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About Joola

What is Joola?

Joola is a savings app for people who are tired of saying they will start next month. Set a goal, connect your bank, and Joola automates your contributions on a biweekly or monthly schedule. Save on your own or alongside friends. Either way, the money builds without you having to think about it.

Where does my money actually go?

When you make a contribution, the funds move from your bank account through a secure U.S. payment processor into a protected holding account. The money sits there, locked, until your goal is hit or your timeline is up.

When it’s time for your payout, the funds transfer to your Joola wallet first. From there, you can cash out to your bank account in 1–2 business days.

Do I need a good credit score to use Joola?

No credit check required to get started. Joola looks at your savings behavior, not your credit history. That is it.

Is Joola available outside the United States?

Joola is currently only available in the United States. You need a U.S. bank account and a valid Social Security number or ITIN to sign up. We’re working on expanding to more countries in the future. If you’re outside the U.S. and want to be notified when Joola launches in your region, reach out at [email protected] and we’ll add you to the list.

Is Joola safe to use?

Yes. Your money is handled by a licensed and regulated U.S. payment processor. Your funds are held in a protected account and stay locked until your goal or timeline is reached. Joola uses 256-bit encryption to protect your data, and we never store your bank account details or Social Security number on our servers.

The short version: your money doesn’t move until it’s supposed to.

How does Joola handle my personal data?

We collect only what we need to keep your account secure and meet U.S. legal requirements. That means your name, contact information, and identity verification details. Nothing more.

Your data is encrypted in transit and at rest. We never sell your information to third parties and we never use it for advertising. Sensitive details like your Social Security number and bank account information are never stored on our servers once verification is complete.

You can read the full breakdown in our Data privacy or Privacy policy. If you have a specific question about your data, email us at [email protected] and we’ll give you a straight answer.

Is Joola a bank?

No. Joola is a savings platform, not a bank. We don’t lend money, pay interest, or issue credit. What we do is help you automate the act of saving and make it easier to do it with other people. Payments are processed through Dwolla, our licensed payment partner, which handles all fund transfers securely.

Getting started

What do I need to sign up?

You need to be at least 18 years old, have a valid Social Security number or ITIN, and a U.S. bank account. We may ask for a document like a driver’s license or passport to verify your identity. This is a standard requirement called Know Your Customer (KYC) — it’s how we keep the platform safe for everyone. All information is encrypted, and sensitive data is never stored in our systems.

How do I link my bank account?

Go to Account Settings from your dashboard, then tap “Edit payment method.” You’ll enter your checking and routing number. We’ll deposit two small test deposits (less than $0.10) into your account within 2–3 business days. Once it arrives, enter the amounts in the app to complete verification. After that, your contributions run automatically once your goal starts — no manual transfers needed.

Why do I need to provide my SSN or ITIN?

Federal law requires us to verify the identity of anyone using a financial platform. This is called Know Your Customer, or KYC and every reputable financial service in the U.S. follows the same process. Your information is protected with 256-bit encryption and never stored in our database. We use it once to verify you, and that’s it.

How saving works

What can I save for?

Almost anything. Joola was built for real goals: trips, experiences, birthday funds, shared expenses, or anything worth working toward. If it costs money and you want to reach it without stress, Joola can help you get there.

Can I leave a group?

Yes, up to 24 hours before the first payment is scheduled. After that, contributions are locked and the group runs to completion. This protects everyone in the group, including you.

As a group admin, what am I responsible for?

You invite members and approve who joins. Only invite people you trust who are genuinely committed to the goal. Once the group is active, Joola handles everything automatically. Contributions, schedules, notifications. You do not need to chase anyone.

How long do transactions take?

Contribution payments typically take up to 4 business days to process through your bank. Once a payout is ready, cash out transfers to your bank account usually arrive within 1 to 2 business days. You will get a notification every time a transaction goes through, so you are never left wondering.

What are the ways to save?

Joola has two savings configurations, both built on the same system.

Solo savings: You save toward your own goal on your own schedule. Your funds stay in your account and unlock when you hit your target. No group needed.

