Excellent! ROSHI has found 6 P2P lenders that suit your criteria.

Capital Match

2.5Good to Excellent
  • Enjoy high return for every week your funds invested.
Learn More

On Capital Match's website

Account Information

  • Base Interest Rate

  • AmountInterest Rate (p.a.)

Fees and Charges

Cheque Book Fee

MoolahSense

2.0Good to Excellent
Learn More

On MollahSense's website

Account Information

  • Base Interest Rate

  • AmountInterest Rate (p.a.)

Fees and Charges

Cheque Book Fee

Minterest

4.4Good to Excellent
  • Earn up to 18% p.a. on your investments.
Learn More

On Minterest's website

Account Information

  • Base Interest Rate

  • AmountInterest Rate (p.a.)

Fees and Charges

Cheque Book Fee

CoAssets

4.8Good to Excellent
Learn More

On CoAssets website

Account Information

  • Base Interest Rate

  • AmountInterest Rate (p.a.)

Fees and Charges

Cheque Book Fee

Funding Societies

4.2Good to Excellent
  • Southeast Asia's largest peer-to-peer lending platform.
Learn More

On Funding Societies website

Account Information

  • Base Interest Rate

  • AmountInterest Rate (p.a.)

Fees and Charges

Cheque Book Fee

SeedIn

5.0Good to Excellent
  • 5% to 17%* Returns P.A. (after all fees)
Learn More

On SeedIn's website

Account Information

  • Base Interest Rate

  • AmountInterest Rate (p.a.)

Fees and Charges

Cheque Book Fee

  • P2P Lending Basics

  • Tips and Hints

  • FAQs

  • Ask Away

How Exactly Does P2P Lending Work?

Peer-to-peer or P2P lending is a method of borrowing money from a specific person anonymously via a platform.

Lenders gain access to assets that help them earn some extra income while the borrowers gain some extra money to work with in the meantime. P2P platforms tend to have much lower interest rates than other loaning options too.

These platforms bring together the following:

Borrowers
The borrower must submit an application via a P2P loaning platform. You send the application to one or more lenders that are seeking a lending opportunity that fits your needs. Your credit history, identity, employment, etc., will be assessed to determine how risky your loan request is for the lender. The P2P platform will likely charge you a small application fee each time as well.
Investors (Lenders)
The investor or lender will decide, based on the risk assessment and level of loan you are requesting, whether they want to accept your application or not. If they refuse, you will still lose the application fee and need to try again with a different lender. If accepted, the lender will loan you the money and accept regular repayments from you with a predetermined level of interest on top of it.

How Can I Compare Crowdfunding Platforms?

You need to do quite a bit of research before choosing a platform. Things to consider are interest rates, risk factors, lean request limits, etc. Other than that, simply make sure the platform is legitimate by finding their affiliated banks and lending license.

Best P2P Lending Platforms in Singapore (2020)

P2P PlatformsPerks
Funding SocietiesBest PerformanceSign Up
MinterestShort-term LoansSign Up
CoAssets0% Default RateSign Up
SeedInMarket Leader Sign Up

P2P Lending Platform Types in Singapore

There are five main P2P lending platforms in Singapore:

  • MoolahSense
    Minterest
    CoAssets
    Funding Societies
    Capital Match

P2P isn’t as common as other loan options in Singapore. However, as people realize how safe, convenient and how low interest rates are, it is set to grow in the short to long term period.

Check Platform Credibility

Before choosing a platform to work with, make sure you check things such as their credit license, affiliated banks, etc. If you can’t find this information, do not use that platform!

Take a Look at Each Platform’s Rates

Once you’ve narrowed your list down, you can look into the interest rates that each platform offers. The lower the interest rate, the better the offer.

Consider the Amount You Need to Borrow

Most platforms have a borrowing limit, meaning that you can only borrow a certain amount at a time. Make sure that your chosen platform does allow you to borrow the amount you require.

Check Out Reviews

Reviews are a great way to determine if a platform is good or not. If the majority of reviews are quite positive, you should be okay. A few people will always complain, so be sure that you read a lot of them to get a good perspective.

Make Sure the Lending Requirements are Reasonable

You should also look into what your lenders require. Make sure the contract that you have is solid and informative. You don’t want anyone taking advantage of you by being vague in their contract details.

Who Lends Money to P2P Loan Takers in Singapore?

Generally speaking, the funds for a peer-to-peer loan come from one investor or a group of investors. The investor(s) would either have chosen your loan request directly or have a pre-set credit requirement set up that matches your own.

How can I Repay My P2P Loan?

A P2P loan is typically paid off through direct debit. You will transfer the money to your investor’s bank account or into an escrow account.

How Will an Investor Decide what Lend Request to Work With?

They will first choose the risk grade that they mean to lend in. After filling out a few details about their intended investment type, the system will offer them some loan requests to choose from. They can then decide to provide a partial or full loan for one or more of those requests.

How Do I Know if I’m Eligible to Borrow?

The expected eligibility requirements are that you are 21+ years old, employed, and earning a specific amount of money annually. Some of these requirements vary depending on your chosen platform.

P2P Lending VS Crowdfunding

P2P lending means that you are borrowing a certain amount of money with the intent to repay it with interest. Crowdfunding contains a predetermined contract in which you have a specific amount that you agree to repay, instead of a certain interest rate.

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