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Post by The Money Platform on Nov 10, 2016 23:18:17 GMT
Hi Neil,
You are correct about The Money Platform fee - all our fee information can be found in our Terms of Service (stg.themoneyplatform.com/terms-of-service)
In terms of data: we are working on making a page which will give live data on loan amounts, default rates and more - please bear with us whilst we get this together.
Thanks for the questions - as a new company it is really helpful to see what is important to you guys and to hear what questions you have.
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Post by The Money Platform on Nov 10, 2016 23:31:39 GMT
If I go to make an offer it says "The offer will be not active due to insufficient funds in your wallet". So, does that mean if I have just £250 to invest, I can only make an offer on one loan term? Or could I put 5 offers at 0.3% on loan terms from 3 weeks to 12 weeks, and once one matches my other 4 loan offers will disappear? Hi Neil - you are correct, you are able to put 5 offers in the market and when one is taken up the remaining 4 will be removed. Thanks again for your question.
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Post by jonboy73 on Nov 11, 2016 2:08:45 GMT
If I go to make an offer it says "The offer will be not active due to insufficient funds in your wallet". So, does that mean if I have just £250 to invest, I can only make an offer on one loan term? Or could I put 5 offers at 0.3% on loan terms from 3 weeks to 12 weeks, and once one matches my other 4 loan offers will disappear? Hi Neil - you are correct, you are able to put 5 offers in the market and when one is taken up the remaining 4 will be removed. Thanks again for your question. Hi Money Platform, nice looking site. have signed up to have a look around.
can you tell us who decides the rate the borrower pays? is it just the lowest available? istm that we are just likely to end up in a race to the bottom with regard to rates? or is the rate tailored to the borrower, i.e. they are offered 0.5%? if so what if there is money avail at 0.4 but not at 0.5, will the loan match or not?
do you have plans to let us fund a part of a loan instead oh having to take the full risk from each borrower?
how can we see where the borrower demand is?
tia, probably more questions to come...
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Post by dodgeydave on Nov 11, 2016 4:46:07 GMT
New to this forum, and generally new to the world of p2p lending, but just wanted to share my (n=1, I know) experience with this lender. Early days for these guys, but I tried them out with their smallest loan of £250 and had a good experience. I lent out: £250 For 3 weeks At 0.4% interest per day Three weeks later, my borrower repaid the loan. After The Money Platform took their £7.35 fee, I received back £263.65. So I made 5.5% on my money in 3 weeks, not bad It’s clearly higher risk than some other options, but at these returns I will probably continue to invest a small amount of my overall peer to peer portfolio with these guys. kamstraThanks for the glowing report. Could i ask do you work for or have any sort of relationship with the money platform ?
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Post by jonboy73 on Nov 11, 2016 4:50:43 GMT
New to this forum, and generally new to the world of p2p lending, but just wanted to share my (n=1, I know) experience with this lender. Early days for these guys, but I tried them out with their smallest loan of £250 and had a good experience. I lent out: £250 For 3 weeks At 0.4% interest per day Three weeks later, my borrower repaid the loan. After The Money Platform took their £7.35 fee, I received back £263.65. So I made 5.5% on my money in 3 weeks, not bad It’s clearly higher risk than some other options, but at these returns I will probably continue to invest a small amount of my overall peer to peer portfolio with these guys. kamstra Thanks for the glowing report. Could i ask do you work for or have any sort of relationship with the money platform ? surely it was just a happy coincidence..
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Greenwood2
Member of DD Central
Posts: 4,242
Likes: 2,686
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Post by Greenwood2 on Nov 11, 2016 9:01:36 GMT
Why do you need copies of a driving license or a passport? And why do you insist on a mobile number, mine is never turned on unless I'm using it, so useless as a contact method. Too much hassle to bother.
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Post by money22 on Nov 11, 2016 9:31:05 GMT
Hello everyone.
Few points to note on which I hope you find useful in addition to magenta14's info on the owners - seem to be very credible. Having spoken with some friends and understanding what the FCA's Project Innovate was, I was instantly attracted to know more about The Money Platform given their ties with the process. Clearly, they're well respected and hold true values within the guidelines of the FCA regulated p2p market. I decided to contact them them before investing a small test amount. The helpline was friendly, the responses were clear and gave me the confidence to deposit. Everything worked as they say: deposit the money and make an offer for your amount!
