Question | Answer |
What is a Woveo Credit Group? | A Woveo Credit Group is a community group where members save together monthly, rotate access to a pooled fund (like a ROSCA), and build financial trust. |
Do I need a credit score to get a cash advance? | No. Woveo uses your participation and savings behavior within your group, not your external credit history. |
How much can I get as a cash advance? | Up to a maximum of $250, based on your active Credit Group status. |
How fast can I get a cash advance? | Once eligible and approved, cash advances are typically disbursed within 24 business hours. |
Is there interest on the cash advance? | No traditional interest is charged. For you to receive or use the Woveo cash advance you do need to be an Active Woveo Premium user. |
What happens if I miss a repayment? | Missing a repayment can affect your standing in your Credit Group and negatively impact your eligibility for Woveo Cash Advances. |
How do I improve my eligibility? | Save consistently, participate fully in your group, and maintain good standing with no debts owed. |
Can I take multiple cash advances at once? | No. You must repay your current cash advance before you can request another one, even if you are part of multiple groups. |
What extra benefits does being Premium give me? | Higher financial flexibility, protection if a group member defaults, the ability to join multiple groups, and access to the cash advance program. |
Can I leave my group if I have an active cash advance? | No. Outstanding balances must be repaid first to protect the financial trust of the group. |