As a platform, we do not charge any registration or administrative fees. At the same time, we have been absorbing all related costs with respect to escrow accounts and for all the deposits and withdrawals made locally (we pay the bank charges). There are no hidden charges.

An 18% Service fee on interest earned is only chargeable on a success basis (e.g. we do not charge you service fees if the Issuer doesn’t pay). This is done to align our earnings to successful repayment for you. Please do also note that service fee is only charged on interest earned and not principal.

The Service Fees covers our operational costs such as customer support and collections. We do acknowledge that there are similar platforms who may charge a lower and higher fee than us and we are somewhere in between. However, we do absorb the prevailing government Goods and Services Tax (“GST) imposed by Inland Revenue Authority of Singapore (“IRAS”), which is usually added to the fee by some of the platforms.

E.g. If you've invested $1,000 into a one month note of 12% p.a., service fees are at 18% of the $10 interests earned. So you will receive $8.20 of interests and $1.80 will be charged as service fees.

To recap, Service fees are deducted only when interest is repaid to you. You can view the service fees charged on each repayment in the Portfolio page or your Monthly Statements.

Did this answer your question?