I don’t see anything about Worthy property bonds
I don’t see anything about Worthy property bonds
Great Idea, Very Poor UX
I love the idea of Worthy bonds, but this app has some of the worst UX. Remove the ‘X’ that makes it very easy to logout, or at least remove it from the same location the back arrow goes. Also don’t use cards or material UI, this is iOS not Android.
Otherwise great idea.
Otherwise great idea.
Why the logout button?
Why do you have to have a logout button on the front screen at the location where you have go-back button on the other screens? That is very unusual.
And replying your response, I never suggested adding "a logout option to each page." I suggested a quite opposite. I want you to REMOVE the logout button "X" from the front/main page. I too often accidentally press it and find myself logged out. Pretty annoying.
And replying your response, I never suggested adding "a logout option to each page." I suggested a quite opposite. I want you to REMOVE the logout button "X" from the front/main page. I too often accidentally press it and find myself logged out. Pretty annoying.
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Response from developer
Hi there! You're the first person to suggest adding a logout option to each page of our application. I'll bring your suggestion to our developers. Thanks!
Great program, but...
I love the concept. I love the ability to round up change. I hate that there’s no facial recognition login. Easy 5 stars once they implement that.
9/10 -- Software improvements needed
Company and concept is great, as well as it's support staff. Only area that needs to be improved is the app and website design and functionality. Currently, it has some flaws with lagging, screens going white until you close and re-open the app, and so forth. Simple, yet important, fixes that I'm sure will be addressed as this company continues to grow. This is another great financial asset for the common consumer to take advantage of.
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Response from developer
Hi there! Thanks for reaching out! So our tech team is currently redesigning the framework of our application- you should see the updated version of our application available early next year :)
Great rates, easy savings
So I recently just started this and the interest I have made is amazing. Way more than just sitting in savings. It’s so easy to use and I love the other options to regularly add funds. The only negative thing is it take about three days to process funds either direction, but not a big deal.
Response from developer
Hi there! Thanks so much for the kind words! In regards to transfer time, we did try to speed the process up at one point but it resulted in much more fraud. So we decided to stick with the 4 to 5 business day service as most people feel the 5% return is worth waiting an extra day or two.
Investment
The 5% return is great and I like that this supports local businesses, but i am concerned after reading their sec filing.
Better apps
I put in $100 an it took it out of my bank account 5 days ago but it still says transferring. Not saying it won’t transfer but if it takes that long after it already took the money out of my account, it’s not worth it. I’ll just stick to stash, acrorns, Wealthfront etc.
Phenomenal Product!!!
I have been using Worthy for over a year now and I’m amazed at how simple Worthy has made the seemingly complex topic of bonds. Put your money in, take it out at any time, no questions asked. Plus earn 5%. That’s it. Beats any bank for short term savings funds.
They have an auto-deposit feature that you can set and forget. There really is no downside, as they invest in the safest type of bonds and have extremely low risk. They’ve figured out how to help both consumers and small businesses. Five stars. Great work, guys!
My only offer of feedback - I realize due to the nature of SEC regulations, you need to separate funds. That said, can you create a total at the bottom that adds those three totals together in the app? I’d like to see my overall holdings much easier. So essentially, create one more button below the other three funds that gives me my total? I’d love that!
-A proud bond holder
They have an auto-deposit feature that you can set and forget. There really is no downside, as they invest in the safest type of bonds and have extremely low risk. They’ve figured out how to help both consumers and small businesses. Five stars. Great work, guys!
My only offer of feedback - I realize due to the nature of SEC regulations, you need to separate funds. That said, can you create a total at the bottom that adds those three totals together in the app? I’d like to see my overall holdings much easier. So essentially, create one more button below the other three funds that gives me my total? I’d love that!
-A proud bond holder
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Response from developer
Hi there! Thanks for reaching out! Our tech team is currently redesigning the framework of our application and plan to include a section that shows the total entities portfolio value. We will send out a mass email once our updated application is live. We appreciate you coming to us with the suggestion!
Not transparent, liquidity terms raise big questions
Ok, I did 1 star because I have legitimate concerns about this investment program. On the surface it seems great to give people a chance to earn 5% yield while at the same time taking the money to loan out to small businesses who needs the funding. HOWEVER, the Worthy Bonds program has some very real red flags which need to be addressed and people need to be made aware of them.
