MoolahSense P2P Lending

Details

• S

  Steve

  Level 2. Freshie

  Updated on 17 Feb 2021

  Purchased

  MoolahSense P2P Lending

  I do think this company is trying its best but many of those borrowing companies are just scumbags that has no ethics. It's obvious that MoolahSense is being bullied unfortunately, which shows their lack of experience.

  0

  Helpful •

  0

  Post

• 

  Shaun Goh

  Level 5. Wonderkid

  Updated on 05 Feb 2021

  Purchased

  MoolahSense P2P Lending

  [Debt Recovery] [Lending Experience] Thought I could at least breakeven after a slew of defaults in 2019 where I was only borderline 4 digits in the red. I continued with auto invest set at $100. Covid-19 was the straw that broke the already broken camel's back & I'm now closer to $3k down.. I've contacted them and they tried to reassure me by saying "The "Closed off" status is only a representation to the status of the Note. A closed off note does not mean that active recovery have ceased until an official update has been published on the note's update." Hoping for the best! In Funding 0 Paid 80 Current 0 Late 0 Past Due 2 Doubtful 0 Loss 2 Restructured 2 Closed Off 38 One-Time Sett 1

  0

  Helpful •

  0

  Post

• 

  Joanne Tan

  Level 2. Freshie

  Updated on 14 Jan 2021

  Purchased

  MoolahSense P2P Lending

  [Lending Experience] [Debt Recovery] [Customer Support] Not the type to post reviews but felt like I should to warn people of how dangerous Moolahsense is. Platform is easy to use but that is the only good thing about them. Had invested in a real estate training centre with Moolahsense and as you can see from the other bad reviews, it defaulted. What was disappointing is that just because the borrower hired a lawyer to reject the loan contract, it scared Moolahsense and now the borrower can run away freely without paying. I mean, what's the point of making a contract in the first place if it does not even have any power?! Mind you, the borrower's company is still operating happily to this day with no cash flow problems. Yes, Moolahsense did state they can proceed with legal proceedings but the costs were at least 5 times higher than other platforms. Like where did you even hire these lawyers from? Heaven? I assume this is to scare us investors from proceeding with legal options as Moolahsense do not gain anything. So even though it was expensive, I still opted for it and guess what, no response from Moolahsense. As expected. So I emailed them only asking about the progress and they replied saying that due to there not being enough funding for legal proceedings, the investment has been closed AKA the borrower gets free money without paying it back. So yes, with this being said, avoid like a plague. This is really a disappointment as they were my first P2P lending platform and I had high hopes for it.

  1

  Helpful •

  1

  

  Shaun Goh

  05 Feb 2021

  Very early on there was a borrower who defaulted and was apparently uncontactable. Checked their website & company registration, they rebranded and continues to operate. I wonder if contracts can still be enforced in such scenarios. :( (and this was when the minimum was $1k)

  Post

• B

  Brendan

  Level 2. Freshie

  Updated on 09 Dec 2020

  Purchased

  MoolahSense P2P Lending

  Similar to all recent experiences. I've lost more than $5K. I've invested in a bunch of their companies since 2016. But super high default rate and now they don't even provide regular updates by mail. You have to log into the site and a lot of the recent issues are 'closed off' due to bankruptcy or some other excuses. Do not invest in this platform.

  0

  Helpful •

  1

  Post

• G

  George

  Level 2. Freshie

  Updated on 19 Nov 2020

  Purchased

  MoolahSense P2P Lending

  Amazing. Those dudes do not answer any phone calls, do not reply to any support messages and they made everything to be unreachable. As a result i cannot take any money out of my account. All lost. As my bank account is closed and wanted to update to the new one but that is not possible. Lodging a police report against the directors and the company...

  3

  Helpful •

  1

  1 more comments

  G

  George

  24 Nov 2020

  No Liu, nothing, i left a voice message to them at the SME line (the only accepting voice msgs) but no reply again. They are totally uncontactable. I lost all my funds and i cannot withdraw now that my old bank account is closed. Someone needs to go to their offices and if nobody there make a police report

  

  Shaun Goh

  05 Feb 2021

  They've not ignored my messages so far and taking money out (thank goodness) hasn't been a problem. Any luck reaching them in 2021?

  Post

• 1
• 2
• 3
• 4
• 5
• 6
• 7