eMoneyPool Credit Terms and Conditions

eMoneyPool (the Service Provider) is an online Rotating and Savings Credit Association (ROSCA). By using eMoneyPool, you apply for credit in the form of a money pool and agree to the terms set forth here by the service provider, eMoneyPool.

1. eMoneyPool Account Agreement

How you agree to this agreement:

You agree to the terms of this Agreement and you make the promises it contains by taking a position in a money pool and electronically agreeing to the money pool terms (by confirming your account password) at the time of taking your position.

2. Money Pool Limit

Credit Limit - At the time you open your Account you are granted a $1,000 money pool limit in which to participate. As payments are made on time and the Trust Rating increases, there will be an incremental and subsequent increase in the money pool credit limit up to a maximum of $5,000.

3. Your Personal Information

With the exception of credit reporting agencies for the sole purpose of reporting credit, personal information will not be shared with a third party without express consent from the user.

4. Your Promises to eMoneyPool

Promise to Pay

You promise to repay to your money pool group the money pool amount plus corresponding fees on the scheduled dates of your money pool as set forth by the ‘money pool terms and schedule’ during the taking of a position in a money pool.

Personal Financial Information

You promise to give us personal financial information about you that we may reasonably request, from time to time including your financial institution account information in order to transact your money pool payments.

Collection Costs

You promise to pay all costs of collection if we take any action to collect this Account or take any action in a bankruptcy proceeding filed by or against you, including reasonable attorneys' fees and expenses, if permitted by applicable law.

Your Contact Information

You promise to promptly notify us if you change your name, mailing address, email address, or telephone number. In doing so, you agree that you will not give us false information or signatures, electronic or otherwise, at any time.

Age and Residency

You promise that you are of legal age in the state where you reside and are a resident of the United States when you accept this Agreement and open the Account.

5. Fees

You agree to pay the following fees, as applicable.

  • Annual Fee - None
  • Penalty Fees
    • Late Payment Fee - None
    • Default Fee
      • Soft Default - $25.00
      • Hard Default - $25.00 plus the cost of collections

6. Transaction Fees

The money pool process has a flat fee, which corresponds with the position in the specific money pool ranging from 2-6%. The total cost of participation in the specific money pool is explicitly outlined in the money pool terms and fee schedule presented during the electronic signing of the agreement.

7. Default

In the event of a money pool default, the user will be notified by eMoneyPool that they have in fact defaulted from their money pool agreement and will be removed from the group. The resulting process will then depend upon the two types of defaults:

  • Soft Default

    A soft default is defined simply as a default that takes place when the user has only made contributions to the money pool per the agreement and has not yet received their money pool payout.

    In this situation there is no past due amount and user will be refunded their contributions at the completion of the specific money pool minus the administrative fee of $25.

  • Hard Default

    A hard default is defined as a default that takes place when the user has received the money pool payout prior to defaulting from the agreement and is in fact indebted to their corresponding money pool group. The service provider will step in and take on the debt to protect the group and will then attempt to collect the debt from the defaulting user.

Our Right

If you are in default, we may suspend or close your Account, require you to pay the full amount you owe immediately, or take any other action permitted by law. This may happen without prior notice unless otherwise required by applicable law. If we exercise our rights, this Agreement will continue to apply to your Account.

8. Termination

We may terminate your Account or this Agreement at any time for any reason without prior notice, subject to limitations of applicable law. After termination, you will not be able to participate in any new money pools but you will still have to pay any remaining balance in full. All other provisions of this Agreement will continue to apply.

9. Amendment of Terms and Conditions

The Service Provider may amend the Terms and Conditions, including any of the terms stated above, from time to time in which case the users will be notified in accordance with their preferred contact method.

10. Questions?

Email your questions to help@emoneypool.com. All questions will be processed and answered within 24 hours.