MoolahSense investing Thread

[thydower]

2 Cent

Hi Everyone,

Just sharing my exp with everyone, I invested since Jan 2016, about 80 notes, total investment about 300k. I started of wanting to try, then slowly i invested a huge portion of my saving.

I had many notes that was close off or lost. Im lucky that i got back my investment. Looking at it now, the return is way too low for the risk that we are all taking.

During my first year investing with moolahsense, the note are really gd. Gd company, gd background, gd repayment etc. it slowly gotten worst and i pull out investing with them in 2019 and praying i get my investment back.

I was lucky that all my heavy investment made payment which saved my ass.

To all that want to try this out. Trust me, it might not be worth it. Stock might be even a better option.
Let me explain, for moolahsense to work, you must wait for 12 month to get your money and interest back. At anyone point of time if the company doesnt pay up the note you are screwed. 2 of my notes only made 1 payment (90% lost). As for stock, it is rather hard to lose 90% if you monitor it well.

So invest in the amount you are willing to let go.

 

[bullshitregister]

Im lucky that i got back my investment.

Think you must be one of the rare ones or decided to stop investing very early. There should be lots that are definitely underwater...

 

[Dividends]

Hi Everyone,

Just sharing my exp with everyone, I invested since Jan 2016, about 80 notes, total investment about 300k. I started of wanting to try, then slowly i invested a huge portion of my saving.

I had many notes that was close off or lost. Im lucky that i got back my investment. Looking at it now, the return is way too low for the risk that we are all taking.

During my first year investing with moolahsense, the note are really gd. Gd company, gd background, gd repayment etc. it slowly gotten worst and i pull out investing with them in 2019 and praying i get my investment back.

I was lucky that all my heavy investment made payment which saved my ass.

To all that want to try this out. Trust me, it might not be worth it. Stock might be even a better option.
Let me explain, for moolahsense to work, you must wait for 12 month to get your money and interest back. At anyone point of time if the company doesnt pay up the note you are screwed. 2 of my notes only made 1 payment (90% lost). As for stock, it is rather hard to lose 90% if you monitor it well.

So invest in the amount you are willing to let go.

Good share, back when MoolahSense and other C2B loan websites came out, I contemplated dipping my feet into it. So glade I talked myself out of it in the end.

 

[LexusIS]

Good share, back when MoolahSense and other C2B loan websites came out, I contemplated dipping my feet into it. So glade I talked myself out of it in the end.

MoolahSense seems to be one of the exception (with high NPL) rather than the norm.

I have yet to try p2p investments but with interest coming down, I might selectively choose one or two of the better ones to test test.

High risk high return so yeah, invest only what you can afford to lose. This is probably of way higher risk than stocks. Just for consideration: if these companies are eligible to borrow from the banks, why will they choose the higher interest from P2P lenders.

If not potentially consider stocks/blue chips, at least you get dividends with potential capital gains. Still risky, but at least regulated.

 

[Ong_Xinyi]

The company lives true to its name "LJW"... A combination of "**" and "JW".

Should really ask how come lawyer fee $40k with inflation like Zimbabwe. Last time got one case MoolahSense initially quoted $8k+, then suddenly upped it to $20k+ which made investors drop out.

You can compare to the fees quoted by Capital Match (~$10k) and Funding Societies (~$8k).

I think you probably have misread.... It was stated that $8-10k only covers the stage where you appoint a lawyer to file for bankruptcy proceedings.
If uncontested... all is good and we pay only $8-10k. But if it proceeds to a trial, the legal fee can balloon.

I like MS approach vs the rest because they give us a more pragmatic expectation in the situation where we decide to go all the way.

Think about it.... if the borrower contests the bankruptcy application for whatever reasons (and they can always do so), and if any of the investors who at the start agrees to take legal action then later drop out because the legal cost starts to escalate, then everyone suffers....it’s immediately $8-10k down the drain!

 

[wonghw12]

28% default rate

MoolahSense just reported investor performance.

Default rates
2019: 28.4%
2018: 28.5%

https://www.moolahsense.com/statistics/

 

[LexusIS]

MoolahSense just reported investor performance.

