More About Funding Societies
| Operations | Funds handled by escrow agency, Vistra |
|---|---|
| Methodology | Business term loan and Invoice financing |
| Fees | 18% on interest earned |
| Minimum | $50 per campaign (initial deposit $1,000) |
| Default Rate | 1.28% |
Ratings Breakdown
4.1
- 57
- 45
- 34
- 20
- 10
Funding Societies Reviews
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- Have been using it for about 6 months. the UI takes some time to get used to, but once you understand it, its quite alright? The borrowers have also been repaying the loans in a timely manner which is awesome. Grew about 2.5% in 6 months. hopefully this continues to about 5% pa, then i would say its quite a good platform for passive investments.Comments (0)10
- not enough loan out every week. Hence, if you put 10k in and you put $100 per loan, it may take forever to get the 10k out and your 10k could be sitting in their account for a long long time without interest. You will need 100 loan to get 10k out...it will take forever. You may argue, then set a higher cap, however, do you want to lose more if it default.Comments (0)10
- 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!Comments (0)30
- low minimum investment of $100 althought there are some loans that have minimum of $500 or even $1000. Fee charged for arranging the loan. Offers both invoice financing and term loan. Have personally experienced default with them for some loan. Collection is less agressive compared to other p2p lender. They offer malaysian riggit loans to Malaysia companies as well. So far malaysia loans 100% with no default. Need to set up a separate account to invest in Malaysia. Loans in RM.Comments (0)20
- 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.Comments (0)50
- One of the only platforms with a mobile app. Fast and clean interface. Customer support directly available via the app. Crowdfunding closes out in a very quickly and you might miss out. Auto-investment function helps to a certain extent. Low learning curve for p2p lending is suitable for new investors.Comments (0)20
- Have been investing with FundingSocieties over two years now, funded 80 loans as of today with 22 ongoing. Few initial big blows with 6defaults so far and trying to recover my capital losses. Mobile app is very friendly.Comments (1)10
- 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.Comments (0)60
- I've been using FS for about 5 months. After studying the numbers and returns, i've decided that p2p lending is not really suitable in terms of capital gain (but that's different for individuals). For FS - on average there are 4-6 loans available for you to back every month. As mentioned by other users, as the loans offers attractive returns, there are a lot of retail investors eyeing to be part of the loan package. Eg of a loan: 100k loan available with 12% returns in 3 months, min & max investment $100. When it is announced at 7pm, 7.10pm the 100k would have been fully backed. Another con is that, your money would be tied up and there are no liquidity in that. Only way for you to get your money back is when the companies you loaned to make the monthly payment. I've made a rough calculation on all the loan returns, while the reported interest rates are between 9 - 12%, after taking into consideration of the fees, averaging the time frame, assuming no defaults, the return looks like a 6-8%. For many, this may be attractive because it is higher than your savings account, but because of its illiquid nature, and higher perceived risk, i think there are other better performing asset classes. Eg: REITs - some reits returned way better returns than 6-8% in 2017, somemore it is liquid with potential upsides in capital gain, or if you have an even higher risk profile, tech stocks did really well in 2017 globally + in Singapore. So FS is suitable for individuals with a mid level risk profile, but less suitable for individuals with a high risk profile. :)Comments (0)50
- I joined FS SG in July 2017 and have participated in 45 loans (29 ongoing), returns average slightly under 1% nett per month. I reinvest the returns and will try to update the compounded interest in another 6 months. There have been no defaults so far, 3 late payments from 3 different loans but all been settled or in the midst of being settled. I like FS for the simple interface, the live chat team - responds promptly to queries and lastly and more importantly, the quality of loans. Perhaps I would like to see more loans on FS but after attending one of their sharing sessions, I understand that FS has a rigid screening process for borrowers hence their very low default rate. Overall, been a positive experience that I have also signed up for FS Malaysia. I have withdrawn money from FS Malaysia and money was in my savings account 3-4 days as advertised.Comments (0)30
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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.
