SocietyOne

[Nemus]

Is there anything like this locally?
https://www.societyone.com.au

Seems to work out great for both investor and lenders in Australia.
They are also consider the fastest growing "bank" in the world.

 

[Hamster]

https://www.lendico.co.za/

 

[Nemus]

Thanks Hamster. REsearch required, however, 26.17% returns are not looking too bad...

 

[Hamster]

Thanks Hamster. REsearch required, however, 26.17% returns are not looking too bad...

There is also RainFin by Barckleys which was first in RSA.

I had a look at both, read up on them (some threads here on MyBB) and as I was registering to take a look I got a bad feeling. This might work but there are better things to do with your money. That 26.17% is "up to". RainFin had the same and had to correct it to +- 20%

The biggest complaints with these companies seems to be that if the lenders default you have to chase them (RainFin etc. apparently don't help with the process).

Rather invest your money in some offshore company or ETF (FFB, NEP, ARA, DBXWD etc). Much safer and potentially much bigger returns (well, not right now given that the world economy is broken) or pay of any debt you may have. My 2c

 

[Drifter]

There is also RainFin by Barckleys which was first in RSA.

I had a look at both, read up on them (some threads here on MyBB) and as I was registering to take a look I got a bad feeling. This might work but there are better things to do with your money. That 26.17% is "up to". RainFin had the same and had to correct it to +- 20%

The biggest complaints with these companies seems to be that if the lenders default you have to chase them (RainFin etc. apparently don't help with the process).

Rather invest your money in some offshore company or ETF (FFB, NEP, ARA, DBXWD etc). Much safer and potentially much bigger returns (well, not right now given that the world economy is broken) or pay of any debt you may have. My 2c

This ^^^

 

[Nemus]

There is also RainFin by Barckleys which was first in RSA.

I had a look at both, read up on them (some threads here on MyBB) and as I was registering to take a look I got a bad feeling. This might work but there are better things to do with your money. That 26.17% is "up to". RainFin had the same and had to correct it to +- 20%

The biggest complaints with these companies seems to be that if the lenders default you have to chase them (RainFin etc. apparently don't help with the process).

Rather invest your money in some offshore company or ETF (FFB, NEP, ARA, DBXWD etc). Much safer and potentially much bigger returns (well, not right now given that the world economy is broken) or pay of any debt you may have. My 2c

Thanks Hamster! I have started with a small(-ish) portfolio, but this caught my attention after reading a post on LinkedIn about fastest growing bank (also biggest retailer - Alibaba - having no stock, Biggest this and thats, etc..) being SocietyOne.

I really appreciate the efforts in typing the response!

 

[^^vampire^^]

There is also RainFin by Barckleys which was first in RSA.

I had a look at both, read up on them (some threads here on MyBB) and as I was registering to take a look I got a bad feeling. This might work but there are better things to do with your money. That 26.17% is "up to". RainFin had the same and had to correct it to +- 20%

The biggest complaints with these companies seems to be that if the lenders default you have to chase them (RainFin etc. apparently don't help with the process).

Rather invest your money in some offshore company or ETF (FFB, NEP, ARA, DBXWD etc). Much safer and potentially much bigger returns (well, not right now given that the world economy is broken) or pay of any debt you may have. My 2c

Wish I did some more homework before using RainFin. South Africa has a massive default rate in general which I should have taken into account when investing on the platform. I deposited R6000 to use for lending and due to defaults got about R2500 back (which I hadn't actually lent in the first place). Guess you can technically say their default rate for money lent on their platform is almost 100% in my case.

RainFin claim that they follow and and try to get the money from defaulters but it's just too easy to disappear and not be held accountable in this country so their statement is basically an empty promise. Australians tend to be more trustworthy and honest and hence why similar platforms work in such countries. Pride, integrity and honesty are not words that are synonymous with the general South African public.

RainFin did offer to refund all the money I lost which I declined to take. Why must they pay out for those that are dishonest. I would have had far more faith in their business if they made a bigger effort in getting the money from those it was lent to.

Anyway to sum up do not use these platforms in South Africa you will regret it. Rather invest in an ETF or similar.

 

[Nemus]

I would have had far more faith in their business if they made a bigger effort in getting the money from those it was lent to.

This exactly. I have spoken to someone based in NZ, who has invested in SocietyOne, and he has had returns of between 2% and 18% per month. I guess some months are just better than others.