Peer-to-peer (P2P) lending has become a popular alternative to traditional bank loans in recent years, with many borrowers and investors turning to online platforms to connect with one another. One such platform is Fundaztic, a Malaysian-based P2P lending platform that offers personal loans, business loans, and Islamic financing. In this article, we’ll take a closer look at Fundaztic and compare it to other P2P lending platforms to see how it stacks up.
What is Fundaztic?
Fundaztic was founded in 2016 by a group of financial industry veterans who wanted to create a more accessible and affordable way for borrowers to obtain financing. The platform connects borrowers with investors, allowing them to obtain loans at competitive rates without having to go through a traditional bank. Investors, in turn, can earn attractive returns on their investments by lending money directly to borrowers.
One of the unique features of Fundaztic is its proprietary credit-scoring system, which uses a combination of machine learning and data analytics to assess the creditworthiness of borrowers. This allows Fundaztic to offer loans to a wider range of borrowers, including those who may not have a strong credit history. The platform also employs rigorous underwriting and risk management processes to minimize the risk of default.
Fundaztic offers a range of loans, including personal loans, business loans, and Islamic financing. Borrowers can apply for loans of up to RM 200,000, with loan tenures ranging from 6 to 60 months. Investors can invest as little as RM 50 in each loan, and can earn returns of up to 18% per annum.
How does Fundaztic compare to other P2P lending platforms?
While Fundaztic has some unique features that set it apart from other P2P lending platforms, it is not the only player in the market. Let’s take a look at how Fundaztic compares to some of its competitors.
Funding Societies
Funding Societies is a Singapore-based P2P lending platform that also operates in Malaysia, Indonesia, and Thailand. Like Fundaztic, Funding Societies connects borrowers with investors, allowing borrowers to obtain loans at competitive rates without having to go through a traditional bank. Investors can earn returns of up to 14% per annum by lending money to borrowers.
One of the key differences between Fundaztic and Funding Societies is the types of loans they offer. While Fundaztic offers personal loans, business loans, and Islamic financing, Funding Societies focuses exclusively on business loans. This means that borrowers who are looking for a personal loan will need to look elsewhere.
Another difference is the loan amounts and tenures offered. Funding Societies offers loans of up to SGD 500,000, with loan tenures ranging from 3 to 24 months. This means that borrowers who need a larger loan or a longer repayment period may be better suited to Fundaztic.
Lending Club
Lending Club is a US-based P2P lending platform that has been in operation since 2006. The platform has facilitated over $63 billion in loans to date, making it one of the largest P2P lending platforms in the world. Lending Club connects borrowers with investors, allowing borrowers to obtain loans at competitive rates without having to go through a traditional bank. Investors can earn returns of up to 6% per annum by lending money to borrowers.
One of the key differences between Lending Club and Fundaztic is the geographic scope of their operations. While Fundaztic operates exclusively in Malaysia, Lending Club is available to borrowers and investors throughout the United States. This means that Lending Club may be
a better option for borrowers and investors who are looking for a wider range of opportunities.
Another difference between Lending Club and Fundaztic is the types of loans they offer. Lending Club focuses primarily on personal loans, including debt consolidation loans, credit card refinancing, and home improvement loans. This means that borrowers who are looking for a business loan or Islamic financing will need to look elsewhere.
In terms of loan amounts and tenures, Lending Club offers loans of up to $40,000, with loan tenures ranging from 36 to 60 months. This means that borrowers who need a larger loan or a longer repayment period may be better suited to Fundaztic.
Zopa
Zopa is a UK-based P2P lending platform that has been in operation since 2005. The platform connects borrowers with investors, allowing borrowers to obtain loans at competitive rates without having to go through a traditional bank. Investors can earn returns of up to 5.2% per annum by lending money to borrowers.
One of the key differences between Zopa and Fundaztic is the types of loans they offer. While Fundaztic offers personal loans, business loans, and Islamic financing, Zopa focuses exclusively on personal loans. This means that borrowers who are looking for a business loan or Islamic financing will need to look elsewhere.
Another difference is the loan amounts and tenures offered. Zopa offers loans of up to £25,000, with loan tenures ranging from 1 to 5 years. This means that borrowers who need a larger loan or a longer repayment period may be better suited to Fundaztic.
Overall, while Fundaztic has some unique features that set it apart from other P2P lending platforms, it is not the only option available to borrowers and investors. Depending on their individual needs and preferences, borrowers and investors may find that other platforms are better suited to their needs.
Conclusion
Fundaztic is a Malaysian-based P2P lending platform that offers personal loans, business loans, and Islamic financing. The platform connects borrowers with investors, allowing borrowers to obtain loans at competitive rates without having to go through a traditional bank. Investors can earn attractive returns on their investments by lending money directly to borrowers.
While Fundaztic has some unique features that set it apart from other P2P lending platforms, it is not the only option available to borrowers and investors. Depending on their individual needs and preferences, borrowers and investors may find that other platforms, such as Funding Societies, Lending Club, or Zopa, are better suited to their needs.
As with any investment, there is always a risk of default, and investors should carefully consider their investment objectives and risk tolerance before investing. Borrowers, too, should carefully consider their ability to repay a loan before taking on debt. Overall, P2P lending can be a convenient and accessible way for borrowers to obtain financing, and for investors to earn attractive returns on their investments.
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