Funding Societies Reviews and Comparison - Seedly
Reviews (29)
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Reviews (29)
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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.
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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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    5
  • 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!
    0 comments
    3
  • 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
    3
  • 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.
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  • 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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    Alex Chua Cheng En
    Alex Chua Cheng En

    3w ago

    U could try have a read on the p2p outside of sg. Some are really socially impactful
    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!
  • 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
    1
Questions (18)

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Investments

Funding Societies

P2P Lending

Kenny Tan
Kenny Tan
Level 2. Rookie
Answered 3d ago
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

I'm writing answers on a Sunday whilst traveling around Singapore for an appointment, so hello Zhi Rong. It's hard to comment on Minterest and Capital March, since I've never spoken to them. I was fairly impressed with the Funding Societies crowd at the Seedly Convention, they seemed to really know their stuff, which is important. CoAssets tends to be a bit more personal, which is good if you like Consultants. It's not like there's an additional price for talking to them, anyway. I've not found their yields to be as high as I would like, but they do tend to have decent safety measures in place. SeedIn is similar to CoAssets but in a more impersonal way - its almost entirely digital and you have to DIY it. There are obvious pros and cons to this, but some people would be very comfortable and find it very efficient to do so compared to a longer sales pitch. Most importantly, all 3 platforms have claimed to have 0% default so far, even with the updated definition for default. If I'm not wrong (I could be), default refers to both Time and Return on Investment, and nothing to do with whether it actually defaults or not. So you have a traditional definition for default: 1) Failure to repay loan according to the required payment on their debt obligation And then you have the P2P definition 1) Failure to repay loan regardless of the initial requirement payment structure within a specific time frame (3 - 6 months). The definition difference suggests that what does tend to happen is that P2P companies do actually default on their loans in the traditional sense. As you may know, Bonds are technically not security backed (e.g. its not like a mortgage where they can take your house away). But P2P platforms like CoAssets/SeedIn/FS do have measures to do something similar even if that isn't TECHNICALLY the case, so a P2P company will typically end up finding a new way to pay for the loan and within the period I stated (within 3 - 6 months). To me, that's the primary reason why anyone should invest in P2P - how effectively they keep their default rate and the methodology for doing so. That is why you should choose a particular company over their competitors. Look at that long answer. Do your own due dillgence, but drop me a message if you'd like! (haha) https://www.facebook.com/luke.ho.54 Luke

SeedlyTV EP07

Funding Societies

P2P Lending

Fan ZD
Fan ZD, Employee at A Bank
Level 3. Wonderkid
Answered 1w ago
The simple answer is, the demand to invest in the loans is higher than the supply of it. It is actually a lot better now compared to a year ago. Nowadays I set it on auto-pilot at minimum $50 sums per loan, and most of the time I manage to get in. Perhaps you want to consider their auto-investment feature too.

Investments

P2P Lending

Funding Societies

Kenneth Lou
Kenneth Lou, Co-founder at Seedly
Level 8. Wizard
Answered 1w ago
Hi friend! Personally I setup the auto invest function, which is really quite easy to use. You can set up the auto invest function with $100 per deal and they will automatically help you put money into each selection of loans when they appear. I would suggest if you are also not comfortable with certain sectors you can remove them from the check box, pretty straightforward!

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

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/

Funding Societies

Investments

Loans

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.

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.

Investments

Funding Societies

P2P Lending

Alex Chua Cheng En
Alex Chua Cheng En
Level 3. Wonderkid
Updated on 07 Jun 2019
Note the risk of the campaign for the least to the most : secured by property &lt; invoice finance &lt; Term finance. (1) this determines the interest rates. The higher the interest rates, the higher the risk. I managed to research that FS management will do a round of company checks before approving the campaign. It is more or less if you are comfortable with the borrowers. I personally feel that credit score (2) is the least important. There is a reason why SMEs seeked p2p (poor credit history - rarely borrow money from banks.) (3)Guarantor(great especially there is) (4) Lending history with FS 5) Loan purpose 6)payment behavior (attitude of borrower) 7) Risk snapshot 8) ensure they have relatively healthy cashflow or /and net worth I am still learning to read the financial ratios. Need help with it if anyone knows. Would do a research on it when I have 6months - 1years of experience ( about 100 campaign closed) So far understand inventory turnover for non service companies
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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.