You are not allowed to make modifications after an application has been submitted.

Please email us at [email protected] should you need to amend your submitted application.

“Varied Key Contract Terms” refers to the document that covers the amendments to the signed key contract terms in the event you managed to achieve at least 80% funding goal but less than 100% of the funding amount at the end of the funding period. Only the funding amount and the monthly repayment amount will change in the supplementary key contract terms.

Fundaztic only allows for a maximum of 2 fundings per common owner / partners / guarantor at any one time; provided the 1st successful funding has been promptly serviced (repaid) for at least 12 months or have been fully settled.

YES. You are encouraged to do so because it will increase the chances of your funding being successful if it is supported by more people.

NO.  You are not allowed to fund your own notes.  

Fundaztic.com P2P financing aims to provide a simpler and better way to fundraise online. Simpler, because you can leverage a standardized template and easy online processes to apply your fundraising request. Better as you can use the full power of the internet such as digital and social media to market our fundraising activities to raise Investor awareness and encourage their participation.

The requirements to be an Issuer are as below:

Your business must be incorporated in Malaysia and registered with SSM.

Your business can be registered as a Sole proprietor/Partnership or Private limited companies. Where if “issuer” is a private limited company (Sdn Bhd), there needs to be a minimum paid up capital of RM20,000 and total guarantors (must be Malaysian Residents) holding a total of 51% shareholding in the issuer. (Corporate guarantor will not be accepted)

Flat or Nominal interest or profit rate (for Islamic financing products) is defined as a stated interest or profit rate. This interest or profit works according to the simple interest or profit calculation and does not take into account the compounding periods. 

Effective interest or profit rate is the one which caters to the compounding periods during a payment plan. It is used to compare the annual interest/profit between funding with different compounding periods like week, month, year etc. 

In general, the stated or nominal interest or profit rate is less than the effective one. And the latter depicts the true picture of financial payments. 

Fundaztic may issue notes that adopt Contracted & Prevailing Profit Rate mechanism whereby Murabahah will be executed using Contracted Profit Rate as per the Key Contract Terms/Varied Key Contract Terms. Under this mechanism, the Murabahah will be contracted at a higher profit rate i.e., Contracted Profit Rate. Payment by the Issuer will however be calculated on the Prevailing Profit Rate which would be lower than or at par with the Contracted Profit Rate. The Prevailing Profit Rate is the rate that the Issuer is expected to derive the return, as communicated and displayed in the Key Contract Terms/Varied Key Contract Terms. In the event that payment is received on a timely basis the amount difference between Contracted Profit Rate and Prevailing Profit Rate shall be given as Ibra’.

Notwithstanding the above, Fundaztic may adopt fixed rate mechanism to determine the Murabahah Sale Price which will be the maximum rate for a particular note.

For the time being, Limited Liability Partnerships are not eligible. Our business model, among other things, relies on CTOS SME Score to make credit decisions. As CTOS SME Score is presently not available for Limited Liability Partnerships, Fundaztic will not be able to assess your credit application if you apply.

You can raise between RM20,000 – RM200,000. However during the funding application process, the requested funding amount will be evaluated and may be adjusted accordingly alongside with other factors such as the size of the business, credit background, existing loans, etc.

The final terms and conditions of an approved application will be sent online for acceptance by you before it can be listed for funding. You will be fully aware of modifications made during credit evaluation and can decide to accept the modifications and other terms offered.

No, each registered business can only have one issuer account with Fundaztic.com P2P financing. Also, your registered business with Fundaztic.com P2P financing must not be hosted concurrently for the same purpose of funding on multiple P2P financing platforms.

If your fundraising is successful and you manage to raise your target amount (principal), you are expected to repay to the investors the funding principal amount + interest, per the pre-agreed repayment schedule and interest rate.

Fundaztic.com P2P financing will determine your interest rate according to your Risk Grade using our credit scorecard and evaluation process.

Fundaztic Assigns A1 to X1 to each note based on issuer’s credit quality and underlying risk. The riskiest notes have the highest interest rates, which reflect potentially higher loss rates. In order to manage overall risks in investing, it is better to select from a combination of notes ranging from A1 to X1.

At any point of time, “issuers” are only allowed a maximum of 2 active funding and up to a maximum of RM100,000 for different purposes. Upon successful and complete repayments, an “issuer” may raise up to a maximum of RM200,000 for different purposes.

No. Before a listing to raise funds is published the “issuer” is given a fundraising period of 10-days. You are only allowed to access “investor” funds if you achieve a minimum 80% of the approved funding amount in “investor” commitments before the expiry of your fundraising period. If you do not achieve the minimum 80% of the approved funding amount, then, the funds will be automatically returned to the “investors”.

Each funding period will be listed for 10-days.

We encourage the Issuers to disclose all the information required to create transparency and raise awareness with prospective Investors. However, Fundaztic.com P2P financing will not disclose the “issuer’s” company name.

If the fundraising campaign is successful, the funding amount will be disbursed to the bank account you specified during the funding application process.

NO. The amount to be disbursed to the issuer will be the funded amount, minus the origination fees, other charges (such as stamping fees) and as well as the 1st month installment.

This information will be disclosed upfront during your application process.