1) There is ZERO transparency as to what small businesses are receiving these bond proceeds, what their credit/repayment status is at all. For all we know, this is a ponzi scheme where the majority of this money is going to someone’s personal bank account(s). Without basic transparency of who the borrowers are and the loan terms, it is VERY suspect. For example, how much of this money is being loaned to bankrupt restaurant owners, or gym owners...who may possibly never be able to pay the loans back and could shut their doors for good any any time. We have no way of knowing at all. People investing into a black box is how some of the greatest financial scams have ever unfolded. Contrast this company’s approach to something like FundRise, which provides audited FS annually and gives constant and specific updates on the underlying investments it hold. Night and day from Worthy’s complete lack of reporting transparency. All this appears to be is a number on paper, and nothing else. Madoff did things similarly. I sure HOPE that this is not that, and strongly urge Worthy’s team to address these shortcomings.
2) The liquidity terms given to investors are completely unrealistic and are a bigger red flag than point 1 above. Investors are told they can get their money back within 2-3 business days with no penalties. However, there is zero chance that Worthy could call the loans from small businesses in that same timeframe. When the liquidity your investors get doesn’t match up with the liquidity of the underlying investments, you have a major house of cards situation. If there is a major market stress event, there is a high likelihood that Worth would have to deny redemption requests, and possibly not be able to ever pay back that money. This is a time when 1 in 5 small businesses are going bankrupt....that kind of default scenario makes the underlying holdings seem very shaky. Of course there is no way to know what the true risk is because of zero transparency (see point 1). The only way you can offer this kind of 2-3 day liquidity is if you are paying new withdrawal requests with new money coming in. It collapses when the new money stops coming in.
These two very simple and basic investing concepts raise some real questions about the viability of Worthy Bonds. It’s much higher risk than anyone seems to think. This is like putting money with some random person you don’t know with nothing but a handshake promise he’ll pay you back. Be careful. If you invest, limit how much you put in and be willing to lose it all. This is basically a high yield (junk grade) bond fund with no backstop from the Federal Reserve or FDIC at all.
Full disclaimer...I have no axe to grind with this company and have no evidence there is any wrongdoing at all. But I was a forensic auditor for many years and this thing doesn’t pass the most basic smell tests. In theory it could work without item 1 above (if you are ok giving your money to a third party on the “honor system”), but item 2 combined with item 1 make me really concerned that investors hunting for yield are going into a dark pool of money that may never return their capital. Let’s hope the transparency improves greatly, I’d love to be proven wrong. Providing audited FS with loan portfolio details/terms would alleviate most of these concerns.
1) There is ZERO transparency as to what small businesses are receiving these bond proceeds, what their credit/repayment status is at all. For all we know, this is a ponzi scheme where the majority of this money is going to someone’s personal bank account(s). Without basic transparency of who the borrowers are and the loan terms, it is VERY suspect. For example, how much of this money is being loaned to bankrupt restaurant owners, or gym owners...who may possibly never be able to pay the loans back and could shut their doors for good any any time. We have no way of knowing at all. People investing into a black box is how some of the greatest financial scams have ever unfolded. Contrast this company’s approach to something like FundRise, which provides audited FS annually and gives constant and specific updates on the underlying investments it hold. Night and day from Worthy’s complete lack of reporting transparency. All this appears to be is a number on paper, and nothing else. Madoff did things similarly. I sure HOPE that this is not that, and strongly urge Worthy’s team to address these shortcomings.
2) The liquidity terms given to investors are completely unrealistic and are a bigger red flag than point 1 above. Investors are told they can get their money back within 2-3 business days with no penalties. However, there is zero chance that Worthy could call the loans from small businesses in that same timeframe. When the liquidity your investors get doesn’t match up with the liquidity of the underlying investments, you have a major house of cards situation. If there is a major market stress event, there is a high likelihood that Worth would have to deny redemption requests, and possibly not be able to ever pay back that money. This is a time when 1 in 5 small businesses are going bankrupt....that kind of default scenario makes the underlying holdings seem very shaky. Of course there is no way to know what the true risk is because of zero transparency (see point 1). The only way you can offer this kind of 2-3 day liquidity is if you are paying new withdrawal requests with new money coming in. It collapses when the new money stops coming in.
These two very simple and basic investing concepts raise some real questions about the viability of Worthy Bonds. It’s much higher risk than anyone seems to think. This is like putting money with some random person you don’t know with nothing but a handshake promise he’ll pay you back. Be careful. If you invest, limit how much you put in and be willing to lose it all. This is basically a high yield (junk grade) bond fund with no backstop from the Federal Reserve or FDIC at all.
Full disclaimer...I have no axe to grind with this company and have no evidence there is any wrongdoing at all. But I was a forensic auditor for many years and this thing doesn’t pass the most basic smell tests. In theory it could work without item 1 above (if you are ok giving your money to a third party on the “honor system”), but item 2 combined with item 1 make me really concerned that investors hunting for yield are going into a dark pool of money that may never return their capital. Let’s hope the transparency improves greatly, I’d love to be proven wrong. Providing audited FS with loan portfolio details/terms would alleviate most of these concerns.
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