The SL Pocket money Circle
£25 per month for 10 months, get £250 to treat yourself 😉
What is a Pardna
A Pardna (also known as Pardner) is an informal and collaborative money-raising scheme also known as a ROSCA (Rotating Savings and Credit Association) that originated in Jamaica and across the Caribbean. Pardnas are set up within communities of friends, family members, colleagues, interest and church groups.
When Jamaicans began migrating to Britain in the 40s, widespread racism in banks meant they had to retain traditional methods of raising money - the Pardna - to help Jamaicans buy homes in the UK and continues to be a popular way to raise money today. Many StepLadder Members say they are part of a British-Caribbean community.
Members see the benefits of raising money in a pardna
In Jamaica alone, the use of Pardnas is exceptionally high, with up to 95% of the adult population using this model to raise money. Pardnas are proven to help people stay disciplined as Members borrow from and lend to each other. It especially appeals to people who don’t want to use or can’t access bank savings accounts, loans or ISAs. You won’t earn interest as you get back what you pay in (minus StepLadder’s fees) but it’s a far cheaper way of borrowing money than taking a bank loan or paying interest on credit cards. You could get your money up to 90% faster than raising money alone.
"Stepladder is a great company for the people!
With the break down of community Pardnas (due to the introduction of accessible loans) this was refreshing to see a company put community first, helping people generate and build house deposits. Being an ambassador and having run a successful circle myself, I can see first hand how Stepladder are literally changing the lives of so many people! Definitely check them out"
Natalie,
Runs 2 Pardnas on the StepLadder platform
How do I raise money in a Pardna?
A Pardna works when the community group members all agree to monthly installment payments over a fixed period. For example, 10 members each decide to pay in £100 every month for 10 months to raise £1000. Each month one person in that group gets awarded the £1,000. Everyone continues to pay the £100 until every member of that group is given their money back. This means 9/10 people in the group will have their money sooner.
StepLadder has brought the Pardna online for the first time ever in the UK. We can either match you to an existing group of people saving for the same goal, or you can bring your own community to set up your own Circle.
How much do you want to raise?
Choose a monthly plan to suit your budget and money goals:
£100
per month (£1 fee p/m)
Use funds for any financial goal
Increase your credit score*
Exclusive Member discounts
Reach your goal up to 90% faster
Contract length: 12 months
Total raised: £1,000
£250
per month (£10 fee p/m)
Raise your property deposit
Get support on your home buying journey
Increase your credit score*
Exclusive Member discounts
Reach your goal up to 90% faster
Contract length: 12 months
Total raised: £3,000
£500
per month (£18 fee p/m)
Raise your property deposit
Get support on your home buying journey
Increase your credit score*
Exclusive Member discounts
Reach your goal up to 90% faster
Contract length: 12 months
Total raised: £6,000
How do I join or start an online Pardna with StepLadder?
It’s really easy join a StepLadder Circle which is the closest equivalent to a Pardna in the UK. Just apply online using our step-by-step platform, we check your affordability and suggest how much you might like to put aside each month. You’ll be matched with other people working towards the same goal.
Or you can start your own Circle. If you become a StepLadder Ambassador and start your own Circle, you can raise money AND earn a commission for the people in your Circle.
What our Members think
How it works
SET YOUR GOAL
Tell us your goal, and how much you can afford each month.
CIRCLE MATCHING
We’ll match you to a group of people with a similar financial goal. This will be your StepLadder Circle.
CONTRIBUTING THE SAME AMOUNT
Everyone contributes the same amount each month.
DRAW DAY
Each month, one person in the Circle is randomly allocated the total.
REPEAT
This repeats every month until everyone has received their savings total.
How is this different to a traditional Pardna?
Everything is done digitally taking out the usual pains of being in a Pardna
Trust
We put measures in place to make sure people pay. If they don't it becomes our problem and not yours.
Your Credit Score
Paying into a StepLadder Circle could improve your UK credit profileˆ
FAQs
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We bring people together to reach their financial goals faster. 90% of our Members get their money faster compared to saving alone, and research shows that people who save in groups are 300% more likely to hit their goal than those who save alone.
You tell us your goal, and how much you can afford each month and we’ll match you to a group of people (a Circle) with the same financial goal. Everyone pays in the same amount each month. Every month one person in the Circle is awarded the total. This repeats every month until everyone has received their total.
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We get it, it all sounds too good to be true, doesn't it?! That’s exactly what our first members thought before they experienced the StepLadder service, the excitement of Draw Day and received their funds. Now we have over 2,000 Members who have trusted us to help them achieve their financial goals. But don’t just take our word for it, check out their independent reviews on Trustpilot.
Remember there’s is nothing better than experiencing it for yourself - why not start small and get to know us.
You can start from just £25 a month. Apply Now
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StepLadder is an appointed representative of More Lending Solutions Limited which is authorised and regulated by the Financial Conduct Authority (reference number: 702503).
You can find us on the FCA register here - FCA Register Our firm reference number is 783003.
Important Information
*Missed or late payments may have an adverse effect on your credit score. Using StepLadder’s P2P product you will lend to and borrow from other Members in your Circle. Capital at Risk, Not FSCS Eligible. Some of our trusted partners pay us a commission should you choose to use them.