|
Post by pedrolopes on Mar 10, 2016 10:02:48 GMT
Greetings,
I would like to know if anyone else has opened an account in fellowfinance.fi, if so, what is the general evaluation you make of them. The main reason why I ask this is because it has been impossible for me to maintain a dialog with them, their client support has only answered one of the 3 mails I sent them (in my opinion, that is not a good sign), but anyway: is it worth it, or is it just another platform to scratch from the list even before trying it? It would be even more interesting to know the opinions of non-Finnish users opinions, specially the process of sending the proof of identity and the signed contract (I haven't been able to get past this phase because they won't answer my emails, nor activate my account).
Thank you in advance
Best regards to all.
|
|
|
Post by bandit55555 on Mar 10, 2016 21:01:30 GMT
Greetings, I would like to know if anyone else has opened an account in fellowfinance.fi, if so, what is the general evaluation you make of them. The main reason why I ask this is because it has been impossible for me to maintain a dialog with them, their client support has only answered one of the 3 mails I sent them (in my opinion, that is not a good sign), but anyway: is it worth it, or is it just another platform to scratch from the list even before trying it? It would be even more interesting to know the opinions of non-Finnish users opinions, specially the process of sending the proof of identity and the signed contract (I haven't been able to get past this phase because they won't answer my emails, nor activate my account). Thank you in advance Best regards to all. Hello pedrolopes, I invest on Fellow Finance since February 2015. I was one of the first investors which invest from outside Finland on Fellow Finance. From the return persepective it was a good decision to me to invest there early, because in the early time there were many loans with great returns. Now, as they grow very strongly the last months the interest rates fallen down and the interest rates are too low for me for good rated loans. At the moment I only reinvest the money. About the support I have similar experience as you. In the past they dont answer all my questions but I think it was also, because there were not so many people working there in the beginning. And at time they had there focus on Finish Investors. For me there were no problems with the proof of identity. I have send them a copy of my personal id via e-mail. I like that they guarantee that they sell all loans which are overdue for more than 90 days to a collection company. So if you invest 10 € in one loan and the loan default you will receive 7 € if the Borrower does not pay after 90 days. By the way they have build a really good and fair Secondary Market which is very liquid. Maybe you could try again to contact the support. And if you are a low risk investor dont invest in Loans with 1 and 2 stars. Regards Andreas
|
|
|
Post by pedrolopes on Mar 11, 2016 8:58:30 GMT
Mr. bandit55555, Thank you for your answers.
|
|
ribs
Probably not James Marshall
Posts: 148
Likes: 151
|
Post by ribs on Mar 12, 2016 14:40:29 GMT
I haven't been able to get past this phase because they won't answer my emails, nor activate my account Walk away. If the service is this poor before you've even started, then I have no idea why you'd want to even consider them. There are other investments. Maybe come back after a year or so if/when they've got their act together. Rates/risks/whatever shouldn't be your only consideration, customer service should count for something as well.
|
|
|
Post by jabardolas on Mar 12, 2016 18:12:29 GMT
Walk away. If the service is this poor before you've even started, then I have no idea why you'd want to even consider them. There are other investments. Maybe come back after a year or so if/when they've got their act together. Rates/risks/whatever shouldn't be your only consideration, customer service should count for something as well. Wise words. Take Bondora for instance, for a couple of years they neglected their investors and it started to affect their image to a point where most of the information on the internet about bondora would scare new investors. Now they are trying to change it, and I think they are on the right track. I apply the same rules to my p2p investments as I apply to my bank accounts. If they are not there for me to answer my questions, I won't be paying their salaries by keeping my money with them.
|
|
|
Post by pedrolopes on Mar 15, 2016 14:34:06 GMT
Gentleman, Thank you for your words, since there is no official presence of Fellowfinace on this forum, I would just update more information about them right here in this thread.
I re-send all the necessary documents (again), and finally they responded (I think it was Friday), anyway the account was approved... but, Saturday, when I tried to make a manual investment (invest without using the portfolio manager), the platform would not allow me to conclude the bid on loan offer, it returns a message written in suomi "kenttä on pakollinen tieto" (it basically means that I have to fill the form fields), the thing is I did filled all the fields to make the bid, the interest rate, the amount and the account number fields. So this seems to be a platform issue (it seem like a site error, not like they are blocking my account), I tried with both Firefox and Opera browser just to clear any doubts that my browser could be the culprit (it isn't), its their site's fault. I sent them an email today, i figured that sending them an email during the weekend would be useless.
Basically this company seems to be run from a garage, run by a couple of junior-high kids that have too much homework to do, so they don't have time to run the company... this is the idea I get from them.
The reason why I wanted to try them out is because I only invest in Euros (I don't like to deal with the exchange rate volatility issue), so the UK P2B and P2P are out of the game for me, and because I am currently phasing out two P2P/P2B's right now I wanted to diversify.
