SafetyNet is an Android application that financially assists groups by allowing members to pool funds together into a joined account that can be withdrawn from. The withdraw remains anonymous provided the amount is paid back within a specified time.
This can be used by families to ensure younger family members just starting out aren’t financially ruined by small emergencies. Imagine a young family working paycheck to paycheck, what if their car breaks down? They may not be able to afford the fix and without their car they can’t get to work and their child can’t get to school.
Keeping the withdrawals anonymous eliminates the hard conversations with family members when asking for money. No one likes having to beg for money to make it through the month. But should someone not pay it back in time, the withdrawal is de-anonymized, so if someone is having a hard time financially, the family can know any do something about it.
It can also be used by other groups for fundraising purposes, such as a school group raising money for a field trip, or a church group raising money for the less fortunate in their community, or roommates collecting money for that months rent.
We hope that by providing an emergency fund for families, we can keep them from affecting their future by turning to high interest loans or other predatory lending options. Also, by making it easier for other groups to raise money together, they can in turn raise more money for whatever cause they are fundraising for.
