Question 1

What's a Savings Group?

Accepted Answer

Savings Groups (SGs) are groups within a community who save together and make small loans to each other. They are designed to remove the barriers found at traditional financial institutions, such as minimum deposit amounts and allow members to contribute small amounts of money frequently. SGs can also make loans on flexible terms and with low interest rates, unlike predatory payday loans.

Question 2

How can I use Braid to manage my savings group?

Accepted Answer

First you'll need to download the Braid app. It's available for iOS and Android. Once you create an account, you'll create your first pool. Then, you can invite others to join. Your group will add contributions directly into the pool, and that's where your shared money lives.

Question 3

How are Savings Groups managed?

Accepted Answer

Savings Groups are managed within a community of trust. Members attend training about group governance and management. Leaders are elected. Groups meet on a weekly or biweekly basis to save money into a common fund. Members save by purchasing/ depositing “shares” at every meeting. Share value is decided at the start of each annual cycle.

Question 4

What is CARE's history with Savings Groups?

Accepted Answer

For nearly 30 years, CARE has supported the largest micro-savings program in the world. Since its inception, more than 357,000 groups representing over 7 million members – the overwhelming majority of whom are women. Building on the global success of these Savings Groups, the CARE vision is to scale savings groups in the United States to reach more than 1 million people in the next three to five years.

Question 5

Are there any fees associated with using Braid?

Accepted Answer

Braid is free to use, we do not take a percentage of the money you collect. However, we do charge a 3% fee for contributions made with a credit card. This fee is charged to the contributor. There are no fees for contributions made with debit cards or via bank transfer.

Question 6

I have a question about the app, who should I contact?

Accepted Answer

You are welcome to reach out to Braid support at hello@braid.co.

Question 7

How is Braid different from Venmo, Cash App, Zelle, PayPal, etc.?

Accepted Answer

Braid is designed for group use. Pooled money is held in a dedicated  space you can share with others. You can invite as many people as you  want to a pool, and set permissions for what they can do like spending  money.

Question 8

Does Braid check my credit?

Accepted Answer

No. We do not check your credit, and do not report anything back to credit  bureaus. We are, however, required by law to verify your identity in order to add money to Braid.

Care Community Trust + Braid

How does Braid Work?

Set up Your Pools

Invite members of your Community Trust

Add shares to your pool

Distribute Loans & Collect Repayments

An Easy Way to Run Your Savings Group

Manage Access

See transactions as they happen

Free to use

Braid is Safe and Secure

FAQ