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Ratings Breakdown (22)
4.0
- 57
- 49
- 35
- 20
- 10
| 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% |
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Reviews (22)
Q&A (6)
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- Jay Liu5 Reviews, 337 UpvotesReviewed on 05 Sep 2018Have 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.Comments (0)50Share this
- Adrian Goh Jun Wei3 Reviews, 28 UpvotesReviewed on 25 Jul 2018- Really user-friendly and nice app UI - Like the auto-reinvestment feature as it means I don't have to worry much - However, some loans and invoice take slightly longer than expected to be repaid - Constantly new initiatives and updates improve the credibility of the companyComments (0)10Share this
- Brandon Loi3 Reviews, 6 UpvotesReviewed on 19 Jul 2018Pros: - Wonderful app design, easy to navigate and use - Responsive customer service - Minimum investment threshold is low (about $50) - Auto-invest option Cons: - Maximum investment threshold is usually low (about $50) - Risky as an investment option, a few late payments within a few months of investing (no default) Overall, a very good P2P lending platform.Comments (0)10Share this
- Gabriel Lee11 Reviews, 519 UpvotesReviewed on 30 Jun 2018I was keen to try out P2P lending so I signed up for an account with Funding Societies since it has the best record (lowest default rate) compared to platforms. However, it has been a few weeks but my account still hasn't been activated yet. I've filled up the Subscription Agreement but have yet to receive the eSign Subscription Agreement. Not sure if it's because they will give you a call before proceeding with the application. If so, I probably missed the call since I'm currently serving NS (out for training during the day).Comments (2)10Share this
- Rajesh Ranganathan2 Reviews, 4 UpvotesReviewed on 29 Jun 2018have been using FS for close to year now , i would this is good given the return i have seen with this passive investment, just that i dont see enough campaigns sometimes leading to funds left ldle for a while , suggest to keep a watch and not just rely on auto invest only to best invest your funds on time.Comments (0)10Share this
- Zi Song Lim6 Reviews, 11 UpvotesReviewed on 10 Jun 2018Have 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)10Share this
- Apple2 Reviews, 3 UpvotesReviewed on 12 Apr 2018not 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)10Share this
- Lim Chun Long Jimmy8 Reviews, 65 UpvotesUpdated on 11 Jan 2018I 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)60Share this
- Jan6 Reviews, 9 UpvotesUpdated on 16 Jan 2018low 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)20Share this
- Yingkapong Karichapchai1 Reviews, 5 UpvotesUpdated on 30 Jan 2018Started 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)50Share this
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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.
