balance of $50,000 with a goal of reaching the $50,000 threshold. Once all deposits from the group members reach the $50,000 threshold they will begin to earn a monthly interest rate of 3% on the lending funds. This translates to an annual interest gain of 36%*. The interest earned by the group will be credited separately to their individual lending amounts monthly.
The details and progress of the Family and Friends Plan will be posted on the Positiviti website. This ensures transparency and allows participants to track their earnings and lending funds growth over time.
It's important to note that the information provided is specific to Positiviti's Family and Friends Plan and may be subject to change. For the most accurate and up-to-date information, it is advisable to visit Positiviti's official website or contact their customer support directly.
EXAMPLE
Let's calculate the total amount of lending fund by The Cowboy Group and the interest earned for the year based on the given example:
Total amount funded by the group:
Ronald Jones: $10.0K Tony Jones: $10.0K Diana Jones: $10.0K Laureen Jones: $10.0K Adam Jones: $10.0K
Total lending fund by the group:
$10.0K + $10.0K + $10.0K + $10.0K + $10.0K = $50.0K
Now, let's calculate the interest earned for the year: Total interest earned for the year by the group: $50.0K x 36% = $18.0K
Individual interest earned for the year: Each lender of The Cowboy Group lent an equal amount of $10.0K, so they will earn the same interest of $3.6K
Therefore, the total lending amount by The Cowboy Group is $50.0K, and the interest earned for the year is $18.0K, with each lender receiving $3.6K in interest.