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Post by buttchopf23 on Nov 11, 2016 9:31:19 GMT
Can I invest as a international investor, residing in Switzerland (I am Swiss, if that matters)?
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Post by dodgeydave on Nov 11, 2016 9:45:22 GMT
Hello everyone. Few points to note on which I hope you find useful in addition to magenta14's info on the owners - seem to be very credible. Having spoken with some friends and understanding what the FCA's Project Innovate was, I was instantly attracted to know more about The Money Platform given their ties with the process. Clearly, they're well respected and hold true values within the guidelines of the FCA regulated p2p market. I decided to contact them them before investing a small test amount. The helpline was friendly, the responses were clear and gave me the confidence to deposit. Everything worked as they say: deposit the money and make an offer for your amount! money22 . You seem to be another just joining the forum . And first post is full of praise. Now you seem to of disappeared. ?? A bit suspicious Admin
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dandy
Posts: 427
Likes: 341
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Post by dandy on Nov 11, 2016 9:45:42 GMT
Can you clarify the representative example for a borrower on your site.
Representative example:
Borrow:£500 for 6 weeks
Interest rate:200.75%
One repayment of:£615.50
Representative:497% APR
Why is the APR so much higher than the interest rate? Is there a fee you deduct from the £500 - so the borrower only receives say £400?
Interesting new proposition, thanks and good luck!
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Post by easteregg on Nov 11, 2016 10:13:39 GMT
According to the site lenders are charged 35% of the interest. As I believe this fee is no longer tax deductible, this will have an impact on those of us that have to pay tax.
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ben
Posts: 2,020
Likes: 589
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Post by ben on Nov 11, 2016 10:15:25 GMT
Think it is fairly obvious that both posters have something to do with Money Platform.
Not a site for me, expected return rate 12% for all that risk, if it was only a 7% default rate I doubt that the wonga venture into this kind of loans would have failed.
I quite like that they think they are ethical lenders.
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bigfoot12
Member of DD Central
Posts: 1,817
Likes: 816
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Post by bigfoot12 on Nov 11, 2016 10:27:36 GMT
Can you clarify the representative example for a borrower on your site. Representative example: Borrow:£500 for 6 weeks Interest rate:200.75% One repayment of:£615.50 Representative:497% APR
Why is the APR so much higher than the interest rate? Is there a fee you deduct from the £500 - so the borrower only receives say £400? Interesting new proposition, thanks and good luck! I don't know, but my guess is that whilst the money is borrowed it is simple interest, but as soon as it is repaid the APR is calculated based on a compounding of that number.
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dandy
Posts: 427
Likes: 341
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Post by dandy on Nov 11, 2016 10:27:55 GMT
Think it is fairly obvious that both posters have something to do with Money Platform. Not a site for me, expected return rate 12% for all that risk, if it was only a 7% default rate I doubt that the wonga venture into this kind of loans would have failed. I quite like that they think they are ethical lenders. yes, but ... if they are enabling their borrowers to pay 500% APR instead of say 1000% APR at Wonga or life% to a shark then ...
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Post by jonboy73 on Nov 11, 2016 10:33:31 GMT
Hello everyone. Few points to note on which I hope you find useful in addition to magenta14's info on the owners - seem to be very credible. Having spoken with some friends and understanding what the FCA's Project Innovate was, I was instantly attracted to know more about The Money Platform given their ties with the process. Clearly, they're well respected and hold true values within the guidelines of the FCA regulated p2p market. I decided to contact them them before investing a small test amount. The helpline was friendly, the responses were clear and gave me the confidence to deposit. Everything worked as they say: deposit the money and make an offer for your amount! money22 . You seem to be another just joining the forum . And first post is full of praise. Now you seem to of disappeared. ?? A bit suspicious Admin I would call it treating a decent group of intelligent people with a lot of money to invest with utter contempt and disrespect. I'm out.
I'm sure the admin here will be able to look into the various aspects of the new joiners and determine the true story.
what a fantastic display of how to shoot yourself in the foot, and doing so well up to that point too.
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