Default rates
2019: 28.4%
2018: 28.5%

https://www.moolahsense.com/statistics/

Should be 13.64% for 2018 and 20.33% for 2018?

 

[LexusIS]

Should be 13.64% for 2018 and 20.33% for 2018?

Anyway 20.33% is a really high figure. 1 in 5 cases goes delinquent.

this figure might not capture the delinquent for the loans that is approve last quarter so yeah potentially could really be 28%

 

[zenkoh1]

Hi Everyone,

Just sharing my exp with everyone, I invested since Jan 2016, about 80 notes, total investment about 300k. I started of wanting to try, then slowly i invested a huge portion of my saving.

I had many notes that was close off or lost. Im lucky that i got back my investment. Looking at it now, the return is way too low for the risk that we are all taking.

During my first year investing with moolahsense, the note are really gd. Gd company, gd background, gd repayment etc. it slowly gotten worst and i pull out investing with them in 2019 and praying i get my investment back.

I was lucky that all my heavy investment made payment which saved my ass.

To all that want to try this out. Trust me, it might not be worth it. Stock might be even a better option.
Let me explain, for moolahsense to work, you must wait for 12 month to get your money and interest back. At anyone point of time if the company doesnt pay up the note you are screwed. 2 of my notes only made 1 payment (90% lost). As for stock, it is rather hard to lose 90% if you monitor it well.

So invest in the amount you are willing to let go.

Thank you for sharing. I also have a similar experience with moolahsense. I think their screening of loans is poor. There are loans that default straight from the 1st repayment. That's quite amazing.

I have withdrawn my funds from this platform and moved it to others with better screening criteria.

My advice is to avoid moolahsense until the screening criteria improves.

 

[clyclycly]

My latest snapshot

My Investments
Find out what these statuses mean.Click here
In Funding 0
Paid 35
Current 3
Late 1
Past Due 4
Doubtful 1
Loss 12
Restructured 1
Closed Off 10

so 67 investments, 35 are paid, 3 is current. so 43% of them are in trouble or are already default. Nicely done MS.

and this morning i just got an email from MS addressed to another person, with figures on their investment. in the country I'm from, this is something that needs to be reported to regulators ...

 

[clyclycly]

Think you must be one of the rare ones or decided to stop investing very early. There should be lots that are definitely underwater...

I put in 20k 2 years ago, and stopped investing 1 year ago because I figured out what MS is.

managed to pull out 16.5k with 1.1k remaining in current loans. late or worst, i dont think i'll see any money.

so 2.4k loss over 2 years ... investing my 20k in anything but MS would have done much much better.

 

[clyclycly]

Anyway 20.33% is a really high figure. 1 in 5 cases goes delinquent.

this figure might not capture the delinquent for the loans that is approve last quarter so yeah potentially could really be 28%

even on a 20% delinquent rate (assuming that would go to total loss, which seems to be always the case at MS), unless the loans pay 20% interest to us, in the long run we are going to lose money.

 

[wonghw12]

I put in 20k 2 years ago, and stopped investing 1 year ago because I figured out what MS is.

managed to pull out 16.5k with 1.1k remaining in current loans. late or worst, i dont think i'll see any money.

so 2.4k loss over 2 years ... investing my 20k in anything but MS would have done much much better.

My % loss is quite similar to yours. I started around the same time as you.

 

[sp1980]

Dear Investors,

MoolahSense has amended our Terms of Service (Payee) and will be implementing a Dormant Payee Annual Service Fee of S$50/year (inclusive of GST) starting 01 APRIL 2020. This fee is to cover the operational costs of maintaining investor accounts with no activity for an extended period of time.

Payees (Investors) Defined As Dormant
Payees (Investors) who have (a) no active promissory notes (i.e. either no investments in any notes or invested notes have all matured; and (b) no new investments in the last 12 months will be considered as Dormant. Payees will be assessed on 01 APRIL 2020 to determine if they will be classified as Dormant.

