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The Money Platform Loans @ www.themoneyplatform.com
The Money Platform is a peer-to-peer company that specialises on shorter instalment term loans, rather than the usual contracts that tend to last several years. They are however aligning themselves at the same target market of credit-worthy individuals. The launch of www.themoneyplatform.com from Gracombex Ltd only recently went ahead in 2016 and so it will take time to see how well this service has been received by early borrowers and investors. The product itself lacks flexibility on the level of attainable funding. The selectable sums only include £250, £500, £750 and £1000. This is the case for new and returning customers. The term range is 3 to 12 weeks (21 to 84 days).
As a prime offering, the pricing is as expected competitive. For their minimum sum of £250, the 28 day charge would be £28 or £31.85. The daily rates for these examples are 0.4% and 0.455%. Hypothetically, if £100 was available over a full month (30) then the cost would be £12 or £13.65 that are both great deals, yet not market leading. For the longest term (84), the charge is £63 or £95.55 per £250 and so this means that the daily charge has dropped down to 0.3% (the latter is fixed at 0.455%). Turnarounds are quick. If you get accepted before 3pm then they’ll initiate a same day transfer (Mon/Fri only).
All applicants for reference must be 20 years or older. A Money Platform login portal is added at www.themoneyplatform.com. Their specific hours of business are not shared, but they are closed over the weekend. Not a considerable amount of data is provided on the investment side. They did have a Protection Pool at launch, but this has now been removed. The return itself is expected to float around 12% per year. 65% of the interest is paid out whilst the other 35% heads to TMP as an administration fee. This is not the first time that peer-to-peer lending has been tested out on shorter terms. Both PiggyBank and The Lending Well attacked this niche, but when targeting subprime borrowers.
£28 to £31.85 /£250 (28)
£63 to £95.55 /£250 (84)
Data Taken from www.themoneyplatform.com: March 2016.