Mooch Money 17+

No offers given

Seems like a good idea and concept. Problem is it appears there are no/minimal investors. No offers being made, it says every now and then that an investor is watching but I reckon that might just be other people who are looking to get money checking out all the other requests. Hopefully more investors come on otherwise this is a pretty useless app.

Developer Response ,

Thank you for sharing your thoughts! We're pleased to hear that you find the concept promising. While we understand your concern about investor activity, it's worth noting that since our launch in late January, Mooch has facilitated over 100k in loans, indicating growing interest from both borrowers and investors.

We're continuously working to attract more investors to the platform. In our experience, verified income plays a significant role in attracting investor attention and increasing loan approval rates.

If you have any further suggestions or questions, please feel free to reach out to our support team. We value your feedback.

RUN! Investors beware!

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.

Due diligence is not there

Signed up to this as I thought I’d be able t jumo into the P2P lending space.

Started with an initial small amount and invested that into a loan. So far the first payment has defaulted and Mooch automatically gives them another 14 day payment period instead of following up to try and collect the outstanding. I’m not confident this will be repaid as Mooch don’t really chase this. I’ve been advised that as it’s my first loan investment they’ll guarantee the amount, but I’m then forced to “re-invest” this into another loan before I can withdraw. Given the default rate in this (check online) I doubt any reinvestment will be returned and it will be due to go to collections and I’m just stuck waiting to see if I’ll ever see my money again.

After deep diving into the T&Cs, Mooch put the responsibility on the lender to confirm you have the credentials to loan money. They don’t have any required licence to lend money and are just a marketplace that facilitates loans for P2P whilst charging a fee (and collecting any default fees).

There’s no confirmation from Mooch on how they verify income from those wanting to borrow and definitely no verification on whether someone could pay back the loan.

Stay away. Better alternatives out there.