Save with friends: Two or more people save toward the same collective goal at the same pace. Everyone can see group progress and each person’s contributions. When the goal is hit, each person’s funds go to their own individual Joola wallet. Not a shared pot.

How do I start a goal?

Name your goal and set a target amount. Choose your contribution schedule: biweekly or monthly. Then invite friends or save solo. Once everyone joins and verifies their account, contributions run automatically. You will be notified every time a payment goes through.

Can I get my money back early?

You can exit a group up to 24 hours before the first payment runs. After that, contributions are locked for the duration of the goal.

This is intentional. The whole point of a savings group is accountability. If exits were easy, the system would stop working for everyone else in the group.

If something serious comes up, reach out to support and we will work through it with you.

What if my group doesn't fill up?

For solo savings and group savings, you can start whenever you are ready, even if it is just you or a smaller crew than planned. There is no minimum number of members required.

How do I remove a member from my group?

You can remove a member before the group starts by going to Edit Members on the group page. Once the group is active, membership is locked and the group details cannot be changed.

Fees

What does Joola cost?

Joola charges a small fee per deposit. The exact amount is always shown in the app before your goal begins. No surprises, no hidden costs. See the full breakdown at joola.app/pricing.

Why can't I pay with a credit card?

Credit card processors charge fees up to 3% per transaction. Since Joola is built to help you save more, not less, we use ACH bank transfers instead, which cost a fraction of that. It is one of the ways we keep our fees as low as possible for everyone on the platform.

If things go sideways

What if I miss a payment?

If a payment fails, reach out to our support team and we will activate the option for you to resolve it directly in the app. The sooner you do, the better.

For solo savings, a missed payment will not affect your standing. Contact us anytime and we will help you resume your contributions at your own pace.

One thing worth knowing: if someone else in your group misses a payment, it has no effect on your account, your standing, or your record on Joola. Your record is yours alone.

Across all goal types, make sure your bank account has enough funds before each scheduled transfer date. Joola handles everything automatically. The only thing we cannot control is what is in your bank.

My account is locked. What do I do?

If you have an outstanding balance, that needs to be cleared before your account can be restored. Once the payment is made, it typically takes 3–4 business days for your account to reactivate.

For anything else, reach out through the chat feature in the app or email us at [email protected]. We’ll get back to you quickly.

Why can’t I switch my bank account?

Joola is designed to help you save, not move money around. To keep your account secure, you can only change your linked bank account after 60 days.

If there are existing transactions tied to your current bank, we may ask for a quick document check to confirm ownership before completing the switch.

Need help? Reach out through the chat feature in the app or email us at [email protected]. We’ll get back to you quickly.

What happens when someone else in the group misses a payment?

It depends on the group type.

For Solo Savings and One Recipient groups, a missed payment by one member doesn’t affect anyone else. Each person’s funds are held separately, so your money stays yours regardless of what others do.

For Savings Circles, this is why we recommend saving with people you know and trust. When a member misses a payment, Joola may report it to credit bureaus, which can affect their credit history. They’ll also be suspended from the platform until the balance is resolved. If the cycle ends while a member still owes, their portion of the payout may be distributed to other members to cover the gap. Your personal limit on Joola exists to minimize this kind of exposure.

Why can't I cash out?

There are two common reasons:

You’re new. If this is your first Savings Circle, we require at least one successful payment before you can access a payout. This gives you a chance to build your standing in the community.

You have a missed payment. You can’t cash out while you have an outstanding balance. Once it’s resolved, access is restored.

If neither of these applies, reach out to support and we’ll sort it out.

Support

How do I contact Joola?

Email us at [email protected] or text 206-580-3024. You can also chat with us directly in the app by tagging @joola to connect with one of our team members.

How do I know when my next payment is due?

Check your payment schedule inside the app under each group. Schedules may shift by up to 48 hours if the group admin makes changes before the first payment runs. Once the group is active, the schedule is fixed and you’ll receive email and push notifications for every transaction.

What's the best way to join a group safely?

Only save with people you know and trust. Joola gives you the tools to automate savings and hold everyone accountable but it works best when the trust is already there. If you notice suspicious activity or users, report it to [email protected].

Start saving together

Download the Joola app now.