Once your funding is successful, you will be repaying your funds through monthly repayments as per the pre-agreed repayment schedule. These payments can be made via the website using MYCLEAR’s FPX facilities.

YES. Early settlements are allowed with no penalties.

Should the Issuer wish to repay or pay a Funding early and end the Funding Contract, they may do so, but they must repay or pay the entire Funding Amount. The Issuer can do so by giving Peoplender Sdn. Bhd. a notice in writing fifteen (15) Business Days prior and repaying or paying the full Funding Amount that the Issuer owes to the Investors under the Funding Contracts in respect of the Funding. Peoplender Sdn Bhd shall grant the issuer a rebate on interest upon such early repayment based on the formula below for Conventional funding: –

Where :-

X = Remaining funding tenure (months)

Y = Funding tenure (months)

Total Interest = Funding Amount x Interest rate x tenure (months)/12

For Islamic funding, in the event of settlement and early payment by the issuer, the Investor undertakes to grant the Issuer Ibra’ on the profit amount based on the formula below;

Ibra’ = Deferred Profit – Early Settlement Charge (if any) – fees & charges (if any);

Where (i) Deferred Profit is Total Profit – Accrued Profit, and (ii) Total Profit = Sale Price – Purchase Price

Your funding is made possible by multiple investors and it is your responsibility to make prompt repayments. A 2% late payment fee of the monthly installment amount subject to a minimum of RM80 or RM100 (effective from 1st July 2024) and maximum of RM250 will be imposed after a 7-day grace period.

For the Islamic funding, the Issuer shall be subjected to a late payment charge (“Late Payment Charge”) amounting up to ten per centum (10.0%) on the overdue/past due amount.  For the avoidance of doubt, the Late Payment Charge consists of Ta`widh (compensation charge) of up to one per centum (1.0%) per annum on the overdue amount and gharamah (penalty charge) for the remaining per centum (%) of the Late Payment Charge on the overdue amount. Ta`widh amount is allowed to be collected and earned by the Investor while gharamah charge shall not be recognised as income and should be channelled to charity. 

However, as the Ta`widh amount forms part of administrative charges of the platform, the Investors shall allow the platform to retain the corresponding amount. The combined rate of both Ta`widh and gharamah imposed on overdue amount shall not be compounded on the total payment due and overdue and shall not exceed one hundred per centum (100%) of the overdue/past due principal/Purchase Price amount.

3 days prior to the due date of your monthly repayment, Fundaztic.com will send a reminder SMS to your registered mobile number. Fundaztic.com will also send a SMS notification to your registered mobile number about missed payments 2 days after the due date to remind you on your outstanding payments.

Your funding is made possible by multiple investors and it is your responsibility to make prompt repayments. Fundaztic will use its internal collection and recovery team and where necessary, a professional 3rd party debt collection agency to collect delinquent accounts. Collection arrangements, whether internal or external are all required to comply with all applicable laws in collecting delinquent accounts of the platform’s issuers. Any charges, legal or otherwise, arising from the deliquency(ies) will have to be borned by you. In addition to this, we will report your monthly repayment status and records to all the major Credit Reporting Agencies in Malaysia.

Your installment will be classified as LATE after 7 days from the payment due date. Currently, all issuers will be given a 7-day grace period from due date to make their monthly repayments. Once the issuer has exceeded the 7-day grace period, the Note will be classified as LATE.

The grace period may be changed by Fundaztic depending on suitability. Once a payment is classified as LATE, a late penalty fee will be charged to the issuer. All our fees and charges for issuers can be viewed here.

Fundaztic has the full authority on behalf of our investors to pursue recovery actions from defaulted Issuers through legal summons, using recovery services, substituted services and even all the way up to bankruptcy if necessary.

Yes, Fundaztic reports all our issuer’s repayment status to all THREE credit bureaus in Malaysia. I.e. Credit Bureau Malaysia, CTOS and EXPERIAN.

You must own or be a part of a business registered with SSM be it sole proprietorship, partnership or sdn bhd. We do not impose on a minimum number of years in business but you must have a credit history or credit records of AT LEAST 1 YEAR for your credit application to be considered. If you do not have sufficient and good credit track records, we will not be able to fully evaluate your application and it will be rejected.

Company

Business

The Smart Invest feature is currently not available for Secondary Market. It will not pick up Notes hosted on the Secondary Market for investing.

“Investment note” refers to the promissory notes sealed between the “issuer” and “investor” to manage the risks involved in funding the “issuer”. It is a short term debt security with a maturity of between 3 months to 5 years. This legal document obligates the “issuer” to repay the funding that it has obtained via the investments of multiple “investors” based on specific terms and conditions of repayments failing which, depending on severity, Fundaztic.com may seek to pursue recovery actions permissible by law on behalf of the “investors” to recover funds issued.

YES. It is possible for businesses registered with SSM to be both an “issuer” and “investor” at the same time. However, individuals can only be “investors” and the current guidelines on P2P financing issued by the Securities Commission (SC) only allow businesses or SMEs to raise funds / become “issuers”.

Peoplender Sdn Bhd (“Fundaztic”) have appointed Masryef Advisory Sdn Bhd (“Masryef”) as the Shariah Adviser for the offering of the Islamic products. Shariah scholars from Masryef have helped to review and endorse the Shariah compliance of our products and services.