Mooch Money

Out of the first 3 loans I invested into all verified profiles, I had 2 default on all payments totalling over $1000 including fees. There isn’t enough information to gauge if someone is a good fit the lack of any real credit checking or employment validation just makes it too high of a risk to invest in. I got a credit for the first loan $500 which I was forced to reinvest before I could withdraw the fact this meant I had to wait an additional month at a minimum now looking at 6 months due to one of the loans defaulted again after waiting over a month to get my money back to begin with is a joke especially when it’s automatic and there is no option to not take it. Do not invest in this app, it is not worth the risk. It’s touted as being a good thing but there is a reason people use the app over traditional lending their credit has to be very low and so it’s just a gamble, they don’t follow up with you or give updates about their collection efforts and they hide payments in collections within a few menus which just makes it feel like they don’t care and don’t do anything even an offer like hey take $200 we will take the $400 loss or any way to sell the debt to collectors as many would take it but since it’s bad debt I doubt this is even an option as there was no formal credit checks done.

Tried this app out a few months back. Gave it the benefit of the doubt at the time and looked like it could be the start of an exciting concept. That was until I discovered that they were not vetting people who requested loans very well. I asked why some people were not verified to be told that it is because they use a third party and some applicants can’t get verified because of system issues. My thought was that they simply would not allow those people to come through to be able to request loans or they would fix the issue - and they didn’t. I contacted them about several issues like people showing their income as $0 and the company’s response was that it was just a “glitch”. I had two loans default for a fair bit of money and now four months on the company tells me it is with their third party recovery party InDebted and they are working hard to recover as they don’t get paid unless recovered either. Each time there has been communication it has been on my initiation. After the defaults there has been nothing from the company keeping me informed of the progress of reinvesting the debts. This company shows very predatory lending behaviour and should be reported to the ACCC and Financial Ombudsman like I have done.

Hello, just starting using this app as a lender & I'm excited to be able to help others with financial needs while making it a side hustle. If we could add more filters like repayment times & verified income that would be helpful as a lender. Also being able to manage notifications as I receive a lot of notifications about new lender offers. This is a extremely interesting concept and I’m looking forward to helping others while making something extra on the side. Keep up the good work.