hendragon
Member of DD Central
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Post by hendragon on Dec 8, 2016 15:54:47 GMT
The most difficult thing that TMP will need to do is find enough quality borrowers. January can often be the peak time for loan requests so I think I will re-evaluate TMP in early February.
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Post by wickedxuk on Dec 19, 2016 11:09:20 GMT
Registered but when I try to upload ID it just spits out a error 500 code. Not a great start! The Money Platform
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Post by flobberchops on Dec 19, 2016 13:22:14 GMT
I'm interested in this platform. I'm envisioning it being a smaller, high-risk high-yield part of my portfolio in the same way ReBS is.
The main difference is that ReBS minimum buy in is £10, not £250! Are TMP considering lowering this threshold to, say, £100 to attract lower net worth individuals?
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Post by The Money Platform on Dec 19, 2016 17:23:05 GMT
Registered but when I try to upload ID it just spits out a error 500 code. Not a great start! The Money Platform This is because your image size is too large - you will have been emailed and we reference this risk for those with older computers/smart phones in the upload process
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Post by wickedxuk on Dec 19, 2016 17:55:04 GMT
Registered but when I try to upload ID it just spits out a error 500 code. Not a great start! The Money Platform This is because your image size is too large - you will have been emailed and we reference this risk for those with older computers/smart phones in the upload process ok thanks! I'll try resizing. FYI though I am using a new smart phone and took the picture with my phone camera. Surely your system should be able to cope with this given it will probably be the most commonly used method?
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michaelc
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Post by michaelc on Dec 22, 2016 0:13:09 GMT
Are TMP considering lowering this threshold to, say, £100 to attract lower net worth individuals? My guess is it would increase significantly the capital cost of the platform for it to allow loans to be shared among investors. I can't think of any other reason but would be interested to hear other's and their opinion. Maybe they also took the view that it is harder to get borrowers right now than lenders so making lending more attractive is less of a priority? But what would I know - I'm a just a mere software engineer.
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Post by The Money Platform on Feb 6, 2017 15:48:20 GMT
WestonKevTMP We are delighted to welcome Kevin Allen to our team as Chief Risk Officer. Kevin joins us from Ratesetter where he was Head of Retail Lending for over 3 years. Kevin brings a wealth of experience to his role at The Money Platform and we are delighted he has decided to join us as we seek to shake up the short term loan market.
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elliotn
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Post by elliotn on Feb 6, 2017 16:24:40 GMT
Fantastic news. I registered in the hope he may persuade a transition to fractional lending ie diversified loan parts. Here's hoping, all the best WestonKevTMP !
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Post by richardthe4th on Feb 6, 2017 17:58:19 GMT
Tried to sign up but did't have any luck.
Postcode finder doesn't seem to find the village that I live in so I had to choose the next nearest village...
Finally got stuck on the box where you put a house number.... which I don't have..
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littonowl
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Post by littonowl on Feb 6, 2017 19:46:28 GMT
Tried to sign up but did't have any luck. Postcode finder doesn't seem to find the village that I live in so I had to choose the next nearest village... Finally got stuck on the box where you put a house number.... which I don't have.. Oh no, not another one...! Sounds like it'd rule me out too then, even if they did move to fractional lendings.
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Post by WestonKevTMP on Feb 7, 2017 8:13:26 GMT
Tried to sign up but did't have any luck. Postcode finder doesn't seem to find the village that I live in so I had to choose the next nearest village... Finally got stuck on the box where you put a house number.... which I don't have.. Although the platform is young, the address look-up software is pretty industry standard. If TMP can't find your address then other more established platforms may also be struggling. It should have found your village/postcode, but there could be an issue with house names instead of numbers. Any chance you could DM me the details? So despite the standard software and look- up functionality, I'd really appreciate it if people could DM me their glitches and I'll investigate. Or email me directly.... It's kevin@themoneyplatform.com Kevin.
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Post by WestonKevTMP on Feb 7, 2017 8:30:27 GMT
Fantastic news. I registered in the hope he may persuade a transition to fractional lending ie diversified loan parts. Here's hoping, all the best WestonKevTMP ! Thank you, it's good to be back. And the small team at The Money Platform are dynamic, innovative and keen to do the right think by lenders and provide a fairer more transparent offering to this much maligned sector of borrowers. It's short term borrowing, that doesn't have to mean pay-day or sub-prime. It's different and there is clearly demand. I'll shortly be writing a blog on why this lending sector needs a successful platform that can lend with honesty and integrity. A business needs to make money, but it doesn't have to treat people unfairly. And with full platform FCA authorisation already in place, the regulator understands this as well, and is supportive. But there is a lot of work to do, the platform is far from a finished article. One issue is that of lender protection, and most forumites will know my background of building the RateSetter fund from sub £1m to over £20m. However this model of protection isn't right for every lender, platform, risk profile or type of borrowing proposition. TMP has been initially designed to not provide protection through fractional loans (i.e. diverisifed loans), nor a Provision Fund (although the software design has this functionality). A third option is that of a colllatorised pool for managed collective lending, not disimilar to the rolling/monthly options sprouting across many P2P platforms - although this usually means reduced returns. Currently TMP is a higher risk higher return proposition, and there are enough lenders in place whilst borrowing volumes are purposefully low. Lenders ideally need to obtain their own diversification across loans, which does mean higher lending amounts. So at the moment the focus is on getting the borrowing half of the platform in shape. Then in the medium-long term future of the platform when borrowing volumes can be allowed to grow safely and sustainability, alternative methods of lender protection (than self diversification) will be firmly on the agenda. That time isn't here get.... Kevin.
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elliotn
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Post by elliotn on Feb 7, 2017 10:53:44 GMT
Thank you for the update Kevin, great to see you back in the fold. I may take a 20 loan toe dip pending fee free exit so look forward to more updates soon
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markr
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Post by markr on Feb 7, 2017 17:27:25 GMT
Thank you for the update Kevin, great to see you back in the fold. I may take a 20 loan toe dip pending fee free exit so look forward to more updates soon No such thing, you have to put your leg in up to the knee at £250 per loan. And to get the £500 I've had languishing since November lent out I went all gung-ho and blew the lot on one loan, so I'm up to my neck in it! [Edit: Ah, did you mean 20 loans not £20? You'll wait a loooooooong time to get that lent out! ]
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david42
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Post by david42 on Feb 8, 2017 20:42:42 GMT
So at the moment the focus is on getting the borrowing half of the platform in shape. Then in the medium-long term future of the platform when borrowing volumes can be allowed to grow safely and sustainability, alternative methods of lender protection (than self diversification) will be firmly on the agenda. Welcome on board WestonKevTMP . I was thrilled to see you had joined TMP, and that you have already started engaging with us. I am pleased to hear that your first priority is to get the borrowing side into shape. I am concerned that there are only £51,500 of loans in place today. With such small loan volumes the platform must be a long way short of covering its costs. What will you be doing to increase the number of borrowers? And what volume do you expect to achieve over what timescale? How long could this platform survive at current loan volumes? I hope we are looking forward to a long and prosperous engagement.
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