Peer to Peer Lending

[jmeangeL]

@FayeP

Na disburse yung borrowed money last June 6.  So, ang unang bayad ay July 6.  I would assume na merong delay sa posting ng actual payments.

Ok lang kung delayed, wag lang default. 

[jmeangeL]

Mga sis, ito ang latest sa aking FundKo investment.

7/6:  FundKo returned my P1000 investment since the borrower or FundKo cancelled the loan.  The P1000 was placed on my wallet with an additional P50, as compensation for the time it took FundKo to cancel the loan.

7/7:  Payments for the 9 loans that I've invested on are now reflected on my dashboard.  The payment due was 7/6, and today they're already reflected.  The investment was P1000 each with a loan rate of 1.1%, payable within 6 months.
Each were paid P177.67, which is the principal + interest.

P177.67 * 9 = P1599.03

If this keeps up, I'm expecting a total of P9,594.18 after 6months.  Which is a gain of 6.6% on my P9000 principal.

I would say, not bad.

The question now is, do I withdraw my P1599.03, so as not to fall pray to a possible scam (should it collapse) or investment my P1599.03 + P1050 that was returned?

Girls, your thoughts?

[PwedePadala]

I've been reading a lot of good feedback about FundKo. Any thoughts on how to fund the account. Is there an option to pay via PayPal or any method that is easier for OFWs?

[jmeangeL]

@PwedePadala

Only 2 options to fund your account.

BPI (either direct deposit or online transfer)
Dragon Pay

[Tea97]

^^ni-roll over mo yun investment? In my mind, bago pa lang yun concept and perhaps walang enough 'volume' from the borrowing public... kaya konti pa lang yun loans na pag pipilian, and normally takot din yun usual Juan na umutang sa channels they are not familiar with. Maganda sana ito sa mga legitimate business persons na kelangan ng bridge financing.... maybe best to withdraw and wait and see if this becomes a more accepted channel of financing.

Btw, sa UK, P2P lending became very profitable (from lenders point of view) at one point, but since marami nag-default due to higher interest rate, naging cycle na high rate <-> default - which eventually resulted in more regulation sa P2P (also called payday loans in UK), and less investment. So para lang syang naging flavor of the year.

[jmeangeL]

@Tea97

Yes, I did roll over the payment into another loan.
There's limited number of loans available in the market, probably since it's not popular yet.
I did notice, that they changed tactics.  They're lending more to employed people needing a personal loan, as opposed to business people.
Which I think has a much better rate of getting paid.  I gambled to a business loan, and there's a delay in payment on the very 1st payment.  They managed to collect the 1st payment + additional interest for the delay.

Feeling ko mas kayang magbayad ng employed, as opposed sa businessman.  Kasi kung ako ang businessman, hindi ako kukuha sa ganito before of high interest rate.  I would shop around and get the best credit loan from banks, with lowest rate.  Kukuha lang ako sa ganito kasi disapprove na ako sa bank or meron ng existing loan sa bank at struggling ang business ko to repay the bank loan.

That's a big lesson learned for me.  I stay away from big business loans now.  Small personal loans na lang.  Better yield pa.

There's a legal document that we need to sign online after the loan is released to make the transaction legal and binding.

Personal loans are covered with PDC, to ensure smooth collection process.

So far, no defaults and I like to keep it that way.

[FayeP]

^ sis wala naman sila minimum na investment amount noh? kahit kaya 2K pwede ipaikot un?

[jmeangeL]

FayeP, yes, there is a minimum starting amount with FundKo.  Your initial wallet deposit should be 15K.

So far, that problem loan I mentioned above has its last scheduled payment noong Sept 29.  Kagabi, I received a notification from FundKo that they already received the last payment and it would be credited to my FundKo wallet tomorrow.  Which is a beautiful news.  Makaka-exit na ako ng isang loan investment.

Currently, 24K na ang loans na na-fund ko sa pamamagitan ng pagpapa-ikot ng aking initial P15K.  Ang potential revenue ko ay P2.5K

I have payments to collect until September 2018. 

[Tea97]

Sounds good - from seed money of 15k to 24k (growth of 9k or 60%) in less than 6 months, that's not bad at all. Thinking of entering this na rin, once I have extra funds released from Farmon.... nakakainis na kasi yun waiting game sa Farmon -  ang hirap makapasok sa farms, and then they're holding the money for a long time before planting season begins. Tapos yun ROI is getting lower each year. This might be a good alternative to Farmon.

