FundingSecure Omdömen 174

Absolutely bad Peert to Peer lender. They lie a lot to convince the public to invest in them. Say their default rate is 0.6%. I have 20 loan part invested in them over the last two year. Out of which 18 have defaulted so far. That makes it 90% default.

I'm at Ombudsman with this lot, I hope that they stay in business long enough to pay me compensation but I wouldnt bet on it...

this is the worst investment i,ve ever had. im now awaiting my casebwith the financial ombudsman, but fs even keep them waiting months for any info. i now will never again use peer to peer lending.

Terrible at following up unpaid loans - dubious security vetting process results in a high default rate and low recoveries. Experienced net negative returns across my investments.

Awful company. I was lucky enough to sell most of my loans (which all by the way defaulted) and recover most of my money. The ones close to ending that I couldn't sell are now over due by almost a year. I have £1,300 tied up in loans which I doubt I will ever see again.

FS have a nasty habit of changing the goal posts. You'll sign up for a 60% LTV loan, two weeks later it'll mysteriously go to 88%. Furthermore what ever happened to capping loans at 75% max? I've seen loans listed with 80%+ Their 'statistics' page is misleading. Their default rate is closer to 55%, if not higher but their 'statistics' page does not factor in all those loans which they leave overdue, forever staying in limbu for months, sometimes years (3+ years) with no updates.

As it was pointed out, a lot of their loans will not get repaid and updates are very slow. It seems FC have no interest in recovering the funds (why would they? it isn't their money) and instead are desperately giving out loans to anyone-and-everyone in hopes that MAYBE some of them will pay back.

The value of these properties is almost, always Waaaaaay out and the massive list of loans that are left unfunded for weeks (sometimes even months) reflects the lack of trust investors have in this company. Compare that, to, say thebridgecrowd - with a team that actually know what they are doing and have a 0% loss and 100% recovery. when they list a loan it is filled within hours, unlike FC where it can take weeks, even months. With a high chance of going overdue (indefinitely) and an even higher chance of you never seeing a penny of those funds back.

FC need to get their **** together and begin recovering some of these bad loans, even if it is a loss. Otherwise, FC will go bust and anyone working here will be out of a job.

Still waiting for loans to be paid back, should have finished 3 years ago in 2016
Slow with updates and always seems to be excuses.
I am out of pocket and lost all trust with them
Personally I don't think that they will be in business much longer if things carry on this way 🙁

Great at giving loans, terrible at getting the money back !!

Do yourself a favour and don’t put your money here, lots of better options.

It is perfectly understandable that people who borrow money at 9-15% rates are not top-notch borrowers and that many will face difficulties repaying these loans. After all, if they were so competent and reliable, they would be borrowing money from the bank at much lower interest rates. However, this is where the SECURITY comes in to shield against defaults and to ensure the investors get their money back.

The problem with FundingSECURE is that the security is ridicolously overvalued and, in some cases, does not actually exist. Recently, we had:

1) A property valued at £135,000 which returned merely £31,000 (23% of the valuation)
2) A plot of land valued at £2,350,000 which returned £280,000 (12% of the valuation)
3) 5 park homes valued at £95,000 which, as FundingSecure conveniently forgot to tell us, did not actually exist. The lucky investors got £8,300 back, a magnificent 8.7% of the valuation!

I have been an investor for over 2 years and initially very keen on FS, even recommending it to some of my friends. Now I am operating in the damage control mode and trying to claw back as much of my hard-earned money as possible which, by the way things are going, will be less than the amount I've put in. A low-interest savings account would outperform this lot and it takes zero though or effort to use one!

I have been investing with FS for a few years now and originally things were good. Move forward a few years and it seems like so many of their loans fall into a default status and quite a few people seem to be losing their funds.

Should you invest your monies with them? Before anyone does, may I suggest that you do your own homework first and do a google search for "fundingsecure reviews", and make sure that you select the option to show you "past year" from the tools menu, and then make up your own mind.

That said, if they can work harder towards pulling investors funds back when loans go sour, I, and I am sure so many others would be more than happy to alter reviews as these are based on personal experiences.

STEER CLEAR of this company!! have been with them for around 18 months one NOT ONE of my 14 different loans has been paid back in full. Out of of nearly 5.5k invested ive have just over £8.00 back.

