The Money Platform Loans | www.themoneyplatform.com Reviews
About The Money Platform Loans
The Money Platform is a short term structured peer-to-peer platform targeting credit-worthy individuals. This service was launched by Gracombex Ltd back in 2016. Their growth since has been gradual across this time. Breaking through would have surely come easier if they went down the subprime route. This has been working well recently with Fund Ourselves and GuarantorMyLoan. TMP’s service could also do with some tinkering on the flexibility side. As it stands, those borrowing are only granted 4 amount picks across select weekly terms. There is firstly £250 over 8 or 12 weeks and then £500 covers 6, 8 and 12 weeks. Both £750 and £1000 open up all available choices of 4, 6, 8 and 12 weeks.
As a result of these restrictions, we had to compare the 4 week price at £750 and the 12 week option at £250. The £750 4w charge sits at £147. If £100 were available then this would calculate as £19.60 that is over 28 days equating to 0.7% daily interest. Pricing is variable since lenders can lend at 0.7% or 0.8%. When charged at the cap rate of 0.8% you’d pay £168 for £750 that translates as £22.40 per £100. The cost would be £24 for a full month of 30 days, but 28 days is set here. A lender receives 50% of the interest paid and the other 50% is assigned as the TMP loan administration fee.
Investors may receive an estimated annual return of 10% that factors account fees, default rates and taxation. As well as the request on borrowers to have a good credit score there is a minimum age requirement set at 20 and above. The operational days and times of this company are not disclosed. They do close at weekends though. When processing payouts they state that there is cut-off time of 3pm for a same day transfer. After this point the funds arrive the next day with the exception being on Fridays when you’ll have to wait until Monday. It would be ideal to see some customer feedback on the big review sites, but unfortunately this is lacking today.
Address: 66-67 Newman Street, Fitzrovia, London, W1T 3EQ
Brand: The Money Platform (aka: TheMoneyPlatform)
Company: Gracombex Ltd
Contact (📧): No email (form only)
Contact (☎): 020 3962 1696
FCA Licence: 716455
Niche: Payday, instalment
Opening Hours: Not disclosed
Related Brands: Non
Site Address: www.themoneyplatform.com
Site Rank (Alexa.com Global): #5,438,348
Amounts Available: £250 to £1000 (all customers)
Late Payment Fee: £15
Manage: Yes, a The Money Platform login is provided
Pricing: £147 /£750 (4w) & £112 /£250 (12w)
*Variable interest charged based on determined risk
Repayment Terms: 4 to 12 weeks (4, 6, 8 & 12)
Feefo: Not listed
Reviews: Not listed
Trustpilot: 66% (10+ count)
Rivals & Similar Lenders Like The Money Platform
This isn’t a good solution for monthly borrowing as you’d need to select at least £750 that is far too high. It’s unusual that they’d design their product this way. It would be assumed that most customers are opting for the longest 12 week selection. At this period £112 for £250 is the equivalent of £134.40 for £300. This is actually quite pricey when you consider that the top 5 bad credit deals all sit below £85. The easy alternative to highlight is Fund Ourselves who themselves are P2P specialised. With current web popularity, TMP’s Alexa rank tends to float around the 5 million mark and so this places them in the same ballpark as Kabayan Finance.
Last Check @ www.themoneyplatform.com: June 15th, 2021
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