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MPP Money Loans @ www.mppmoney.com
MPP Money launched at www.mppmoney.com back in 2013. This lender that is based in London is most notable in offering highly flexible loans in the UK. This flexibility is seen in both the attainable loan amounts and the repayment terms. The range of £100 to £500 for both new and returning customers isn’t significant itself. The impressive feature is rather the point that any single amount can be selected to the exact £1. On the repayment side the range of 15 to 90 days is in place. You can again pick exactly how long you wish to borrow to the exact day. There is also good value seen in this service. Interest is fixed at 0.7% per day.
And so, for every £100 that you borrow the charge will be set at £21. This compares well to £24 that is what most payday firms set to match the industry cap. If you were to borrow £300 over the longest term of 3 months then you’d be looking at £145.47 (update: now £137.58). This works out closer to 0.5% than 0.7% that is due to this rate being calculated against a reducing balance as payments. When comparing their costs against other lenders, they do however compare better when opting for their shorter terms. Standing out against the competition may prove tricky here since they haven’t been advertising since they arrived in 2013 and so they’ll need to reinvest.
The MPP Money loans are securely processed through www.mppmoney.com that is equipped with customer logins. However, for those users seeking to clear early, this must be done over the phone rather than via account servicing. There is also a notice on the site regarding verification. In one area they state that the applicant’s 2 most recent payslips must be issued. On the same page it states that payslips may be requested. I guess this will depend on how well the applicant scores on their credit check. Once any checks have been approved, the payment is quickly sent by Faster Payment. Finally, they operate during the working week only between the hours of 9am and 5.30pm.
£21 /£100 (30)
£137.58 /£300 (3)
Data Taken from www.mppmoney.com: November 2016.