Funding Societies Reviews and Comparison - Seedly
 

Funding Societies

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  • Reviews (80)
  • Questions (21)
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P2P Lending/Funding Societies
P2P Lending/Funding Societies
Funding Societies
4.3
80 reviews

USER RATINGS

User Experience

4.7

Portfolio Transparency

4.4

Customer Support

4.7

Quantity of Deals

4.1

Quality of Deals

4.1
P2P Lending/Funding Societies
Funding Societies
4.3
80 reviews

USER RATINGS

Read reviews

User Experience

4.7

Portfolio Transparency

4.4

Customer Support

4.7

Quantity of Deals

4.1

Quality of Deals

4.1

Funding Societies

18% on interest earned
INVESTOR FEES
$20 per campaign ($500 initial deposit)
MINIMUM INVESTMENT
1.20%
DEFAULT RATE (2019 Q2)

    Funding Societies

    18% on interest earned
    INVESTOR FEES
    $20 per campaign ($500 initial deposit)
    MINIMUM INVESTMENT
    1.20%
    DEFAULT RATE (2019 Q2)
Reviews (80)

4.3

80 Reviews

  • 5
    38
  • 4
    32
  • 3
    6
  • 2
    2
  • 1
    2

Read Review About...

default rate

user friendly

customer service

opportunities invest

mobile app

customer support

lending experience

app easy

loan default

return investment

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  • Updated on 27 Mar 2018
    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.
    0 comments
    0
  • Updated 3d ago

    Purchased

    Funding Societies

    [Lending Experience] Good first experience with P2P Lending. App is easy to use. Emails are timely and informative. Opportunities are frequent and well documented. Easy to auto invest into desired opportunities. [Risk Assessment] All the info you need to review an opportunity is sent to you and easily accessible. [Portfolio Diversification] Auto invest with highly configurable options allows you to easily diversify your investments across many many opportunities.
    0 comments
    0
  • Updated 2w ago

    Purchased

    Funding Societies

    Funding Societies is able to maintain such a low rate of default due to their ability to MANIPULATE defaults. For instance, I have a loan that has defaulted on their payment on 01 March 2019 (& its January 2020 now...). However, they consistently have "updates" which include potential projects that borrowers are doing, or currently undergoing restructuring. Next updates will always be to PUSH the dates further and further away. Come on, the borrower has defaulted for 10 months and you're still hoping that they'll pay us back? By doing this, they'll be able to prevent the loan from appearing as "default". Please stay away people. This is unethical. I'm stopping all my investments with this Company, and withdrawing what little balance I have.
    0 comments
    0
  • Posted on 26 Dec 2019

    Purchased

    Funding Societies

    The UI and UX of the mobile and web app is the best among others P2P lending platform that I have came across. First introduced to this during Seedly PFF 2019 and has been using since. Very user friendly, easy to navigate, and the app is very snappy too. Also the level of detail in the fund that Funding Societies provide is unparalleled, like I can see how many times I have invested in this borrower, and how much early repayment and late interest I have received etc. I like the fact that the deposit and withdrawal can be done anytime at no fees involved! I know some other P2P platforms which charge fees for withdrawal and has minimum amount for withdrawal. On the other hand, the fund/facility being issued is very little, to the point that there can be a few lull weeks where there are no fund to invest in. Also, the fact that most investment has to start at SGD20. Comparatively, Capital Match, another P2P lending platform allows the investment to go as fractional as SGD0.01 in cents, which allows for more investors to participate and allows for better diversification which is a very important factor to consider when investing in P2P platform. Moreover, there is no prefunding for the funds/facilities in Funding Societies. You can either do auto-allocation to autoinvest, and that's if you are allocated, which is randomized, or you could camp and click to fund in a fastest-fingers-first fashion. I have resorted to setting alarm reminder for such, which could be better if there is a pre-fund option for which you could just choose and pre-fund before the funding round starts. On another perspective, I am also using Funding Societies for investing in the Malaysia P2P lending scene, though SG has a strong no default rate so far, I wouldn't say the same for other countries like Malaysia. Bear in mind that default do happens and it can be higher than the interest you have earned.
    0 comments
    1
  • Updated on 14 Dec 2019

