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new 100,000 S$ loan funded in 1 minute

Please post any Funding Societies topics that you want to discuss with the local p2p community.
Posts: 18
Joined: Sun Apr 23, 2017 12:09 pm

new 100,000 S$ loan funded in 1 minute

Postby Gaudente » Wed May 03, 2017 8:19 pm

In spite of defaults it seems crowdfunding is still quite on the go... today a 100,000 S$ loan with a 2,000 S$ individual limit got funded in less than one minute , was beaten by 50 investors faster than me :lol:
Anyone else here is an investor on this platform ? are there any defaults ?
Are also other platforms so crowded that loans get subscribed in less than 1 minute ?

Posts: 55
Joined: Fri Sep 30, 2016 10:14 am

Re: new 100,000 S$ loan funded in 1 minute

Postby heyjude » Sat May 06, 2017 6:30 pm

Defaults will still be around. But the idea is to invest wisely. FS puts a cap on the max you can invest, so does CM, but on MS, its free for all.
$200,000 loan funded in less than 30 secs because there are investors who put in amounts like $21,000! So smaller investors have no chance.
So dont say that FS loans are funded in one minute. Here every investor has an equal chance. Its FASTEST FINGER FIRST!

Posts: 30
Joined: Mon Oct 10, 2016 7:20 am

Re: new 100,000 S$ loan funded in 1 minute

Postby jomni » Mon May 08, 2017 10:06 am

So far so good. But I bet small maximum $200 and diversify a lot. So a small default won't hurt much.

Funding Societies loans get funded in 1 minute because they don't seem to underwrite a lot of loans and there may be a lot of idle funds in the platform. Their auto invest is still under development. That said, I've seen seemingly unfavorable loans which takes days to fill. No choice but to login and place order the minute it opens.

Posts: 11
Joined: Sun Jul 10, 2016 12:53 pm

Re: new 100,000 S$ loan funded in 1 minute

Postby highreturnhighrisk » Mon May 08, 2017 3:49 pm

Also, I'm not sure how active they are with their " Skin in the game policy" but I'm sure ALOT of their own skin must be being used to fund their own loans. I am sure most investors stick to funding small amounts ( if given the option to do so) and sometimes their loans are funded to a very nice round amount by the time I get to the platform page. With all platforms having so many issues with unsecured loans, I doubt many investors are still keen to lend via that product. Think most people prefer invoice financing but FS has had very few facilities for that product. Hope to see that improve.

Posts: 8
Joined: Mon May 02, 2016 4:29 pm

Re: new 100,000 S$ loan funded in 1 minute

Postby FundingSocieties » Thu May 18, 2017 2:02 am

Hi all,

Thanks for the comments, numerous good points raised! If I may consolidate and clarify:
1. More funds than loans
For a two-sided marketplace like ours, the ideal state is for both sides to be balance. But it's hard, especially in this uncertain market where defaults are creeping up and SMEs are holding back. There are fewer quality loans than usual. We do not recklessly chase growth. We rather have fewer loans, than putting up subpar loans. We can only try to minimize (not eliminate) imbalance and give everyone a fair chance to invest (hence investment cap). On investor side, we've in fact drastically reduced/ stopped marketing. We still see new sign-ups daily, but thanks to word of mouth (please keep it going J).

2. Invoice financing
We've been trying to step up invoice financing. The truth is invoice financing is not necessarily safer than term loan. It still depends on credit assessment. We observed several issues in market e.g., double-pledging of invoice and invoice stacking. It's probably fine in normal situation, but it could tumble quickly with slight market shock. Hence we're extra careful. Compounding this with the relatively low awareness of invoice financing among SMEs, you see fewer deals. But we're working on it. We're also refining our underwriting and collection for both term loans and invoices; it's a continuous process.

3. Skin in the game
My co-founder Reynold and I still invest alongside you to align interest, but the quantum has since reduced for 2 reasons. Firstly, it's to avoid crowding out investment opportunity for you. And secondly, we just don't have that much money, as we practice the same in our Malaysia and Indonesia platforms.

Finally, I like how Jomni put it "But I bet small maximum S$ 200 and diversify a lot". While it's not as bad as a bet, there is risk so do diversify A LOT (not just by loan count, but by dollar). Feel free to reach us via web LiveChat, email or call if you've any question. Cheers!

Warmest regards,

Co-Founder, Funding Societies

Posts: 30
Joined: Mon Oct 10, 2016 7:20 am

Re: new 100,000 S$ loan funded in 1 minute

Postby jomni » Wed May 24, 2017 5:57 pm

Thanks for the response.

Posts: 55
Joined: Fri Sep 30, 2016 10:14 am

Re: new 100,000 S$ loan funded in 1 minute

Postby heyjude » Mon May 29, 2017 9:32 am

Thanks for the wine too! Hic!

Posts: 8
Joined: Thu Sep 06, 2018 7:57 pm

Re: new 100,000 S$ loan funded in 1 minute

Postby forgeto » Sat Nov 17, 2018 6:42 pm

Actually, these conditions looks really decent, i mean, are they for real? I don't have any reasons not to trust the loan agencies, i used to work with and it all worked out pretty well. But rumor has it that everything could end up not that good at all. If you check the web you'll find tons information about loan sharks doing crazy stuff and im kinda afraid of it. Should i? Or maybe i'm just overthinking too much?

Posts: 30542
Joined: Wed Feb 06, 2019 12:51 pm

Re: new 100,000 S$ loan funded in 1 minute

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