Funding Societies Reviews and Comparison - Seedly
Reviews (30)
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Reviews (30)
4.1
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  • Updated on 05 Sep 2018
    Have invested in Funding Societies for around 3 months now. Invested in total of 10 loans. 3 invoice financing have been completed. 2 paid on time and 1 had a partial early repayment. Here are my views on Funding Societies: Pros: - Process of the account is pretty fast. Took around 1 working day for me to deposit. - Deposits of the $1000 was easy and fast. Took around 2 working days. - Withdrawal was also fast. Took around 2 working days to be in my bank account. - App feature on phone is easy to navigate. Plain and simple. - Factsheets are detailed. - Having good annualized portfolio performance. Cons: - Loans opportunities are pretty low. (This is positive actually as this mean FS screen the borrowers thoroughly, lower defaults). - Having a min and max amount to invest. - A riskier alternative investment. - Loans get filled up quickly. So have to camp few mins before the start time as i manual invest.
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  • I signed up a Funding Societies account and it was in-force since 24 November 2015 . On average, the investment returns is about 1% monthly . I encountered about 3 loan investments that were late in repayments, hence I received additional returns due to late interest repayments. In addition, I encountered 1 loan investment that went default in repayments but in the end I got back the principle, plus expected returns and additional returns due to 5-month late repayments. Highly recommended!
    2 comments
    4
    Bryant Tan
    Bryant Tan

    3w ago

    Did they perform as per your expectation?
    Lim Chun Long Jimmy
    Lim Chun Long Jimmy

    6d ago

    Yes, they did.
  • Updated on 23 Feb 2018
    Decided to invest some of my money for risky investment onto the platform. Here are some of my thoughts. 1) Onboarding process might be a little troublesome. But their customer service is quite helpful. Also, I feel that the onboarding process might be due to regulations. 2) Other than that, the user interface is modern and nice. Plus they have a mobile app which works for millennials like myself. 3) I can't seem to get any loans invested when I do it manually. The need for auto-allocation also means that I can't select my loans much. I believe this is due to the demand for it being higher than the supply of P2P loans. 4) Already on my 13th loans, so far with little issues of default and everything was easy to use. I have yet to withdraw any money from the platform. Will keep this review updated.
    0 comments
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  • Updated on 02 Jul 2019
    Here are my thoughts on the product overall... been using it for almost a month. Pros: - Opened up my world of P2P investing which I never knew much about - Relatively clear website with easy to understand visuals and areas - Seems like a pretty rigourous KYC (know your customer) process to screen the loans and users - Auto invest setting seems interesting (but has not yet worked for me yet) Cons: - The whole onboarding process took really long like almost 4 days long - Had documents to eSign and send to them to be verified - Biggest con was the lack of deals and loans available to users Will update as I continue to use this product to share on the returns and defaults especially :)
    3 comments
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    Kenneth Lou
    Kenneth Lou

    01 Oct 2018

    Hey! My experience has still been ok so far. With a repayment rate of over 99%. Total backed 47 different loans with only a small amount each (on auto-invest). A solid annualised return so far!
    Alex Chua Cheng En
    Alex Chua Cheng En

    02 Jul 2019

    U could try have a read on the p2p outside of sg. Some are really socially impactful
  • Posted on 20 Jun 2019
    With referece to the recent post https://blog.seedly.sg/p2p-comparison/ the 0% is not accurate. I'm a fs investor and I have 4k sgd worth of defaults. Which unfortunately I am not able yo upload a screenshot here. The borrower who went default, their fact sheet was not showing any red flags until they decided not to pay. If we can no longer rely on fact sheet for investment decision, then what else can we look at? Their updates on missed and defaulted payments are irregular and not prompt. I have stopped all investment and pulling out my funds.
    0 comments
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  • Updated on 13 Jun 2019
    Pros: - Learned invoice funding from other tech blog and chances upon FS that allows me to dip into invoice funding which was good to cut away middle man cost/fees (except FS fees which is 15%) - Relatively clear website with easy to understand visuals than MS with cluttered website - Auto invest save all the time and effort (like RSP ETF) without any user intervention at all - Some loans is 1 to 3 months up to 12 months, thus can be short and long term investment - Biggest Pros: Mobile apps allow reactive tracking and checking of investment anytime/anywhere conveniently as compare to the other two P2P platform. - TIps: Limit your eggs small ($100 per case) and put into many basket will be a good way to reduce the risk of loss in case of loan default. Cons: - If Auto invest settings mismatch with loans offer (eg. interest and min amount), won't be able to join at all and hence will lose any chance of investing in that particular loan - Deals and loans available to users was alright (min 1 and max 3 per week in late 2017) - Auto invest won't engage if demand is more than supply (and happen that I don't get auto allocated), then we can only see the deal FLY AWAY!!! in front of our eyes :( - Biggest Cons: No clear breakdown of each loan service fee and tax (only show totals) , hence unable to easily review each loan's services fee, tax and hence unable to measure the performance of each loan investment
    1 comment
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    HC Tang
    HC Tang

