peer to peer lending? moolahsense safe ma?

[guowei]

lately trying to find low cost investment then found moolah sense on google. not much news on this company, anyone use this before? good ma? safe to put money in? not regulated by MAS

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[act333]

Of course, not safe. If you are based in US, you can try Prosper or LendingTree

 

[guowei]

Of course, not safe. If you are based in US, you can try Prosper or LendingTree

wah, safe as is the company is scam or not arh. base in singapore.

i got use the kiva before, feel quite shiok throw money at ppl to open business. but no interest return.

 

[sgbanking]

in US, you could try lending club
in China, you could try dianrong
in Singapore, no news yet.

 

[lzydata]

Crowdlending service to match small firms with lenders, News, News, AsiaOne Business News

Apparently still quite new, and they are neither considered a moneylender (to borrowers - firms only) nor a bank (to lenders/investors). It is not regulated. But might be interesting to try?

 

[Shiny Things]

lately trying to find low cost investment then found moolah sense on google. not much news on this company, anyone use this before? good ma? safe to put money in? not regulated by MAS

It's not safe in any sense. It's not safe in the "am I handing my money over to people who will run off to the Bahamas with it" sense, and it's not safe in the "will I get back my investment in full with interest" sense, because default and loss rates on peer-to-peer loans tend to run pretty high.

These guys are running a loan/deposit operation and they haven't even bothered to get themselves approved by the MAS? They're practically begging to get banhammered in a very big way.

Edit: so on reading MoolahSense's website, it looks like they were explicitly told by the MAS that they're not regulated as a moneylender, nor are they regulated as a deposit-taking institution. This is hilarious. They're running a business that takes money from "investors" and pays them with interest, and lends money to businesses, and it's not a money-lending or a deposit-taking operation? What gigantic loophole did they fall through?

Get your act together, MAS. In the USA, these P2P lenders have had to open actual banks to issue their loans, and they're just as tightly regulated as any other lender or DTI.

 

[alexchia01]

Crowdlending service to match small firms with lenders, News, News, AsiaOne Business News

Apparently still quite new, and they are neither considered a moneylender (to borrowers - firms only) nor a bank (to lenders/investors). It is not regulated. But might be interesting to try?

All I read from the article is the benefits to the borrowers.

What stop the borrower from taking the money and refuse to pay the lender?

The borrower has the advantage, but the lender has the risk?

What is put in place to protect the lender?

If there is nothing put in place then becareful of the company. It could be only interested to get money, once it gotten the money, it's not their concern anymore.

Just because you are lending to a company, does not make it any safer than lending to an individual. Have you heard of bosses refuse to pay their employees' salaries?

 

[lzydata]

All I read from the article is the benefits to the borrowers.

What stop the borrower from taking the money and refuse to pay the lender?

The borrower has the advantage, but the lender has the risk?

What is put in place to protect the lender?

If there is nothing put in place then becareful of the company. It could be only interested to get money, once it gotten the money, it's not their concern anymore.

Just because you are lending to a company, does not make it any safer than lending to an individual. Have you heard of bosses refuse to pay their employees' salaries?

My impression from the website and news article is that (1) there is a sound business model, unlike the gold schemes and other Ponzi schemes; (2) just that here and for now it is unregulated. MoolahSense's role seems to be legal as much as technological - it will arrange and help enforce loan contracts between borrowers and lenders under their real identities. At that point it should be as "black and white" as a legal moneylending agreement or even a bond.

But all your concerns are valid, and there are more. Never mind borrowers and the possibility of default, what's to stop MoolahSense from making off with investors' money? Since they are not a deposit-taking institution, nor a legal moneylender, nor are they selling an investment product. Which must be why they set a low minimum $100 to invest. It is extremely experimental.

So why try something so risky that one may easily lose it all even before any real loan is made? For the possibility of a layman who can charge loan-shark-like rates and earn loan-shark-like returns, isn't it?

I have to say that is quite intriguing, although I would not put down my $100 yet. We should let some "sophisticated investors" try it out first. They would be in a better position to judge MoolahSense's credentials.

 

[FP_IFA]

MAS not regulating it is as good as saying "I want nothing to do with this". Yet the company is saying as if the authorities are supporting them...

 

[evadom]

Dorler N Sant P2PL

Just to help my bro in spreading the word, he and a few others are pooling their funds together to loan out to friends and relatives (with interest of course). They are not regulated by MAS as they only plan to loan out to pple they know. Not sure how this will work out, but decided to support him with a couple of hundreds to try out . You can check them out at facebook - Dorler N Sant.

 

[zuoom]

What are the p2p lending around here?

 

[Acetone]

Can MAS stop people from giving money to companies?

Yes, they can - well technically the govt. can.

Singapore Statutes Online - 188 - Moneylenders Act.

 

[dloreangel]

It's not safe in any sense. It's not safe in the "am I handing my money over to people who will run off to the Bahamas with it" sense, and it's not safe in the "will I get back my investment in full with interest" sense, because default and loss rates on peer-to-peer loans tend to run pretty high.

These guys are running a loan/deposit operation and they haven't even bothered to get themselves approved by the MAS? They're practically begging to get banhammered in a very big way.

Edit: so on reading MoolahSense's website, it looks like they were explicitly told by the MAS that they're not regulated as a moneylender, nor are they regulated as a deposit-taking institution. This is hilarious. They're running a business that takes money from "investors" and pays them with interest, and lends money to businesses, and it's not a money-lending or a deposit-taking operation? What gigantic loophole did they fall through?

Get your act together, MAS. In the USA, these P2P lenders have had to open actual banks to issue their loans, and they're just as tightly regulated as any other lender or DTI.

wish MAS read this thread.

 

[alexchia01]

Just to help my bro in spreading the word, he and a few others are pooling their funds together to loan out to friends and relatives (with interest of course). They are not regulated by MAS as they only plan to loan out to pple they know. Not sure how this will work out, but decided to support him with a couple of hundreds to try out . You can check them out at facebook - Dorler N Sant.

So what happens if the friends and relatives defaulted on their loans?

Is your bro going to go to their homes, throw red paint, hang pig head and write O$P$?

What happens if your bro defaulted on his loan?

Can we go to your bro's homes, throw red paint, hang pig head and write O$P$?

Loan-shark say loan-shark lah.

Say until so nice... help your bro, support your bro.

Why do we want to support someone to become a loan-shark?

 

[lzydata]

Crowd-funding platform MoolahSense attracts $207,000 for Smaths Consulting - Start-Ups News & Top Stories - The Straits Times

 

[lolita_5]

p2p is actually quite well-known overseas, many academics are studying it as a topic for financial disintermediation

 

[wira]

Anyone tried investing in peer to peer lending ?

 

[eyeburn]

Invested in 2 loans on moolahsense. Been getting my monthly repayments:

 

[alexchia01]

Invested in 2 loans on moolahsense. Been getting my monthly repayments:

It's still too early to says your investment is a success.

Wait until your loan matures and you manage to got back your principle amount then say.

Many companies can gives interest payment smoothly, but when comes to returning principle capital they refuse to return and then goes bankrupt.

If you give someone $1k upfront, it's easy for them to return $11 per month, until they spend all your money and start doing disappearing tricks.

Collected $11 for the first 2 months does not mean anything.

 

[wira]

Invested in 2 loans on moolahsense. Been getting my monthly repayments:

Seems there is no new campaigns for Moolah.

Anyone tried other p2p like capital match?