MPP Money Review | www.mppmoney.com
Address: Great West House (GWH1), Boston Manor Road, London, TW8 9DF.
Branding: MPP Money. AKA: MPPMoney.
FCA Licence: 718628.
From: MPP Money Ltd.
Related: No companies.
Bad Credit MPP Money Loans Available?: Yes.
Manage: MPP Money login provided via www.mppmoney.com.
Offers: Short, payday and instalment loans.
Opening Hours: Monday to Friday (9am/5.30pm).
Secure (SSL): Yes.
Sums: £100 to £500 (new and returning).
Terms: 15 to 90 days.
£21 /£100 (30) <0.700%>
£145.47 /£300 (3) <0.539%>
Notes: Applicants must verify their income by providing copies of their 2 most recent payslips. This is a requirement regardless of how well the credit check scores. Once verified they’ll aim to send the payment your way within a few hours.
– Flexibility: MPP’s biggest asset is the high level of flexibility of their product that is seen both on the selectable amounts and the terms. The loan range itself isn’t significant at £100 up to £500, but each amount increases in tiny £1 increments. On the repayment side you can also choose any day of your choice between 15 and 90. Most instalment lenders only allow you to make the selection in monthly blocks and so it is refreshing to see the daily range in place here.
– Pricing: Daily interest is charged here at 0.7% that translates to a competitive payday loan charge of £21 per £100. Your average lender asks for 0.8% that bumps up to £24 and so this is an ideal term to go with. When a longer repayment is required, the interest rate decreases since they are calculating against a reducing balance. However, £145.47 isn’t one of the better 3 month charges floating around. We stumbled upon this lender by chance when running a web search for another firm that was charging 0.7%. It is clear that they have kept a low profile since launching in 2013 as we haven’t seen them advertised on the web and on a check-up only a few review sites had profiled them.