Sou Sou offers alternative financing solutions through the Sou Sou app, which helps women build their investor worthiness by saving, networking and building the credit and cash collateral needed to attract a loan from Sou Sou's partner banks and investors.
How long can a sou sou last?
Every two weeks one member of each sou-sou will receive their group's entire payout, until each person gets a turn. The $20,000 sou-sou runs or 18 months, the $10,000 saving club lasts 10 months.20 May 2011
Is the susu Flower illegal?
Prosecutor Tyner warns that despite guarantees by scheme promoters, these Pyramid Schemes called Sou-Sous, Flowers, or Gifting Circles are illegal. Individuals, participating in the scheme could face charges of wire fraud, tax fraud, and theft by deception.8 Oct 2020
Is Su Su illegal?
Since a sou-sou is not a written or legal contract it relies on personal trust to discourage malfeasance. For this reason it is more likely that the participants are members of the same community and know each other.
Is susu legal in the United States?
It's still illegal. “You don't expect anything back when you give a gift,” Lubin said.11 Aug 2020
Is susu money taxable?
Although not commenting directly about the sou-sou or gifting circles, IRS spokesman Eric Smith said that under federal tax law, all income is taxable unless specifically exempted.7 Aug 2020
How do you start susu from scratch?
- Determine How Much Cash You Need to Start Your Business.
- Find Cash in Your Budget and Earn Extra Money.
- Form a Group.
- Choose a Cash Collector.
- Decide on a Reasonable Contribution.
- Propose Accountability.
How does a traditional susu work?
A sou-sou (also spelled sou sou, su-su or susu) is an informal rotating savings club, where a group of people get together and contribute an equal amount of money into a fund weekly, bi-weekly or monthly. The total pool, also known as a hand, is then paid to one member of the club on a previously agreed-on schedule.5 Aug 2021
How do you do susu savings?
A group of 10 people, for example, may come together and decide to start an asue. They decide to "throw hands" of $100 every week for a 10-week period. By the end of the 10-week period, everyone will collect $1,000 once and contribute $100 10 times.19 Aug 2020
Does a sou sou end?
However, once each person receives their cash, they still have to contribute until everyone gets paid. A sou-sou could run for six months or up to a year — it all depends on how many people are in on it. Sou-sous continue until everyone receives a payout at least once.2 Dec 2021
How does a weekly Sou Sou work?
A sou-sou is a group of people who come together and make regular weekly, biweekly or monthly monetary contributions to a common fund, which is then disbursed as a lump sum to one member in each cycle. For example, say 10 people join, and each puts in $100 a week.
How does the line Sou Sou work?
A sou-sou (also spelled sou sou, su-su or susu) is an informal rotating savings club, where a group of people get together and contribute an equal amount of money into a fund weekly, bi-weekly or monthly. The total pool, also known as a hand, is then paid to one member of the club on a previously agreed-on schedule.A sou-sou (also spelled sou sou, su-susu-suFrom Wikipedia, the free encyclopedia. A susu or sou-sou or asue (also known as a merry-go-round) is a form of rotating savings and credit association, a type of informal savings club arrangement between a small group of people who take turns by "throwing hand", as the partners call it.https://en.wikipedia.org › wiki › Susu_(informal_loan_club)Susu (informal loan club) - Wikipedia or susu) is an informal rotating savings club, where a group of people get together and contribute an equal amount of money into a fund weekly, bi-weekly or monthly. The total pool, also known as a hand, is then paid to one member of the club on a previously agreed-on schedule.5 Aug 2021