    21 May 2018

    Due to having to pay GST now, so FS raise their fees to 18% for retail lenders (you and me) to make it easy and transparent for calculations. Not the lowest in SG market but their mobile apps is the best and easiest to understand. Overall also have much lower default rate than the rest of the players in SG market.
  • Started investing on the platform in Sep 2017. I've had 25 loans so far (19 ongoing). There's one loan with late payments (a few times throughout the entire loan period) but they update very clearly and promptly. What I really like is the investor app, it's super useful and the pre-crowdfunding notifications are very timely. I hardly login the web portal because the app is super easy to use with the Touch ID login and most of the details I need. But then again, I have created 3 auto-invest profiles and only login every now and then.
    0 comments
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  • Updated on 21 Mar 2019
    The live Q&A is pretty prompt. Customer service is good, and there are regular loans to fund. However, the min amount has dropped to $20 and sometimes we do not get loans, I guess due to the larger number of users. The low default rate offers a greater peace of mind too!
    0 comments
    1
Questions (19)

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Funding Societies

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Promotional Codes

P2P Lending

Yingying Li
Yingying Li
Level 2. Rookie
Updated on 07 Jun 2019
Hey there! This is Yingying from Funding Societies. Unfortunately we have regulatory constraints to openly share referral codes :( Do still sign up with Funding Societies though! We have promotions which are exclusive to our investors on a regular basis.

General

P2P Lending

Promotional Codes

Funding Societies

Alex Chua Cheng En
Alex Chua Cheng En, Pcme at Anderson Junior College
Level 3. Wonderkid
Answered on 13 Jul 2019
Referral code: jofhd71d

Investments

Funding Societies

P2P Lending

Kenny Tan
Kenny Tan
Level 2. Rookie
Answered on 14 Jul 2019
What i am very sure is that funding societies is not 0% default rate. I have invested over 150 campaigns with them. currently I have 7 loans defaulted, and no regular update from funding societies on how they are recovering the funds. FYI, my portfolio is in red.

Investments

P2P Lending

Funding Societies

Alex Chua Cheng En
Alex Chua Cheng En, Pcme at Anderson Junior College
Level 3. Wonderkid
Answered on 20 Jul 2019
Hi. 1.Set up your auto invest function. There are guide in funding societies help Centre. This will guarantee your allocation of your desired loans. 2.learn to read fact sheet. There are guide in their blog or forums. Crowdfundtalks.com 3. Remember to divest. You can just invest on every loans and /or borrower but spread it equally. E. G $20 loans each with your $1000deposit

SeedlyTV EP07

Funding Societies

P2P Lending

Alex Chua Cheng En
Alex Chua Cheng En, Pcme at Anderson Junior College
Level 3. Wonderkid
Answered on 20 Jul 2019
Here are some of my thoughts : 1.your minimum sum invested is too small. You can set a higher amount. Or you can try your luck when the loans are listed to put in more. 2 recently, most loans listed are small with maximum of $20-50. Remember you are not the only investors. 3. There is simply too little supply of loans requested by borrowers. You can help recommend your business partners if they need debt financing. So more supply of loans is issued 4. There is a consolidation of loans in views of unfortunate spike in defaults in Q2 2019 faced by p2p and banks 5. There may be a lot of rejection towards borrowers by the platform itself because some borrowers simply have poor cash management. I would like to thank funding societies for the due diligence. Dear borrowers, please help yourself first (understand your business and financial health) before seeking help from others. P. S I am shock to see that u have invested 23k into funding societies alone. Such a large sum. How I wish I have such an amount. I can do a lot of things with it. Lol Advice :maybe it is time to divest and spread your risk. Look into other platforms not just locally but also globally. You could fb msg me for advice or you can go to crowdfundtalks.com to seek advice

