Divvy pools are a new form of money pool where people commit to contributing money each week to a common fund and then take turns borrowing money from it.
For example, in a $500 money pool, 10 participants contribute $50 a week for 10 weeks into the pool. In the first week, two participants are randomly selected to get $250 from the pool. These people will then get another $250 in week 10. In the second week, two different people will receive $250. These people will receive their second installment in week 9. Then two more people will be selected for payouts in weeks 3 and 8, two more in weeks 4 and 7, and the last two will receive payments in weeks 5 and 6.
To participate in a Divvy pool, individuals pay a one-time flat fee to Divvy.