MoolahSense P2P Lending
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Summary
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.
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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)
1.2
34 Reviews
Service Rating
User Experience
Portfolio Transparency
Customer Support
Quantity of Deals
Quality of Deals
- Posted 25 Apr 2022
Purchased
MoolahSense P2P Lending
MS really should just fire all its human auditor and require the borrower to submit documents via blockchain where the information submitted , can be verified by everyone . If you like to donate money or lose money , you are welcome to park money here as even putting your money in bank will yield better returns than putting money here .0
What are your thoughts? - 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 10
What are your thoughts? - 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.3
What are your thoughts?Pse email me at aol.com - terence_tan. I have some information about the real estate training company.
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- 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
What are your thoughts? - 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
What are your thoughts?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?
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- 01 Aug 2020
Purchased
MoolahSense P2P Lending
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.1
What are your thoughts?In 2021, there are no more investment opportunities. I wonder what they do now. I hope they're following up with their past borrowers
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- 24 May 2020
Purchased
MoolahSense P2P Lending
Been with them since their first deal with the Seoul yummy, the default rate is so bad, I think I stand a higher chance of taking it to the casino table.1
What are your thoughts?Did Seoul yummy complete repayment?
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- 09 May 2020Probably stuffed with analysts with just psle cert... ought to improve on how they do their due diligence [Debt Recovery] Poor experience on debt recovery, don't think they have recovered any of the stuff I invested in. [Portfolio Diversification] DYOD, it is really a high-risk platform and I think the returns do not justify the risk. [Risk Assessment] Poor. [Customer Support] Passive-aggressive in saving their own name despite how bad their platform is.
0
What are your thoughts? - 02 May 2020Been using since 2015, The company, description of the loan's and company's financials are detailed. Out of the 11 I have invested, I have experienced 3 defaults. When it comes to defaults, the frequency of the updates is not regular and the resolution of it not very fast. Till now the 3 defaults, are still in default with no final outcome. In my opinion, the current batches of loans seems to have a higher chance of default (2 of my defaults were from loans which were issued in 2017. Prior to that, I feel Moolahsense's "credit writing" of loans in 2015 and 2016 were much better. Perhaps MS has to do more QC of its P2P loans- less quantity of P2P loan but of higher quality? Update as of May 2020 No longer using Moolahsense. This is because what I have come to realise is the default resolution takes very very long and because the lenders in Moolahsesne has to bear hefty legal cost to claim defaults My first experience was with a well known local Indian Entrepreneur then who had defaulted. It took a while and the group of lenders needed to hire a lawyer which took up funds. The second was an engineering company who is sill struggling to repay its loans despite it being 2+ years. All in all, with the current Covid crisis, more and more of such company loans under MS is now in default. Not advisable to undertake P2P loans while the returns are high, the risk outweighs it
3
What are your thoughts?Hi Choon Yuan Chan,
May I ask if "The second was an engineering company who is still struggling to repay its loans despite it being 2+ years." refers to BTech Engineering?
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- 30 Mar 2020
Purchased
MoolahSense P2P Lending
Started when the platform first launch, it was doing okay for the first year, but when the number of deals got more and more the default rate increase at a shocking rate too. Currently have 25% deals closed off, quite a bad experience, will not recommend.1
What are your thoughts?Yea, i thought i could 'average down' investing into enough $100 loans when they reduced their min from $1k. Even some of the companies with good ratings have defaulted/are permanently late with repayment.
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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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