SeedlyTV EP07

Investments

P2P Lending

Minterest

CoAssets

Capital Match

Funding Societies

Alex Chua Cheng En
Alex Chua Cheng En, Pcme at Anderson Junior College
Level 3. Wonderkid
Updated on 20 Jul 2019
Here are my 2-cents thoughts. As much as p2p is a tech driven fintech, it is still a service industry nevertheless. To me, whatever technology features such as auto-invest will soon be commonly used by the platforms. Without them, they will lose an edge. So you could start by asking yourself what would you like to have as an investor or a borrower. For a borrower, would be probably necessary financial advice so that they will get sufficient funds. Etc. For an investor, you want as lower risk loan as possible. Is there a sufficient supply of loans? Which platform provides a better investing experience? the extensiveness of platform providing the loans. How receptive are the platform to feedback and their responsiveness in changes? Having a good customer base, along with a good support team could improve your rewards and user experience. Furthermore, having 0% default rate is ideal. However, is your funds put into desirable rewards investment? This also questions the response of the platform in a situation of defaults. In choosing the platform, ask yourself what gives you a better piece of mind. Is it within your risk-reward? Which loan product do you prefer? (there is some difference in loans offered among the platform) what is your ability? (your fund size and risk tolerance ). You should also filter the reviews and forums of the platform. Remember this is a service industry. In my opinion, a good service, or user experience should be the main factors in choosing the platform. A good service attracts more borrowers and in turn attracts more investors. A good service is what drives the platform to innovate and constant improve themselves. Do your due diligence. Feel free to Facebook msg me if you have any queries.

P2P Lending

Funding Societies

CoAssets

MoolahSense

Capital Match

Minterest

SeedIn

Cassandra Tho
Cassandra Tho
Level 5. Genius
Updated on 18 Apr 2019
I'm Cassandra, the community specialist from CoAssets. Allow me to give you the objective view of my findings. All calculations except for Capital Match are according to MAS's standards. Rate of returns per annum in 2018, ranked according to weighted average returns) 1. Minterest: 3.5-24% (Weighted ave: 12.95%) 2. CoAssets: 9-10% (Weighted Ave: 9.91%) 3. Moolahsense 5.90%-16.82% (Weighted Ave: 9.9%) 4. Funding Societies: 6.51-17.79% (Weighted Ave: 9.32%) 5. SeedIn: 7-20% (Weighted Ave: 8.33%) 6. Capital Match: 15-20% APR (Weighted Ave: unknown) Default rates (measured as non-performing loan rate beyond 30days) in 2018, ranked in descending order 1. Moolahsense: 14.82% 2. Minterest: 0.59% 3. Funding Societies: 0.47% 4. SeedIn: 0.32% 5. Capital Match: 0.20% 6. CoAssets: 0.00% Note that stats are according to internal standards and not MAS's criteria. Even after 90 days, Capital Match does not classify it as a default, unless the company is in the windup, has undergoing lawsuits, or the director(s) declare bankruptcy. Furthermore, Capital Match does not have an updated statistic based on 2018; thus this internally calculated rate is for 2017. In summary, the services these platforms provide are similar. All these platforms provide opportunities for retail investors to invest in a variety of projects. The difference is that CoAssets is the only listed online funding platform which means that they're obliged to give transparent performance updates twice a year. Their rate of returns, default rates and profits are under the scrutiny of the Australian exchange and the public, bare for all to see. As for the rest, the data provided above was based on the information provided on their website. Another factor to consider is hidden costs like service fees or surcharges within the rate of returns. For CoAssets specifically, the investors get the full interest back. For others, for example, the interest rate may be 20% but they may charge a 1% service fee resulting in an actual return of 19% only. I'm open to discussing any of the mentioned points should someone else's findings be different. I hope this helps. References: MAS guidelines: http://www.mas.gov.sg//media/MAS/Regulations%20and%20Financial%20Stability/Regulations%20Guidance%20and%20Licensing/Securities%20Futures%20and%20Fund%20Management/Regulations%20Guidance%20and%20Licensing/Circulars/CMI%2027%202018%20Controls%20and%20Disclosures%20to%20be%20Implemented%20by%20Licensed%20Securities%20Based%20Crowdfunding%20Operators.pdf Moolahsense: https://www.moolahsense.com/statistics/ Minterest: https://www.minterest.sg/statistics Funding Societies:https://fundingsocieties.com/progress/singapore SeedIn: https://sg.seedin.tech/statistics CoAssets: https://coassets.com/asx/about/ Capital Match: https://lending.capital-match.com/statistics.html

