Partnerhand is the UK’s first social lending platform for rotating savings and credit associations (ROSCA’s). We provide a secure platform that allows individuals to save and borrow interest free loans using their social network contacts and the centuries old ROSCA money saving system.

Who is Financially Excluded?

While financial exclusion affects a wide range of people at different times in their lives, it mainly impacts people with low or unstable incomes, or who have experienced a significant life shock. Lone parents, single pensioners, migrants, long-term sick or disabled people, the long-term unemployed, and households headed by students or part-time workers are some of the groups most commonly excluded from financial services.

Internationally, the UK is ranked ninth in the world in terms of banking inclusion by the World Bank. According to the UK’s Financial Inclusion Commission the following is true:

  • 6%, or nearly 2 million adults, remain unbanked in Britain today.
  • Only about half of the unbanked would like a bank account.
  • Some 50% of the newly banked have incurred penalty fees, with those affected averaging
  • 6 charges per year.
  • 26% of the newly banked are ‘net losers’, incurring more penalty charges than they have gained in savings.
  • Around half of people with a basic bank account choose to manage their money in cash.

Problems Worth Solving

Partnerhand’s core mission is to solve:

  • Debt and the tendency for individuals to remain trapped in a perpetual cycle of debt by revolving credit.
  • Changing the mindset of people and educating them to live within their means.
  • Credit repair for individuals trapped in the cycle of debt.
  • Use of our platform with its AML & KYC processes to allow a portrait to be painted of the unbanked and under-served masses, whose data can be passed off to traditional banks for the provision of better tailored products.

Solution

Partnerhand.com is a collaborative finance platform, which facilitates the formation of interest-free loans traditionally known in the UK as Rotating and Savings Credit Associations (ROSCA’s) or ‘Pardna’ in the West Indies for both individuals and SME’s.

Traditionally in a Partnerhand, members pay a fixed amount of monies into a communal fund over a fixed period of time. Every member has a turn in withholding a payment into the fund once, and receiving the pooled monies as an interest-free loan. Once every member has received the loan once, the Partnerhand ends.

Partnerhand is a response to the surge of peer-to-peer and crowd-funding platforms flooding the alternative finance market. The platform will facilitate this financial instrument online as a social network platform utilising internal trust ratings and credit scores to enable access to finance for individuals among their peers.

Partnerhand facilitates:

  • Access to micro finance via the formation of secure online Rotating savings and credit groups (ROSCA’s)
  • Ability to connect with identity and credit score vetted individuals.
  • Use as a tool for credit repair
  • Access point for traditional financing institutions
  • Credit ceilings to safeguard improper use
  • Promotion of saving educations and proper money management
  • Financial inclusion