For avoidance of doubt, on 01 APRIL 2020, Payees with no active notes and where the last investment predates 31 MARCH 2019 will be classified as Dormant and the Annual Service Fee of S$50/year will be applied.

Action Required By Payees (Investors) Classified As Dormant
Registered investors classified as Dormant and who do not intend to make any further investments and wish to avoid paying the Dormant Payee Annual Service Fee should (a) raise a request to withdraw the funds in their account with MoolahSense on or before 31 MARCH 2020; and (b) raise a ticket via the MoolahSense platform before 31 MARCH 2020 to request for their account with MoolahSense to be closed.

If you have any queries regarding this Annual Service Fee, please send your queries to admin@moolahsense.com.


Mean they will take our $50 dollar yearly or if feel bohua, we close the account and give up the outstanding payment from debtors?

 

[myename]

Payees with no active notes and where the last investment predates 31 MARCH 2019 will be classified as Dormant

Mean they will take our $50 dollar yearly or if feel bohua, we close the account and give up the outstanding payment from debtors?

If you got no active notes means you wont have outstanding payments, no?

 

[mrwirus]

If you got no active notes means you wont have outstanding payments, no?

have.. they forcefully close the notes already. This is very cheat.. I wrote an email to them but didn't get any replies as yet.

 

[Lycanboiboi]

Dear Investors,

MoolahSense has amended our Terms of Service (Payee) and will be implementing a Dormant Payee Annual Service Fee of S$50/year (inclusive of GST) starting 01 APRIL 2020. This fee is to cover the operational costs of maintaining investor accounts with no activity for an extended period of time.

Payees (Investors) Defined As Dormant
Payees (Investors) who have (a) no active promissory notes (i.e. either no investments in any notes or invested notes have all matured; and (b) no new investments in the last 12 months will be considered as Dormant. Payees will be assessed on 01 APRIL 2020 to determine if they will be classified as Dormant.

For avoidance of doubt, on 01 APRIL 2020, Payees with no active notes and where the last investment predates 31 MARCH 2019 will be classified as Dormant and the Annual Service Fee of S$50/year will be applied.

Action Required By Payees (Investors) Classified As Dormant
Registered investors classified as Dormant and who do not intend to make any further investments and wish to avoid paying the Dormant Payee Annual Service Fee should (a) raise a request to withdraw the funds in their account with MoolahSense on or before 31 MARCH 2020; and (b) raise a ticket via the MoolahSense platform before 31 MARCH 2020 to request for their account with MoolahSense to be closed.

If you have any queries regarding this Annual Service Fee, please send your queries to admin@moolahsense.com.


Mean they will take our $50 dollar yearly or if feel bohua, we close the account and give up the outstanding payment from debtors?

I received this email too. Remember signing up but very sure i didn't use the platform. Submitted a ticket to close my account but still no news.

 

[Alphas]

They wanna take money from those account with less than $100, since there is a fee if you withdraw.

 

[bullshitregister]

have.. they forcefully close the notes already. This is very cheat.. I wrote an email to them but didn't get any replies as yet.

Yes this is one of their many strategies to mislead investors. They do not reply and do not expect you to follow up and over time forget about it.

Another trick that they now have is to have a poll, but they do not inform you about it. In the past, they would email out a notification to all investors of that note to let them know of the poll, and for them to participate. Nowadays, they don't even email out, they just leave a very long message in the note and expect people to log in and check every message on every note every day. It's ridiculous.

On top of this, they now have this condition "We will proceed only if consent is given by the majority of Investors whose aggregate investments exceed 100% of the total issue amount of a promissory note."

So basically if 100% of investors don't agree, they don't pursue it. Which means letting the borrower off the hook.

Sounds very smelly to me.

 

[clyclycly]

Real life stats for people looking at MS

Fund Movement
Funds Transferred In S$ 20,000.00
Funds Transferred Out S$ 16,941.16

with around S$66 to be received in 2 remaining current loans. around 15+ are late/doubtful and I dont expect a cent from it.

So my return rate over around 2 years of investing with MS is around -15%.

ymmv and good luck