The updates to the majority of the loans have been very poor ....many loans that have not had updates on them for months despite being the due date to be paid back passed.

and loans where they have bothered to update its nonsence like...."We are unable to divulge further details at this juncture but will provide investors with a further update immediately we are in a position to do so"

NOT GOOD ENOUGH!!

Please dont waste your time or money with this company!!!!

Hopefully you have read this review BEFORE handing over your money.

Where is the ombudsman? THIS COMPANY IS A NIGHTMARE!!

The CEO got drunk and signed away 2M in lenders’ funds for various artworks he then failed to secure. Funding Secure then put these loans on the platform and pretended they were all to different people. The lender ran away to Spain and defaulted after selling the artwork to someone else. Or maybe it was sold before he approached FS. We don’t know.

Next, a load more loans turned out to be to be secretly made to the same person and FS thinks lenders shouldn’t be alarmed because they only plan to charge investors for legal fees to pay for their massive negligence after the funds are recovered.

You couldn’t make this stuff up but my missing 50k says I wish I had.

If anyone wants proof the court documents are publicly available.

In the last week I wanted to get information about Page Field Mill, Wigan, the loan has already 450 days, and for 7 months without an update. After that there was a fire in the building, you will find details by typing Investing in the cause of Page Field Mill fire in the browser. You can also see that nothing has happened in the investment for over a year.
  Mr. Bridgette and Isobel told me that I can not get the update due to the FCA - Financial Conduct Authority. And if I have any problems with this, I can write to them on the complaint.
I wrote to FCA - they wrote to me that they do not have any rules that prevent me from getting information about the investment.
I wrote to customer services - fundingsecure what I got from FCA to FS in reply they wrote that they can not give me an update. And when asking about legal regulations, they use me to refuse me information about looting - they did not answer anything.
Customer service fatal lies, do not know what is happening with a given loan, hide behind regulations that do not exist - just to intimidate the investor so that he does not ask further - 100% lack of competence, remuneration received for free.
You can write a complaint to the FCA, or I have been told by FCA to the Financial Ombudsman Service (FOS) that they do not comply with the rules on capital protection.

Great site and always delivered the returns as marketed , been simple to invest and very honourable

Management of the outstanding loans seems well beyond the staff's capabilities. Almost every loan goes well beyond the expected finish date, the updates provided on progress are fairly meaningless (e.g. "we're trying to make contact with the borrower and will update lenders next week - followed by no update for 3 months". The securities are meant to be able to be realised to return the investment to lenders but the valuations seem to often be wrong - someone is taking money for valuations but not being held to account.
UPDATE Dec 2021 - Since my original review things have gone from bad to worse and the company is now in administration. Various processes within the company have been found to be "flaky" (possibly illegal) with valuations of properties being grossly inflated and some securities taken against loans not actually being taken.
Overall, I wish I'd avoided the company. Unfortunately the current UK approach to financial crime means that money will be lost by investors but no-one is likely to be held responsible.

No longer investing, after good returns in the past. Money still stuck in a loan 2 years after it should have repaid, assuming will never get my money back meaning overall my investment lost money. Proves if the advertised rates of return are too good to believe, they certainly will not be achieved.

I have been investing for several years. In the first couple of years, my investment returns were very good. Some of the loans are now taking longer to repay and I would like to see more updates. However my returns so far have been very good and recently several late loans were both repaid in full, so overall I'm very happy.

What is happening with this site so many delays in interest, the updates are very vague and not accurate.

Secured loans over property where the site seemingly never enforces the security by selling the property.

1* if you're looking to lend. 5* if you're looking to borrow and then thumb your nose when it comes time to repay.

not for people who are looking for a decent return on their funds in 6/12 months.massive over valuations on even basic pawn loans.very poor attitude to lenders.meaningless updates which are given to FS by many unscrupulous borrowers and not even checked means many loans are unredeamed/defaulted some nearly 3 years late on 6 month loans.so no interest and little chance of your full capital back after months/years of being fobbed off by FS.check out p2p forums before thinking of lending to FS it could save you a lot of time/stress and most importantly your hard earned funds.BE CAREFUL and don't believe the lure of secured loans at low LTVs