Funding Societies Reviews and Comparison - Seedly
 
Funding Societies
4.1
32 reviews
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Reviews (32)
4.1
Reviews (32)
4.1
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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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  • 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

    on 05 Aug 2019

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

    on 14 Aug 2019

    Yes, they did.
  • Posted on 07 Aug 2019
    I have income earnings of $140 and $240 in defaults. I noticed a huge rise in defaults recently, so i stopped investing and withdrew all the remaining money. Not worth the risk-reward in my opinion
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  • *Updated with links of my result , and referral code on the comments I have invested in FS for 3 months. 2 late payment. 7 completed invoice payment (on-time), 4 term loan (on-time). Add- on to Jay Liu's review (his reviews touchest almost everything): Pros: -Responsive replies and advice from the SG admins which takes about less than 3 days. Slightly longer for the FS MY as they have more investors - have a p2p lending forum to feedback and enquire any defaulted loan (users are mostly Malaysian). Good culture inside - have been improving their apps and more loans and increasing loan sums are available - loans are notified via phone notification so that you can have a quick-scan and analysis on loans' factsheet -place priority for new investors (, etc) with auto-invest - there is a priority list so that every investors could earn their bits. Interested investors could otherwise manually invest. Cons like what is stated by Jay Liu could be looked at on a different light as it shows that the evaluators are serious and prudent in the assessment of borrowers' funds Link of my 4-5 months results: https://crowdfundtalks.com/topic/725/p2p-lending-5-months-on-fs-sg
    4 comments
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    Alex Chua Cheng En
    Alex Chua Cheng En

    on 05 May 2019

    The referral offers ended on 31 April 2019
    Alex Chua Cheng En
    Alex Chua Cheng En

    on 21 Jul 2019

    Need referral code fb msg me
  • Posted on 09 Jul 2019
    1. I invested similar amounts in both Funding Societies (FS) and Moolahsense (MS) around early 2018, as an experiment. 2. To me, MS started out as having an edge over FS due to its more intuitive, user-friendly site, and more information on the loans available. 3. Since then, Moolahsense has been lagging behind. They reacted much later to the market offering lower loan quantums (e.g. minimum $500 per loan rather than $10 vs FS), they also were behind in implementing the automatic investments. 4. With automatic investments turned on, and with similar investment criteria (e.g. min. $50, up 3 month loan only, specific sectors only etc.), I personally experienced a default rate of MS loans 4-5 times that of FS. Something like 5 of every 10 in MS compared with 1-2 per 10 in FS. 5. Close to Default and Default handling procedures - I would say FS trumps MS big time. MS basically gave me the feeling that they won't do anything extra to help investors. FS has skin in the game, and to me they seem to go the distance to ensure the success of the loans. 6. Observed the CEOs of both companies at some fintech events. The FS guys seem a lot more genuine than the MS one. Note: this is my subjective opinion. I could go on, but I think the above would perhaps would provide some perspective to help the community decide which platform to try out.
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  • Updated on 02 Jul 2019
    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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    Kenneth Lou
    Kenneth Lou

    on 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!
    Alex Chua Cheng En
    Alex Chua Cheng En

    on 02 Jul 2019

    U could try have a read on the p2p outside of sg. Some are really socially impactful
Questions (20)

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P2P Lending

Capital Match

CoAssets

Funding Societies

Minterest

JE
Jamie Evans
Level 2. Rookie
Answered 2w ago
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 4d ago
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.

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Funding Societies

P2P Lending

Alex Chua Cheng En
Alex Chua Cheng En, Pcme at Anderson Junior College
Level 4. Prodigy
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 2. Rookie
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 4. Prodigy
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

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Funding Societies

Alex Chua Cheng En
Alex Chua Cheng En, Pcme at Anderson Junior College
Level 4. Prodigy
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

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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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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. :)

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Funding Societies

P2P Lending

Gabriel Tham
Gabriel Tham, Kenichi Tag Team Member at Tag Team
Level 8. Wizard
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$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.