Asked on 04 Sep 2018
Started about 2 months ago. Currently invested in 9 loans (8 invoice financing + 1 business term financing).
Total invesment: $800. Took out $200 as loans on funding societies has pretty low volume. Which is a positive, proving that they really screen the borrowers thoroughly.
So far, only 3 loans has been completed. (2 invoice financing paid on time. 1 invoice financing paid partial early repayment). As invoice financing has the option for borrowers to repay early, to encourage them to pay early for lower interest. Thus, we will get lower interest too.
Looking at the company's financials is also important before you invest. Don't catch a falling knife.
Duration: Started about a year ago
Total Investment: Put in 1k then added 2k, After receiving my principal back, I'll use it to re-invest back to other loans.
Product Type: it has 3 types: (1) Term Loans (2) Invoice investing (3) Property Backed.
Tenure; Shortest about 30 or 45 days to 1 year tenure.
How to invest: With FS, it will send 1 to 3 emails few times a week about a loan, we just use the auto bot setting to invest (based on round roulette methods determine by the company's algorithm, everyone take turns). So after receiving the email, I'll check my FS app, see how much I got allocated, or not being allocate at all. Calculate the interest to see if i'm keen, check the loan type / tenure / risk, then decide if I want to continue or op out.
Succes Rate: 100% (Never had a loan defaulted on me but does encounter delayed payment, with additional interest! So it's a bonus!)
Returns: 2.35% so far.
Default: $0. I never had any default and had 1 late payments that comes with penalties, which allows me to earn more.
Read other's review and portfolio at Seedly FS review: https://seedly.sg/reviews/p2p-lending/funding-societies
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