I have not encountered defaulted note on Funding Societies Malaysia, so I have no first-hand experience on its management of defaulted notes. However, I have encountered several notes that did not repay on time. Thus, I have experienced how Funding Societies Malaysia handles these late notes. I like the way that this platform deals with late notes as it shows that it is taking this late repayment issue seriously. It is also an indicator of how it will deal with defaulted notes. So, how does Funding Societies Malaysia handle late repayments?
Repayment notes
Have you ever noticed the existence of repayment note in the Portfolio page? Sometimes, repayment note will appear on the rightmost column of the invested note. This note contains information about postponement of repayment and other update regarding the repayment. I have received notes about partial payment and actions being taken against the debtors.
Funding Societies Malaysia mobile app
In the mobile app, the repayment note can be found in the Portfolio page too. If there is a repayment note for an invested note, there will be a button with the name “View Repayment Notes” at the bottom of the box. The content of the repayment notes is the same as those in the website.
Conclusion
Up till today, I have not encountered defaulted note on this platform and I hope that it will remain this way. In my opinion, management of missed or late payment of Funding Societies Malaysia is better than Fundaztic. This platform gives notice even for late repayment, unlike Fundaztic where I have only received an update for my defaulted note. I do think that Funding Societies Malaysia is safer than Fundaztic now. However, only time will prove or disprove my opinion.
Referral link
Below is the referral link to Funding Societies. By clicking on this link, I may gain referral rewards from your registration with the platform. If you think I have done a good service in explaining the topic, please click on the link below if you have interest to register. Otherwise, you can always search Funding Societies Malaysia with Google and register yourself.
Funding Societies Malaysia: Link here – If you register and invest through this link, both of us will get RM 30*.
*Terms and conditions apply.
