Funding Societies Reviews and Comparison - Seedly
 
Funding Societies
4.0
36 reviews
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Reviews (36)
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  • Posted 12h ago
    Default rate has been kept low so far, and I am monitoring the loans they provide. Not much deals to choose from
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  • I've been on Funding societies for exactly 1 month. This is investing, for the lazy or clueless investor. Just set up the bots, then forget about it. The platform will do the rest for you. Their self reported default rates are low, at 1.48%. Customer service is reasonably responsive. I have no clue how they derived the annualised performance that they put in huge letters on the home screen. Mine says 11.23%. I'm currently studying to be a CFA, and by my own estimates my annualised returns after platform fees is approx 7.5%, assuming i can reinvest everything i have today for a 10% return, and none of my investments defaults and everyone pays on time. Update: I signed up for an account on 11 Oct with a referral promo code, that requires me to make an investment by 15th Oct to be eligible for a $19 cashback. My account was ready, and funds were deposited on the 14th, before noon, but there was nothing to invest in on both the 14th and 15th. I made my first investment on the 16th instead, and was disqualified from the referral program as a result, which was disappointing. When i raised the issue, customer service was sympathetic, but it looks like management wouldn't budge.
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  • I have invested for 4 months, with a Projected return of 9.9%. I do have to say that Funding Society has a lower cost of entry compared to other P2P, with a higher fee. But there has been more investment types recently, especially with the guaranteed return investment (with a lower interest). They really are listening to their users.
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  • Investor since Jun 2017. Had been through more than 150 investments. Annualised performance in app shows 11.9%. Responsive customer service! 06 Nov 2019 220 investments. 10.8%. Defaulted amount $369.10.
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  • Process of fund deposit is fast, and there is much more offering than most other platforms although the fee is slightly higher at 18%. Use referral code k0t77474 to get SGD20 discount when you deposit at least SGD500 before end of this year!
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  • Posted on 15 Sep 2019
    Been using for a couple of months now. I find the auto-invest function pretty good and fuss-free. Returns are pretty high (currently at 11.56%). The app is quite nice but might get confusing to use at times. For eg, the income summary displays only the monthly summary instead of a year to date version. Can't really tell how the annualised performance is computed.
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  • Updated on 10 Sep 2019
    Started in Aug, 35 invested, 29 ongoing, returns are quite gd at 12.41% when annualised. If i make a transfer at midnight, it will deposited into my account by 10am in the morning, very efficient! The Auto-Investment feature is very useful as well, secures me a min $20 investment, with additional when it is opened. Currently, FS is offering the BEST referral deal in awhile. I didnt even get any when i signed up :/ so dont miss this opportunity! Get $19 cashback when you sign up with Funding Societies and invest any amount by 15Oct. PM me if you want the referral code :)
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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

    05 Aug 2019

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

    14 Aug 2019

    Yes, they did.
Questions (20)

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SeedlyTV EP07

Investments

P2P Lending

Capital Match

CoAssets

Funding Societies

Minterest

JE
Jamie Evans
Level 2. Rookie
Answered on 02 Oct 2019
Margins are compressing due to competition. The platforms need to be innovative in terms of origination of assets (see Capital Match’s merger with procurement platform, Sesami). But ultimately, Singapore will be too small a market and overseas expansion is the only card to then play...or become a digital bank for SMEs

Funding Societies

Investments

Loans

P2P Lending

Promo Codes

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

Funding Societies

Promo Codes

Kenson Tan
Kenson Tan
Level 3. Wonderkid
Updated on 15 Oct 2019
This is the BEST Funding Societies referral deal in awhile. I didnt even get any when i signed up :/ so dont miss this opportunity! Started in Aug, 35 invested, 29 ongoing, returns are quite gd at 12.41% when annualised.

SeedlyTV EP07

Funding Societies

P2P Lending

Alex Chua Cheng En
Alex Chua Cheng En, Pcme at Anderson Junior College
Level 5. Genius
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

Investments

Funding Societies

P2P Lending

Kenny Tan
Kenny Tan
Level 3. Wonderkid
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 5. Genius
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

Investments

P2P Lending

Minterest

CoAssets

Capital Match

Funding Societies

Alex Chua Cheng En
Alex Chua Cheng En, Pcme at Anderson Junior College
Level 5. Genius
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/ 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

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Jacky Yap
Jacky Yap
Level 5. Genius
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 9. God of Wisdom
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/
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About Funding Societies
OperationsFunds handled by escrow agency, Vistra
MethodologyBusiness term loan and Invoice financing
Fees18% on interest earned
Minimum$20 per campaign (initial deposit $500)
Default Rate1.47%

About Funding Societies

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

Funding Societies is the largest SME digital financing platform in Southeast Asia, licensed and operating in Singapore, Indonesia, and Malaysia. It enables SMEs to get all forms of short-term unsecured financing, crowdfunded by retail, high-net-worth and institutional investors. As a winner of the MAS FinTech Award, it provides fast and customized financing options for SMEs across all sizes and industries. Backed by the prominent Sequoia Capital and Softbank Ventures, Funding Societies has given out S$1 billion loans to 30,000 SMEs and is on a mission to create financial opportunities for everyone in Southeast Asia.

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$500. The minimum investment for each campaign is S$20.