    Purchased

    Funding Societies

    [Others] KYC is a must including uploading of documents. Fixed $100 for first deposit though you can withdraw later. Subsequent deposit can be any amount. Every deposit needs to be requested, and this includes uploading a transfer receipt submission. This is a pain point although it has a drag and drop function. A copy and paste function will be more convenient as no saving of file will be needed - just use window's snipping tool and copy and paste. [Customer Support] CS do reply quickly. What i like is that there is a button at the bottom right of the screen allowing you to start a conversation anytime. It also stores all your previous conversations and you can always revisit it - pretty much like a whatsapp. Announcements are also logged here after showing up after logging in although it will be also sent via email too. [User Friendliness] The overview page: UI is pretty good with a chart of your returns every month. Below the chart is a detailed breakdown of total income and expenses including: -Deals Invested -Interests Received -Early fees received -Late interests received -Bonus received -service fees Further down is a summary of investment, withdrawal and deposit activities. For more details, each category can be visited at the top of the screen under Menu/my dashboard. Portfolio Tab: tldr: There is an export CSV function which you should probably use to table and filter the data. Shows a summary of the loans including expected repayment this month, Due unpaid this month and principal defaulted. Expected repayments can help you plan if you need to make more deposits this month. You can search your portfolio using repayment/investment status to locate defaulted/ missed payment loans. Can also see the actual and expected payment per month although they are on 2 different tabs and you have to switch between them to compare the difference. Another pain point is that you have to manually expand all the loans to view more details. you are better off using the export csv function. [Portfolio Diversification] There are many loans available and those small loans are often capped at max $20 which there are little chances to make manual investments. Use auto bot. There are many different types of loans available ranging from invoice financing, business term loan, to more safe ones like secured loan, guaranteed returns investments. The newly introduced type is revolving credit facility. You can set up your auto bot to invest in each type of loan. [Loyalty programme] FS Privilege Investor Loyalty program. Blue, silver, gold, platinum, prestige tiers. Everyone starts at blue tier which gives you Live Chat Support and Auto Invest. Silver requires 5000 points a year, gold requires 50,000 points in one year. I guess most retail investors falls in silver category which allows you access to promotions & events and Auto Invest upgrade: SME exposure limit. This is on top of blue privilege. [Lending Experience] Annualised Portfolio Performance 7.64% with 13.5k invested(not total deposits). These numbers are affected by pretty much the type of loans you choose/your auto bot invests in. [Debt Recovery] When there is a default, FS will choose to start legal action. The legal cost is crowdfunded (and totally optional - read on), Any sum awarded/ results from the legal action will first pay off the crowdfunded fees, then the loans of those who have contributed to the legal fees, and lastly the rest of the investors. In a few loans regarding a borrower, FS itself has also contributed 2k to each crowdfunded legal fees which was heartening. There are also cases where principal are fully recovered with a minor write-off in interests.
    0 comments
    3
Questions (21)

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Heah Min An
Heah Min An
Level 5. Genius
Answered 4w ago
Do you feel happy, confident of your investment selections, able to sleep soundly at night? If you’re, then continue doing it. It’s decent. Investment results are good. Investment results achieved by amount of corresponding amount of risk taken needs to be the conversation in this community. The community can’t quantify risk as easily as investment returns thus it naturally leads to an over fixation on purely returns. Risk comes from not knowing what I’m investing. Thank you for taking your time to read.

Investments

P2P Lending

Funding Societies

E
Emily
Level 3. Wonderkid
Answered 3w ago
Hi! I've been using FundSoc for about a year now, my thoughts: 1. I had 0 prior experience in any sort of investments, stocks, or P2P platform before going in. I found the platform very intuitive and easy to use. The customer service is quick and responsive, I accidentally 'invested' too much in a loan before and requested for the money to be taken out (the loan was not closed yet) and they did it for me very quickly. Everything can be done on the app which is what I do, and everything can be tracked easily. 2. They have different types of loans for you to choose from, ie Secured (property backed), Term Financing, Revolving Facility but for me personally the most 'low risk' is invoice-backed loans (which means that business already has a proof of invoice and money coming in when project is completed but need the funds right now to run the project). 3. Entry is low. While you have to top up $1k in the account initially, the minimum is $20 to back each project. Most projects have a maximum amount you can invest too so really good deals might only allow you to invest $20 max. For 'good deals' they are funded really quickly. ie, if the deal goes live at 2pm, I kinda have to be on standby at that time to fund it if the auto-invest bot didn't manage to get me a spot. Good deals can get snagged within 1-3mins. I know, its crazy. But there are also what I call shady deals. Anything that's above 10% I find quite shady - usually very high risk so invest at your own risk. 4. They have about 6-10 loans a day which I find is sufficient. They used to have only about 1-3 a day when they first started but they have increased it a lot recently. 5. It is up to you to read each factsheet and see if they are a business you want to back. I find it quite comprehensive so even though they don't reveal company name I do find the information sufficient. 6. As long as you diversify across many loans, you should be OK if the company defaults. I have not personally got a defaulted loan before but I do know of a friend that has a loan that defaulted. He did mention that FundSoc had a lot of updates in emails to notify investors of the current status in trying to retrieve the money. Ultimately, he did not manage to get his capital back unfortunately but he only invested $20 in that loan so it wasn't really a huge loss. Definitely the advice is to spread your money across multiple loans. For me personally I have my money spreaded across 43 loans. 7. They have an auto-invest bot which allows you to set the parameters and will help you automatically allocate for certain loans that meet your criteria. For the more secure loans like invoice backed ones I would allocate more money myself beyond what the bot allocates for me. This is actually what I liked most about the platform. There are months that I can go without checking the app and the bot is actively re-investing my money for me. 8. I like the loan terms. I've tried another platform called seedin, how their loans usually work is that, say you loan $1k over 5 months for 5% interest - You get 1% interest for 5 months and your 1k back at the end of the 5 months. How fundsoc loans usually work is, say you loan $1k over 5 months for 5% interest - You get $200+1% back every month for 5 months. This allows you to reinvest the initial capital into other loans. Of course not every loan is this way but most of them are. 9. FundSoc has recently added a calculator for each loan too so you can see you how much you will earn per loan for the amount you are backing. Hope this helps!

General

P2P Lending

Funding Societies

Promo Codes

I
Is
Level 2. Rookie
Answered 3w ago
Hi. You can sign up using my referral link: https://fundingsocieties.com/sign-up-investor?referral=jh1ocwi0 Thank you.

Investments

P2P Lending

Funding Societies

I guess you should look at how much you are willing to risk for the return (high risk high return) aka, your risk appetite. You can try to look at the financial report of the company provided as well to understand if they are strong financially.

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.

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.

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
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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.

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.