🏠 Unsecured Group = A group of roommates pooling money into a jar for groceries. Everyone promises to pay their share on time. But if one person is late? You may have to wait or go short on supplies.
🏦 Secured Group = The same group of roommates—but now they use a backup card from a trusted friend (Woveo) to make sure the groceries are always paid for on time. If someone delays, Woveo covers it and follows up later.
Core Components of Any Woveo Credit Group:
Component | Description |
Contribution Amount | A set amount paid weekly or biweekly by each member |
Payment Schedule | A rotating schedule for when each member receives the full lump sum |
Group Organizer | Creates and manages the group; sets timelines and contribution amounts |
Participating Members | Individuals who contribute and receive funds as part of the schedule |
Key Difference: Security & Timing
Feature | Secured Credit Group (Verified Community) | Unsecured Credit Group (Unverified Community) |
Eligibility | Available only to verified communities after Know Your Business (KYB) review | Open to any community on Woveo without verification |
Protection/Insurance | Yes - payout security provided by Woveo against delayed or missed contributions | No - members rely solely on group accountability |
Speed of Payout | Immediate or scheduled full payout, even if other members delay | Subject to contribution completion by members, delays can affect payout |
Confidence for Time-sensitive Expenses | High - suitable for urgent needs like rent, medical bills, or asset purchases | Moderate - best for flexible goals like savings or low-risk borrowing |
Platform Support Intervention | Yes - Woveo steps in to bridge gaps and ensure payout integrity | No - group must self-manage shortfalls or delays |
Who Should Use Which?
Unsecured: Ideal for testing out group dynamics, informal savings, and low-stakes goals.
Secured: Best for serious commitments, high-impact needs, or communities that need certainty.
Want to Upgrade?
Becoming a verified community unlocks access to secured credit groups, Woveo’s payout protection, and deeper platform tools.