[jmeangeL]

^---The P15K didn't turn into P24K.  Instead, that's the amount of total loans released, so far.  The income is P2.5K, if all payments would be made by the borrower.

What I did was re-invest every collection I made.  Gusto kong ma-achieve ang everyday may collection.

[Tea97]

Thanks @jmeangel - do you know what your total yield is yet? 

[freiavida]

Ano na pong nangyare dito? meron ako nakita yung moneymatch.com.ph nafeature sa manila bulletin ba yun or maybe inquirer, kaya lang nung nagreregister ako parang di masyadong professional yung form ( mali pa yung required number of digits ng mobile number ), tapos hindi ineexplain kung ano ba yung A, B or C na investment appetite. Wala ring nakasulat na requirements basta me mga pinapafill up lang na online webform. Kaya parang medyo nakakaduda...

[freiavida]

So I tried to register sa fundko as well, pero wala namang available na loans... Meron po bang me update ng status ng fundko nila?

[jmeangeL]

^---Check your dashboard daily.  Everyday ang upload nila ng mga loans.  Pero mabilis maubos kasi maraming investors na mabilis maglagay ng fund.

Stay away from borrowers na gagamitin ang fund for business.  Barat silang magbayad.  At malakas ang mga loob nila.  Before ipasok ng FundKo ang check, pinapa-hold na nila agad at sinasabi na walang pondo ang check.  Kesyo sa susunod na date na lang.  Kainis.

Meron akong default, na kesyo top import-export daw ng mga lace, etc.  Unang month pa lang delayed na sya.

Supposedly, 3 months to pay lang.  Pero hanggang ngaun, hinuhulugan pa ang last month payment nya.  Parang 200 pesos lang nababawas sa loan nya every other month.

Ganun din yung backed by Gramen Foundation.  Buti kahapon nabayaran na ng buo.

Sinisingil naman nila kahit pa nahihirapan na magbayad ang borrower. Kaso lugi ang lender kasi ipit ang puhunan.  Instead na makalikom ka ng pera to fund another loan.  Maliit lang din ang penalty.

Mas ok magbayad yung mga personal loans for tuition, home renovation, etc.

[PwedePadala]

My sibling is a bit disappointed sa FundKo kasi merong isang loan na ngdefault at yung isa late ang payment. I'm guessing na baka maginvest na lang siya sa cryptocurrency like Bitcoin.

Sige siya muna ha ha. Iwas muna ako sa risky investment pero exempted yung weed stock (Canada).  Mura pa lang (less than C$5.00) kaya shopping muna ng stock.

[Danielll]

Hi thanks for all your input. I've invested some of my money na sa fundko.

I was hoping to have a place n mas dynamic ang sahring ng experience and knowledge s peer to peer lending. I created an fb group. Peer to Peer Lending Philippines. It's a simple group with an aim n matulungna isa't Isa in investing. Hope you can join and let us help each other

[chichi143]

Hi thanks for all your input. I've invested some of my money na sa fundko.

I was hoping to have a place n mas dynamic ang sahring ng experience and knowledge s peer to peer lending. I created an fb group. Peer to Peer Lending Philippines. It's a simple group with an aim n matulungna isa't Isa in investing. Hope you can join and let us help each other

oh this is nice! thanks, i'll check it out!

 I just learned about this p2p lending today from a facebook page too

[karidadb]

Hi mga sis, interested ako to invest in Fundko but my worry is, since di sya insured, malalaman ba sino anf borrower in case of default? Like, nakalagay ba sya sa contract? Thank you!

[The Lioness]

Up on this!

Try Kiva. My friend who is based overseas told me about this some few years back.  I'm not really sure how this one works here but international naman sya and looks good knowing you can help people from really far flung places and earn at the same time.

[PwedePadala]

@The Lioness: I'm a member of Kiva and wrote about it on a blog post. Kiva is a way to help our kababayan or anyone by lending them a capital.

As a lender, you don't get any gain or interest. The borrower will pay back in full the capital, let say, after a year then you can lend that amount to others again. Through the process, there is a risk of not being paid which never happened to me so far.

Although there's no monetary gain on Kiva, as a lender we get to learn to share our blessings without asking anything in return. In giving we receive humility and kindness, values that are priceless and should become abundant in our modern society today.