Frequently Asked Questions
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1- What is a Money Loop Application?
A Financial Technology Application that offers management and organization services for savings and financing loops with assured members, aiming to assist individuals in achieving their financial goals with ease and convenience. AUTHORIZED BY Saudi Central Bank (SAMA) within the Sandbox framework.
2- How do subscribers guarantee their money?
The subscribers ensures their money through eligibility verification conducted before joining , as payment is followed up by all subscribers , Additionally Money Loop takes responsibility for completing the Loops without causing actions to the other party involved.
3- Who is the supervisory authority of Money Loop application?
The application operates under the control of The Saudi Central Bank (SAMA) within the legislative experimental environment, classified under Financial Technology companies.
4- Do one’s turn options differ among one subscriber to another?
Money Loop shows one’s turn based on the personal data of each subscriber, so the order may differ from one subscriber to another.
5- Is subscription available for non-employees?
Yes, however the time of receiving the loop will be within the last turns.
6- Is registration available for non-Saudis?
Yes, Loop subscription is open to non-Saudis; however, receiving will be within the last turns only.
7- When Loops will be received in the due month?
The Loop amount is deposited into the eligible subscriber’s account on the 1st of every calendar month.
8- What is the procedure in case of payment default?
The customer is granted a grace period of one month from the installment due date. If payment is not made during this period, the case escalates to legal authorities, and the defaulter is demanded to pay the entire amount.
9- What is the procedure if the circle subscribers are not complete?
If the circle subscribers are not complete, it is Money Loop’s responsibility to compensate for the remaining subscribers and endorse the Loop.
10- Is it possible to withdraw from the Loop after subscribing?
Yes, withdrawal is possible if the Loop amount has not been received, and the paid shares will be refunded to the withdrawing subscribers within 5 working days.
11- How to make monthly payments?
Payment is made through the application by the subscriber using a Mada or Visa card or via Apple Pay service.
12- When is registration opened for new Loops?
Announcements regarding the commencement of registration for new Loops are made through Money Loop’s social media accounts. Additionally, notifications are sent through the application to alert users.
13-Can one subscribe to more than one Loop?
Currently, subscribers can not subscribe to more than one Loop.
14- Is there an option to defer an installment?
Yes, it’s possible to defer only one installment throughout the Loop’s duration.
15- Is there an option to modify the Loop after subscription?
It’s important to carefully choose the Loop details, as modifications can not be made after completing the subscription.
16- How long does it take to withdraw from the Loop?
Cancellation of the subscription and refund of the paid amount, excluding the joining fee, takes place within 5 working days.
17- What is the savings reward?
It is a financial reward received by the subscriber upon receiving the Loop in the final stages.
18- What is the monthly installment payment date?
Payments are due from the 27th of each month to the 5th of the next month maximum.
19- Is there a bill of exchange?
Yes, there is a bill of exchange provided if you receive the Loop within the initial phases.
20- When is a bill exchange created?
The bill exchange is created two days before receiving the loop.
21- Do subscribers need to approve the bill exchange?
Yes, approval of bill exchange is mandatory to complete the Loop transfer procedures, ensuring the rights of all subscribers are preserved.
22- Is there a specific age for registration in the application?
Yes, above 18 years old.
23- Does the Money Loop application work legitimately?
Yes, Money Loop works legitimately from the legitimate committee chaired by Sheikh/Abdulaziz bin Saleh Al-Damighi, details can be found on the website.
24- Is it possible to transfer the Loop amount to a relatives or friends account?
No. The Loop amount can only be transferred to the subscriber’s account.
25- Is the monthly installment paid upon receiving the Loop?
The payment is not made in the maturity month of the Loop.
26- What are the official working hours for customer service?
The official working hours are from Sunday to Thursday, starting from 9:00 AM to 5:00 PM.
27- Is there an option to pay the Loop amount early?
Yes, subscribers can pay off the full Loop amount at any time after receiving it.
28- What does the additional amount in the bill exchange represent?
It covers legal and judicial liabilities that are only claimed from the subscriber in case of payment default.
