FundingSecure Omdömen 174

I've invested in over 10 different peer to peer platforms and this is by far the worst. I originally had 5 grand in this platform and have managed to sell 3 grand out. With £1900 tied up in late loans and £100 loss so far after 2 years. I'm hoping I will eventually be able to get as much out as possible this year. All loans are late, I would never put more than £50 in any one loan, I only invest in jewellery as its easy to sell if it goes to auction although it never makes what they value it as and sometimes for example a ruby gem was valued at 90000 and it sold at auction for 10 grand.This platform will definitely not last and is desperately giving out loans to everyone hence why no one pays on time and they don't have the resources to chase up there debtors. I think all good reviews on here have been written by their staff. Terrible platform. All my other peer to peer platforms have made money in the following order Mintos 17.62 percent in russia currency, 17.08% in Kaz currency, 10.63% GBP currency, 10.26 in Euro currency,Envestio 16% Peerberry, 12.6%,Swapper 12%, Robocash 12%, Blend 10%, Fundingcircle 6%, Unbolted 6% Ratesetter 4% fundingsecure -£100 from 5 grand over 2 years spread across over 100 loans says it all.

Complete lack of business expertise, have made many crazy loans which have defaulted with massive losses. In a word "amateurs" who are hell bent on evading accurate updates and constantly making poor excuses for non-performing loans e.g. £2.3m Art loans over which they seem to have taken no secutiry and the has gone "bust"
If you are very lucky and spent a lot of time doing DD and trading on the SM you may make money otherwise don't expect to until the very high default rate is reduced.

I have invested in two loans with FundingSecure. Both ran over the initial 6 month terms, but both were finally resolved in an acceptable and realistic time frame with all capital and accrued interest paid. Room for improvement on communications, hence the deduction of one star,

It started off well but now most of my loans are in default. Typically the loans are 6 months but one of the investments is well over 3 years old and I have a loads more well over 2 years old. I am making money but only just. What usually happens with defaults is that they go to the receivers and then to auction. The auction price is about half of what you get marketing it privately and then the receivers take their cut, so you end up with about 45% of the capital and NO interest. I do think the properties are overvalued though. I have submitted 2 emails to them with my concerns and they said that they will be making changes but that was many months ago and still no change. I would avoid these. There are a few decent p2p and I have already reviewed these if you want to take a look. I have been investing in p2p for a few years and I try to be as honest as I can in all my reviews.

I posted a review back in February about 24 massively overdue loans I have invested in. Still had nothing on any of these.
And how strange that funding secure only put replies on the positive reviews and don’t seem to think there is a problem!

I now have loans 1000+ days old. Receivers appointed months ago and no progress. Used to be a good platform, but now withdrawing everything I can. I contact their support for updates to just get a blanket response and no customer service.

Some decent loans left but too many defaults and not worth the risk.

Friend of mine recommended these guys and I have done recently a couple of small investments and it all has been good.

Several late loans which is frustrating, but made good returns over the last 3 years.

Getting more and more concerned about this company, like others it was fine a fews years ago. Now it seems it’s taken it’s eye off the ball, it don’t seem to have the staff to chase debts or want to give regular updates to investors. Far too many loans are defaulting, this surely means big administrative problems, if it’s true that investors are only recuperating 30% of capital. This suggests very poor management and greed has taken over. I hope the guys in this don’t lose too much capital. Banks would not let this happen to them, they would make sure the LTV was enough to recoup any losses or defaults.

Very helpful and easy to deal with.
No hidden secrets.

Great to work with payments always on time

Responded to the initial query extremely fast.
Overall matter was completed with amazing speed!

A bridge needed in short time was delivered in record time after due diligence with a minimum of fuss. Later but before maturity, a further advance and extension of time granted to enable progress to be made in Planning process. A successful outcome which would not have ben achieved without FundingSecure.

Do NOT deal with this company whatsoever!

I, like many others have become frustrated and tired of Funding Secure's greed, clear incompetence and lack of DD and contempt for lenders and their funds over the last 2 years. Back in 2015 - 2016 I enjoyed steady returns on investment however there was a period in 2017-2018 when the company took on far too many loans - far more than they could handle. This meant that overdue borrowers were not chased quickly enough, and often assets not checked properly with additional tranches offered on something that was never there, and, in some cases lies told (Whitehaven loan).

I now see the next 2 years as a critical period for Funding Secure as they look to make recoveries on hundreds of substantial loans which are overdue by many years in some cases. Of course, we are persistently reminded that recovering such loans is time-consuming which is where I will give Funding Secure the benefit of doubt - for now. Time will tell as to just how much money they can recover for investors because at this stage it is clear that most investors have lost all trust given the many clear cases of gross negligence and incompetence.

Unfortunatelly, it is worse and worse with every month. I started there in 2015 with really positive attitude (same as SavingStream), it worked fine for few years, but since 2017 the situation is getting worse and worse. I am not sending there any money anymore, and just looking how all my active loans are getting into DEFAULT. And those one which are in Default since 2019 are still without any progress, money are locked and support know SH**