Finland is definitely not a good place to look for p2b and p2p's, I even considered Fixura.fi, but then I read their "fees and conditions" section and then I realized that I would be teated like a cash-cow, so I decided not to try them either, I need to diversify P2Ps so i'm experimenting with different platforms.
|
|
shimself
Member of DD Central
Posts: 2,560
Likes: 1,169
|
Post by shimself on Mar 15, 2016 14:52:32 GMT
The reason why I wanted to try them out is because I only invest in Euros (I don't like to deal with the exchange rate volatility issue), so the UK P2B and P2P are out of the game for me, and because I am currently phasing out two P2P/P2B's right now I wanted to diversify. Finland is definitely not a good place to look for p2b and p2p's, I even considered Fixura.fi, but then I read their "fees and conditions" section and then I realized that I would be teated like a cash-cow, so I decided not to try them either, I need to diversify P2Ps so i'm experimenting with different platforms. Have you found anyone else good in €uroland who is not listed here? I'll offer wiseed France and Anaxgo, mainly development finance and large minima. I stronly dislike Unilend.
|
|
|
Post by pedrolopes on Mar 16, 2016 9:51:50 GMT
Have you found anyone else good in €uroland who is not listed here? I'll offer wiseed France and Anaxgo, mainly development finance and large minima. I stronly dislike Unilend. Greetings, No, Haven't found any other P2P or P2B besides the ones I mentioned before and the other ones listed in this forum. If I found another one I will post it. Best regards.
|
|
|
Post by pedrolopes on Mar 19, 2016 4:45:41 GMT
Yet another update, The FellowFinace "team" answered my previews email in which I informed them about their site's problems, they answered on the 16th of march saying: "Thank you for your email. Your question has been forwarded to our IT department, and we will contact you as soon as possible." So far nothing... nor the platform issues were fixed, nor they have said anything else. Also, whenever I try to request a withdrawal using the "withdraw money" button, the same message appears "kenttä on pakollinen tieto", so I can't withdraw money...
It is pointless to say this, but this platform is not functional, therefore I wouldn't advise it to anyone to use it.
|
|
|
Post by bandit55555 on Apr 16, 2016 9:22:01 GMT
|
|
|
Post by lukasas1 on Dec 3, 2016 13:48:41 GMT
Situation is not so pessimistic. I opened account, uploaded documents, transferred some money, and also faced the problem of no response (I could not get approval of my documents). But then I wrote a private message to fellowfinance facebook page, and they immediately reacted. As it was late evening, they promised to get back to my issue next day, and next day I found my account enabled. I used all my transferred amount for making loan reservations, and am waiting for the first loan to be finalised. For making loan reservations I receive SMS messages with verification codes from foreign number (I live in one of the Baltic States). Will see how the things gonna work. Functionality of the platform is poor (especially, comparing to Lithuanian ones, like Savy of Finbee), but still, it's fun.
|
|
|
Post by mopcku on Jan 2, 2017 19:23:42 GMT
Hello Guys
I have different fellow finance question.
Does anyone has an idea why some of the loan reservations with 25 euro suddenly appear as reservations for 25.02 Euro?
Thanks Mopcku
|
|
|
Post by piotrr on Jan 2, 2017 21:32:55 GMT
Hello Guys
I have different fellow finance question.
Does anyone has an idea why some of the loan reservations with 25 euro suddenly appear as reservations for 25.02 Euro?
Thanks Nikolas Hi, Yes, I discussed it with them just today, as the same happened to me. This is the case of Polish loans, which are originally denominated in Polish Zloty. They automatically recalculate loan amount from PLN to EUR and this makes the difference. That practically means that currency risk is fully on the investor. I don't know the exact algorithm nor exchange rate they use. Anyway, this is too unclear and risky for me, from now on I decided to invest in Finnish loans only. Regards, P.
|
|
|
Post by mopcku on Jan 2, 2017 21:41:12 GMT
Hello Guys
I have different fellow finance question.
Does anyone has an idea why some of the loan reservations with 25 euro suddenly appear as reservations for 25.02 Euro?
Thanks Mopcku Hi, Yes, I discussed it with them just today, as the same happened to me. This is the case of Polish loans, which are originally denominated in Polish Zloty. They automatically recalculate loan amount from PLN to EUR and this makes the difference. That practically means that currency risk is fully on the investor. I don't know the exact algorithm nor exchange rate they use. Anyway, this is too unclear and risky for me, from now on I decided to invest in Finnish loans only. Regards, P. Thank you very much Piottr
this sounds very plausible as explanation.
BR Mopcku
|
|
|
Post by mopcku on Jan 3, 2017 16:37:07 GMT
Hi
today i have a different fellow finance question namely:
Yesterday i had 1 loan in the "Loan reservations waiting for disbursement" group but found out today that it disappered from there?
Any idea how why is this happaning?
Thanks Mopcku
|
|