I haven’t been the best saver much of my life so when I found emoneypool, I was anxiously entering multiple pools timing the payouts when I thought it would generate a surplus in my savings account. Problem was, I was too focused on the pay outs and not the payments. Its important to know that you only get one payout, but you will have to make 5 to 10 payments, so be mindful what day of the week your payments will be withdrawn. If you enter a pool that withdraws every two weeks, you could potentially have 3 payments hit in one month. This could be a problem if you only get paid twice in a month.
Your payments need to be set up with consideration of when your direct deposits will hit your bank account. It turns out that if I set my payments to come out on thst same day as my direct deposit, the bank would try to process the money pool payment before they would show recipet of my funds. I would schedule your money pool payments to be withdrawn one day after your funds are supposed to be in the account just to be safe. This will give you an extra day in case something happens. The funds dont typically come out until one business day after they are scheduled anyway.
For me, I ended up with a series of late payments from three different pools even though funds would be available later that day. I was initially bumbed because I had worked hard to have a perfect rating. At the time, I asked the emoneypool people to consider having late payments drop off over time or allow members to pay a fee to have late marks removed (provided they put an asterisk next to it). They maintained that since they didnt report to the credit agencies, the reputation was the only way for people to know who is joining their pool. I understood this policy, but my argument was even the credit bureas drop bad remarks after a while. If more people request this, they may initiate a policy change.
I would not reccomned joining or starting a money pool if you dont think you can keep up with the payments. You don’t want to have a default on your reputation, because now they do report to Experian. I personally have never joined a pool with sometone with a default. I have had people default after the pool has started. The beautiful thing about emoneypool is that they cover the payments to the group anyway.
You can recover from late payments over time with on time payments. Money pools will save you a lot of money compared to high interest, pay day, car title loans, and high interest credit cards.
Thanks for reading this article! If you want to learn more about money pools or would like to set up an account, click here and invite me to your money pool when you decide to start one!