Worthy FinancialReviews of worthybonds.com

Response from Worthy FinancialMar 28, 2024

Hi Allen. As we've mentioned in our communications, our earliest business bond funds were unfortunately impacted by the pandemic as some of our borrowers were irreparably harmed. We are still working with them to collect (a very lengthy process) and have made distributions to bondholders as those funds are recovered - as well as pursuing other ways to ensure our bondholders are able to once again redeem. Clearly a global pandemic is not something we ever imagined would happen. And yes, our own staff and management have bonds held in the paused offerings so we too feel your pain. Our other offerings are backed by real estate and have had no such negative impact. Again, we deeply apologize for the circumstances but they were beyond our control. Please know we are working as hard as we can to resolve the issue.

Response from Worthy FinancialFeb 29, 2024

We regret any inconvenience caused by your frustration. As stated in the emails that have been communicated to our customers, recovery efforts are still underway and disbursements are occurring at the rate that funds are received from our borrowers (affected by the pandemic) and alternative financing. This schedule is dependent on organic factors that prevent us from being able to project ETAs beyond our immediately scheduled tranches. However, all customers were queued for redemption automatically based on the maturity date when the pause went into effect, so you do not need to take any further action to secure your place in line. You will be notified by email once your account is scheduled for redemption in an upcoming tranche. We truly appreciate your patience throughout this process.

Response from Worthy FinancialJan 25, 2024

We understand it might seem a bit insensitive to see us hosting this Worthy Causes initiative. Please note that this financial contribution is coming from entirely different entities (Worthy Property Bonds 1 & 2). All Worthy bond offerings are separate from one another--both legally and operationally--and each has its own portfolio of loans, so what happens in one offering has no impact on what happens in another. We would not be able to use funds from Worthy Property Bonds, for example, to pay off obligations in Worthy Peer Capital (and please note the contributions are coming from operating revenues of these entities, not from bond sales). We realize it can be frustrating to see us selling bonds, supporting community causes, and continuing operations while you wait for your bonds in WPC to become redeemable, but ultimately, having Worthy continue its operations on all fronts is best for all bondholders since this ensures the business is sustained. We meant it when we said we are doing everything in our power to make everyone whole, and we will not stop until this is the case. We appreciate your patience.

Response from Worthy FinancialJan 25, 2024

Jay, we apologize for your frustration. Disbursements are occurring at the rate that funds are received from our borrowers and you will be notified once your account is scheduled for disbursement. When the Worthy Lending portfolios allow for further disbursements they will be automatic and in order of maturity or redemption request date. We thank you for your patience during this time.

Response from Worthy FinancialDec 19, 2023

Miguel, we completely understand your frustration. To date, Worthy has paid out close to $2 million in funds that have been delayed by this pause. Although we don't have a specific payout date on your account, we continue to make these payments as our past-due loans are liquidated, based on the order of either the customer's bond maturity dates or when they requested a withdrawal - whichever came first - and we will continue to do so as we work through the collection process. In the meantime, your bonds will continue to earn interest at our new rate of 5.5% (5.73% APY).

Response from Worthy FinancialDec 19, 2023

Hi Steve, we hope that you have been receiving the WPC updates. We deeply apologize, as it was never our intention to have to pause our withdrawals for this long, but we also never foresaw a global pandemic that would so severely impact some of our business borrowers. We have collected and paid out close to 2 million dollars to date since the pause began and we will continue to work through the collection process. I'm sure it's no comfort for those of you who are affected by the pause, but it is important to note that this delay has impacted less than 5% of our outstanding bonds. Your bonds continue to earn interest at our new rate of 5.5% (5.73% APY).