MoolahSense a scam?

[stellamara]

Hi all, recently invested through moolah sense.

I do not know whether i was not thorough or did i miss out anything but there is a huge difference between the "nominal" rate they advertised on their site and the effective interest that I have received.

It was advertised as 13.5% throughout and till the part when i click "invest" there was seemingly no mention of the effective interest. Till i receive the first repayment did i realise the effective interest is only 7.4%.

anybody had similar experiences?

 

[Shion]

http://forums.hardwarezone.com.sg/money-mind-210/peer-peer-lending-moolahsense-safe-ma-4702619.html

http://forums.hardwarezone.com.sg/e...r-2015-rupinis-beauty-consultant-5240613.html

http://forums.hardwarezone.com.sg/eat-drink-man-woman-16/moolahsense-credible-5284066.html

http://forums.hardwarezone.com.sg/money-mind-210/did-anybody-try-investing-moolahsense-5292414.html

Don't think it is a scam. But since they lend money to business, if the business collapses, there goes your money ?

 

[stellamara]

http://forums.hardwarezone.com.sg/money-mind-210/peer-peer-lending-moolahsense-safe-ma-4702619.html

http://forums.hardwarezone.com.sg/e...r-2015-rupinis-beauty-consultant-5240613.html

http://forums.hardwarezone.com.sg/eat-drink-man-woman-16/moolahsense-credible-5284066.html

http://forums.hardwarezone.com.sg/money-mind-210/did-anybody-try-investing-moolahsense-5292414.html

Don't think it is a scam. But since they lend money to business, if the business collapses, there goes your money ?

nope it doesnt work that way.

The idea is simple - just lend them and you choose " Equal Installment". The issue till the point i click "Fund my account!" there seems to be no indication of 7+% effective interest. I wonder if i missed anything.

 

[athletic91]

i can't find a section on moolahsense where they list out all the campaigns that defaulted

 

[Optionstrader]

U can complain to MAS they will be done for

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[Optionstrader]

Hi all, recently invested through moolah sense.

I do not know whether i was not thorough or did i miss out anything but there is a huge difference between the "nominal" rate they advertised on their site and the effective interest that I have received.

It was advertised as 13.5% throughout and till the part when i click "invest" there was seemingly no mention of the effective interest. Till i receive the first repayment did i realise the effective interest is only 7.4%.

anybody had similar experiences?

Wads their terms given to you did you take a screenshot?

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[Optionstrader]

Also u funded it via bank transfer or credit card?

Sent from Asus ASUS_Z00AD using GAGT

 

[lalaisgongon]

Hi all, recently invested through moolah sense.

I do not know whether i was not thorough or did i miss out anything but there is a huge difference between the "nominal" rate they advertised on their site and the effective interest that I have received.

It was advertised as 13.5% throughout and till the part when i click "invest" there was seemingly no mention of the effective interest. Till i receive the first repayment did i realise the effective interest is only 7.4%.

anybody had similar experiences?

Do you details of the deal?

 

[wahkao3]

camp for more infoooo

 

[liburan_natal]

Hi all, recently invested through moolah sense.

I do not know whether i was not thorough or did i miss out anything but there is a huge difference between the "nominal" rate they advertised on their site and the effective interest that I have received.

It was advertised as 13.5% throughout and till the part when i click "invest" there was seemingly no mention of the effective interest. Till i receive the first repayment did i realise the effective interest is only 7.4%.

anybody had similar experiences?

If it is for the equal investment campaign, there is this amortisation effect.
For 1st month, your interest is based on the full amount invested.
For 2nd month, your interest is based on (initial amount invested - amount paid to you during 1st month)
For 3rd month, your interest is based on (initial amount invested - amount paid to you during 1st month - amount paid to you during 2nd month)
... and so on.
That's why the interest is getting smaller and smaller each month and the effective interest is also much reduced.

If it is for the campaign that returns your investment amount only at the end of 1 year, then the total interest is really according to the advertised amount.

 

[microtek]

I clearly remembered that when I clicked "invest" it would show you a breakdown of the reduced interest rate. I would do a screencap the next time I see it.

Also, DBS has tied up with Moolahsense to offer SME loans. I don't think DBS would want to tie up with a scam company.
https://www.dbs.com/newsroom/DBS_in...ng_platforms_FundingSocieties_and_MoolahSense

To note that there have been payment defaults with Moolahsense and other P2P funding companies. It is up to the investor to decide on what company to invest in. Even banks sometimes have to write off loans made to companies that end up going bankrupt.

 

[alexchia01]

MoolahSense is not a scam, but many scam companies will want to take advantage of the platform to expand their scam.

 

[zabalang]

i don't rmb exactly, but i think they provide ample info on the effective interest amount or effective rate before you key in your pw to invest?

 

[stellamara]

i don't rmb exactly, but i think they provide ample info on the effective interest amount or effective rate before you key in your pw to invest?

after some clarification, i think they did give a table of effective interest info before you key in password.

but they should still state out the effective interest rate if we are going by equal installments.

 

[seetohjwj]

It's not a scam la. There is this nominal interest which shows you the actual interest you receiving after the amortizing "effect". If you can't even find this information, how are your going to screen companies on crowdfunding?

Posted after ownself check ownself with sakti HardwareZone Forums app

 

[LordBevan]

If it is for the equal investment campaign, there is this amortisation effect.
For 1st month, your interest is based on the full amount invested.
For 2nd month, your interest is based on (initial amount invested - amount paid to you during 1st month)
For 3rd month, your interest is based on (initial amount invested - amount paid to you during 1st month - amount paid to you during 2nd month)
... and so on.

Sorry it look like the principal keeps getting smaller until it become negative? Then what happens?

 

[liburan_natal]

Sorry it look like the principal keeps getting smaller until it become negative? Then what happens?

At the end of the contract, you will have your principal fully returned + all the interest.

 

[JazzMyWorld]

Sorry it look like the principal keeps getting smaller until it become negative? Then what happens?

your principal stays intact

 

[LordBevan]

So with reduced payments, you can only expect to get up to 100 percentage?

 

[liburan_natal]

At the end of the contract, you will get: 100% of the principal + interest (according to the effective interest rate after the amortising)