The Money Platform Review |

The Money Platform

Last Update: October 8th, 2016

Address: Unit 5, 160 Barlby Road, London, W10 6BS.
Branding: The Money Platform. AKA: TheMoneyPlatform.
FCA Licence: 716455.
From: Gracombex Ltd.
Launched: 2016.
Memberships: Non.
Related: No companies.

Product Details…
Bad Credit The Money Platform Loans Available?: No.
Manage: Money Platform login provided via
Offers: Short, Payday and Instalment loans.
Opening Hours: Monday to Friday. Times not disclosed.
Secure (SSL): Yes.
Sums: £250 to £1000 (new and returning).
Terms: 3 to 12 weeks.

The Pricing…
£21 /£250 (21) <0.400%>
£28 /£250 (28) <0.400%>
£63 /£250 (84) <0.300%>

Notes: This is a peer-to-peer service. The interest rates are variable as discussed below. It is not clear if the 2nd tier of interest is fixed and so we haven’t been able to add those examples. Our usual approach is to compare lenders at £100 (monthly & short) or £300 for instalments. However, the minimum sum here is £250 and this then shoots up to £500. The repayment schedules are weekly rather than monthly and so the actual terms for the examples above are 21, 28 and 84 days. Opening times aren’t disclosed, but for reference of same day payments you’ll need to get approved before 3pm (Mon to Fri). All applicants must be aged 20 or above and have a good credit score.

– Invest: It may understandably be too risky for many to invest in this marketplace since it is brand new. Gracombex Ltd was incorporated in 2015 whilst The Money Platform loans were introduced in 2016. It usually helps P2P firms to show trust by joining a trade association such as the P2PFA. Hopefully a membership will follow in time. This company aims to protect funding through the Protection Pool for when borrowers are unable to pay. The return itself is expected to sit at around the 12% mark.
– Niche: This is the only active company offering peer-to-peer short term loans, although they weren’t the first. It was The Lending Well that initially launched P2P payday loans in 2012. They closed in 2013 having seen that this concept didn’t work in the subprime space. PiggyBank had also tested the waters, only to soon exit. The Lending Well has relaunched, but this is as an investment firm only. Things should work out better here since prime audiences are targeted. The idea of shorter repayments may prove attractive in time. Only time will tell.
– Pricing: They don’t offer the amounts and specific terms that we usually use to compare. Some assumptions can however be made to identify their service value. The short term daily interest is 0.4% and so if 30 days was available (rather than 28) then you’d pay £12 that is the same cost charged by a few other lenders (all of which consider lower credit scores). Drafty remains way out in front of everyone at £5.40. Moving to instalments, if £300 was available then 0.3% would create a charge of £75.60 (84 days). If a full 3 month period of 90 days was available then this would change to £81. As was marked in the notes, their interest is variable. They specify between 0.3% and 0.7% daily, but only provide best potential prices. It is not clear if 0.7% would be fixed against all terms since their main examples show different rates based on the loan duration selected.

– Non.