Funding Societies

P2P Lending

Investments

SeedlyTV EP07

Jacky Yap
Jacky Yap
Level 4. Prodigy
Updated on 07 Jun 2019
hello! Yes i think it is ok. p2p lending is run by experienced team who will screen all the loans before they take them in and open the loans to public investors. im not in the p2p business but i think this is the process: 1) loan application by SME from P2P 2) P2P platform screens, does audit of the SME's business and determines risk and suitability + loan quantum 3) If business is sound, P2P approves the loan, if it is a bad business, P2P platform wont approve 4) Once loan approved, P2P platform publishes the loan and avails it for investment by public investor 5) public investor can take a look at the summary of the SME, the risk assessment and decides if he wants to invest in the SME's loan. So you can choose which business loan you want to back. And you can choose the amount. It is also in P2P platform's interest to ensure that the default rate is very low so that investors will continue to invest, because a bad apple will really break investor's confidence in the P2P platform. Funding society's default rate is <2% overall so is actually not that bad. For me, ive been on Funding society for almost 1 year now, no defaults so far. Returns should be around 7-9% after deducting the fees by funding societies. Overall experience is not bad, would personally recommend it for investors with medium to high risk profile. :)

Investments

Funding Societies

P2P Lending

Gabriel Tham
Gabriel Tham, Kenichi Tag Team Member at Tag Team
Level 8. Wizard
Updated on 07 Jun 2019
For P2P loans, you are earning interest income. That is taxable and need to be declared in iras. Dividends and capital gains are not however, P2P loans are not considered capital gains or dividends. https://www.iras.gov.sg/IRASHome/Individuals/Locals/Working-Out-Your-Taxes/What-is-Taxable-What-is-Not/Interest/

Singapore Saving Bonds (SSB)

Funding Societies

P2P Lending

Investments

SK
Shabir Khan
Level 4. Prodigy
Answered on 03 Mar 2019
I have been using Funding Societies for a almost a year now, the default has gone down from 1% to 0.8%. As for my investments that i have done, it has all been paid but some have late payment. It’s best to put small amounts in every company listed to diversify and reduce your risk. SSB/SGS, are very low risk as they are issued by the government. I would say P2P is not a very good alternative to SSB/SGS as P2P involves much more risk, put you savings in SSB/SGS, as for P2P set aside a small amount for high risk investing.
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About Funding Societies
OperationsFunds handled by escrow agency, Vistra
MethodologyBusiness term loan and Invoice financing
Fees18% on interest earned
Minimum$50 per campaign (initial deposit $1,000)
Default Rate1.28%

About Funding Societies

Funding Societies is started in year 2017 by ex management consultant Kelvin Teo and ex leading executive, Reynold Wijaya.

Types of loans by Funding Societies

Funding Societies gives out loans in form of Business Term Loans and Invoice Financing.

Risk Management for Funding Societies

Funding Societies access lenders based on an FS Scoring Grade which is a rating of opinion on both the business' and their owners' capacity and willingness to repay loan.

Funds for Funding Societies are handled by escrow agency, Vistra.

Minimum investment and fees for Funding Societies

The minimum investment for Funding Societies is at S$1,000. The minimum investment for each campaign is S$50.