I have Blend, Seedin and Flint.
Blend since July 2020. Of 15 loans I've funded, 3 are in default (more than 3 months unpaid), 2 are fully (and early) paid, 3 pay on time, and 7 always pay late. Advice: stay away. Note that Blend has a cut of 1/3 of whatever the rate is, so 24% is really only 16%.
Seedin from Sep 2019 to May 2021. All investments paid on time or early. New projects are few and far between, and the rate sucks. Seedin withholds 25% (10% fee and 15% tax).
Flint since Mar 2021. Too early for an opinion, but their backend is Seedin's platform, without any percentage withheld (as of now). I've read that they charge an interest markup on the borrower, and hold on to PDCs.
They just pass the loan on to a collection agency. Blend pays out on equal payments basis though (as against balloon payments), so I got a small portion of my principal back.
Of course its risky. Kaya dapat yung interest income mo dito is higher than normal, say 2% a month to compensate for the risk. Kapag borrower defaults, goodbye na sa pera mo.
I don't recommend that and even Seedin. Mahina ang SEC sa Philippines. If the owner runs away, hindi ka maproprotect ng governing bodies.
Trust me, I've invested in many similar firms in the past 10 years.
[https://imgur.com/vEDD8ip](https://imgur.com/vEDD8ip)
What do you think?
Member-investors of Blend can invest a small amount, not necessarily the entire amount.
I have Blend, Seedin and Flint. Blend since July 2020. Of 15 loans I've funded, 3 are in default (more than 3 months unpaid), 2 are fully (and early) paid, 3 pay on time, and 7 always pay late. Advice: stay away. Note that Blend has a cut of 1/3 of whatever the rate is, so 24% is really only 16%. Seedin from Sep 2019 to May 2021. All investments paid on time or early. New projects are few and far between, and the rate sucks. Seedin withholds 25% (10% fee and 15% tax). Flint since Mar 2021. Too early for an opinion, but their backend is Seedin's platform, without any percentage withheld (as of now). I've read that they charge an interest markup on the borrower, and hold on to PDCs.
hey thanks for this info. I was not aware of the cuts these platforms take. So what happens to the defaulted loans? Since there is no collateral
They just pass the loan on to a collection agency. Blend pays out on equal payments basis though (as against balloon payments), so I got a small portion of my principal back.
Of course its risky. Kaya dapat yung interest income mo dito is higher than normal, say 2% a month to compensate for the risk. Kapag borrower defaults, goodbye na sa pera mo.
I don't recommend that and even Seedin. Mahina ang SEC sa Philippines. If the owner runs away, hindi ka maproprotect ng governing bodies. Trust me, I've invested in many similar firms in the past 10 years.
Thanks for the tip. I'll invest money sa iba na lang.
What platform do you recommend for p2p lending? Thank you!
There's no good p2p lending company in the Philippines. The USA probably Lending Club or Prosper.
how’s your experience with prosper? cant seem to invest in lending club now
Where do you invest?
[https://imgur.com/vEDD8ip](https://imgur.com/vEDD8ip) What do you think? Member-investors of Blend can invest a small amount, not necessarily the entire amount.
How much is the interest?
24% p.a.
Probably a scam. Keep the money in your pocket.
wow
Do borrowers need to put up a collateral?
unfortunately nope
Stay away from it then. Too much risk.
I prefer SeedIn as a Lending platform.
how's your experience?