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USER RATINGS
User Experience
Portfolio Transparency
Customer Support
Quantity of Deals
Quality of Deals
MoolahSense P2P Lending
1% on all repayments
INVESTOR FEES
$100 per campaign ($1000 initial deposit)
MINIMUM INVESTMENT
0%
DEFAULT RATE (2020)
MoolahSense P2P Lending
1% on all repayments
INVESTOR FEES
$100 per campaign ($1000 initial deposit)
MINIMUM INVESTMENT
0%
DEFAULT RATE (2020)
Details
MoolahSense Review 2021
MoolahSense is a digital, crowdfunding platform which connects businesses and investors looking to invest in Singapore SMEs. The platform is regulated by the Monetary Authority of Singapore (MAS) and they have been issued with a Capital Markets Services License on 11 November 2016.
1.2
33 Reviews
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- [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
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What are your thoughts?Reply
- 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.2
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)
Yes those were the days where minimum was 1k #FeelsBadMan. On paper, I had a 66% win rate because I invested in 3 loans but 1 losing loan was enough to wipe out all the profits and put me into negative balance. If only we can post and shame the borrowers here but last thing I wanna incur is extra losses from defamation lawsuit haha. I feel it can be enforced to a certain extent but it won't benefit MoolahSense because it's a lot of work for little income.
It just sucks that we trusted MoolahSense with our monies but they did not do their due diligence and are not very hardworking in debt collection because after all, it is not their money. In the end of the day, all MoolahSense suffers is bad reputation while we investors lose everything.What are your thoughts?Reply
- 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.
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What are your thoughts?Reply
- 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...
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1 more comments
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
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?
What are your thoughts?Reply
- Invested in 3 p2p platforms over 2 yrs. Moolah, is the worst. Infact. They dont even deserve 1 star. With the huge numbers of deal that defaulted, i wonder if they ever bother to check on these borrowers financials, or if they simply approve any deals that come their way.
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In 2021, there are no more investment opportunities. I wonder what they do now. I hope they're following up with their past borrowers
What are your thoughts?Reply
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About MoolahSense
MoolahSense was started in 2014 by the ex-Vice President of Macquarie Capital, Lawrence Yong.
As of February 2019, the platform has more than 15,000 registered investors, completed more than 800 campaigns, and raised a total of S$75.38 million in funding.
Types of loans by MoolahSense
MoolahSense gives out loans in form of Business Term Loans and Invoice Financing.
Risk Management for MoolahSense
MoolahSense access lenders based on the nature and outlook of the industry they operate in, the strength of their financials and overall business model as well as the background and character of its Directors.
Funds for MoolahSense are held separately with OCBC.
Minimum Investment and Fees for MoolahSense
The minimum investment for Funding Societies is at S$1,000. The minimum investment for each campaign is S$100.
Contact MoolahSense
Tel: +65 6871 8780
License
Capital Market Services License (CMS-100568-1) from the Monetary Authority of Singapore
Contact us at [email protected] should you require any assistance or spot any inaccuracies.
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