In your honest opinion, for those who have tried peer-to-peer lending platforms such as Funding Societies, which one is the most reliable, in terms of the information presented, e.g. the risks?

Hi, sorry to hear that you have defaults. Likewise recently, my default cleared my profit. This serves as a wake up call for me. I choose p2p lending, and /or funding because it suits my risk profile.
I expected a default but I did not follow through my due diligence. I overstakes my maximum limits to the same borrowers. I lose about $200 with that borrower when I set my maximum per loan as $100(my comfort zone).
Because of the above incident, I am more active
and discipline in the loans I placed

I also take the time to review the loans, choosing my comfortable sector. I omit tourism, oil, gas. I am more strict towards, engineering, manufacturing and construction.

However, I feel that defaults is a blessing in disguise. You have to understand that default does not mean that you will not get your money back. It is just uncomfortable because you can better optimise the money to give a higher returns.
Also, defaults allowed you to better understand the p2p platforms. Is their default recovery procedure sustainable and effective? How far do they manage to sieve out responsible borrowers(such that they are willing to repay despite the defaults). Thus, I feel that defaults are good way to evaluate a sustainable p2p platform.

I understand the transparency of the loans in funding societies is not ideal as compared to seeding. As an investor, I want to at least know who am I helping up? Which company? The response I get generically from most p2p platforms is that the borrowers want to protect their privacy. They are afraid that lenders will affect their personal lives. I find it ironic. As long as they repay promptly, why do we want to harass them?
Another reason is that p2p lending is viewed as unsecured and untrusted loans by businesses. This is due to negative stigma of debts and the ignorance of these companies. In order to protect the borrower's profit and business ties, they prefer not disclosing themselves.

This is the current market sentiment of p2p lending. I sincerely hope that the borrowers will be sincere to us investors who support your entrepreneurship spirit.
How do borrowers do so?

• Diligently repay what you owe
• Feedback on Seedly,
• Write testimonials

Hope that this can change your perspectives of p2p lending and be more objectives about your defaults.

Feel free to comment.

Not a user of funding society.

invested with seedin and coassets for about 2-3 years. and also started with fund Singapore last year.

since i had just started investing with fund singapore and there is no reviews of them on seedly, so I shall not comment on them first.

Seedin and Coassets so far have not failed me. Honoured all interests and capital. Very pleased with their returns and frequency of deals available. They do publish the lender's company name, but not of course not the actual person behind the company. Yes, always read the factsheet of the lenders and decide whether the businees is worth to support or not.

i wrote a review for coassets here:

https://seedly.sg/reviews/p2p-lending/coassets?...

acutally you can also sign up with seedin and coassets first without putting in any money. once they have a deal, they will inform you and you can download the fact sheet for review first.

Hope this helps.

(seedin has a referral code here if you wish to sign up https://sg.seedin.tech/register-investor?ref=39...

unfortunately coassets does not have a referral code. i need to personally invite you to their relationship manager to do a KYC. let me know if you are interested to attend one.)​​​