Updating Constitution Policies: Interest Rates

This article guides DreamSave users on how to update their group's Constitution policies, specifically focusing on adjusting interest rates and understanding its implications on members. For instance, if a group decides to increase their interest rates to accumulate a larger loan fund at shareout, this can be done following the outlined steps.

1. Access the 'Setup' section in your DreamSave App.
2. Click on 'Constitution'. This action will guide you through the entire process of changing the policies of the constitution.
3. Progress through the initial pages – 'Savings' and 'Savings (Shares)' – as they are not related to interest rates. Similarly, click next on the 'Loans' page.
4. On the 'Interest Method' page, re-select the current option (e.g., 'One-time Interest') even if it's already chosen.
5. Proceed to the 'Interest Rate' page.
   
1. Here, update the rate to the new value agreed upon by the members.
   
1. When changing the interest rate, a warning message will appear. Please read this message carefully to understand the implications and click 'YES' to proceed.
   
2. If prompted with a warning about the high interest rate, read it thoroughly and click 'Yes, continue'.
6. A pop-up will inform you that an SMS will be sent to each member regarding the change. Confirm this by clicking 'YES'.
7. A page concerning co-signers on loans will appear next. Choose the appropriate options based on your group’s preferences.
8. Continue through the irrelevant pages – 'Social Fund', 'Additional Funds', 'Fines', 'Notifications and Receipts' – by clicking next; these sections do not need adjustments for interest rate changes.
   
9. Finally, click 'Done'.

Existing loans will remain unaffected by the interest rate change. Only loans initiated after the adjustment will be subject to the new rates.

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