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Post by The Money Platform on Nov 14, 2016 12:33:59 GMT
I am stuck on what I suspect may be a pedantic problem on the first page of the site. It states that if I lend £250 for 3 weeks, "At our highest rate you could earn up to £273.89". So if I've lent £250 and earned £273.89, I get £523.89 back, right...? Hi everyone, Just on this point - thanks for the feedback on this point, we have made an amendment today after you brought this to our attention. The TMP team.
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Post by The Money Platform on Nov 14, 2016 12:40:44 GMT
There would be a lot more interest from me if the minimum per borrower was a lot less than £250. I currently lend less than that per borrower in secured lending, so I'm not comfortable with such high amount per borrower on an unsecured payday loan. Is there the potential for this to change in the future or will this always be 1 lender per borrower? Also on what amount is income tax due, is it the amount before money platform take their cut or after? If it's the former it would scare me off as a high rate tax payer. Thanks. Thanks for your query. Lenders receive back their principle plus 65% of the interest payable. Lenders never receive the remaining 35% which is taken by The Money Platform as the loan administration fee. Any tax owed is therefore only due on the 65% that the lender receives back. Please note that we are not tax experts and lenders may wish to take professional advice.
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Post by sayyestocress on Nov 14, 2016 12:57:28 GMT
There would be a lot more interest from me if the minimum per borrower was a lot less than £250. I currently lend less than that per borrower in secured lending, so I'm not comfortable with such high amount per borrower on an unsecured payday loan. Is there the potential for this to change in the future or will this always be 1 lender per borrower? Also on what amount is income tax due, is it the amount before money platform take their cut or after? If it's the former it would scare me off as a high rate tax payer. Thanks. Thanks for your query. Lenders receive back their principle plus 65% of the interest payable. Lenders never receive the remaining 35% which is taken by The Money Platform as the loan administration fee. Any tax owed is therefore only due on the 65% that the lender receives back. Please note that we are not tax experts and lenders may wish to take professional advice. Ok, great. Thanks for responding.
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adrianc
Member of DD Central
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Post by adrianc on Nov 14, 2016 12:57:58 GMT
So, just to clarify, there is no way at all to get any more information on the borrower than the desired amount and duration?
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nush
Member of DD Central
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Post by nush on Nov 14, 2016 13:15:28 GMT
I believe MP are contemplating introducing smaller minimum loan sizes or loans that are funded by multiple lenders around the start of the new year . what makes you believe that, have you been in contact with them or is this wishful thinking
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Post by Deleted on Nov 14, 2016 13:34:17 GMT
So, just to be clear, you keep all the credit worthiness data to yourselves and you receive 50% of the interest that we do without putting in the capital? Get out of here.... really? That puts FC's 17% to shame and at least they band their borrowers.
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dandy
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Post by dandy on Nov 14, 2016 13:40:22 GMT
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mikeh
Member of DD Central
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Post by mikeh on Nov 14, 2016 13:53:11 GMT
be interesting to compare with another new P2P payday lender launching in Janaury Sounds promising.
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littonowl
Member of DD Central
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Post by littonowl on Nov 14, 2016 16:08:36 GMT
be interesting to compare with another new P2P payday lender launching in Janaury Sounds promising. Less promising though, is the fact that their website, which claims they are fund-raising, fails to accept your details... welendus.com/
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Post by webbski9 on Nov 14, 2016 21:40:49 GMT
Nush.not wishful thinking.I have been in contact with TMP
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nush
Member of DD Central
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Post by nush on Nov 14, 2016 21:58:45 GMT
Nush.not wishful thinking.I have been in contact with TMP thanks, i will keep watching this space then.
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Post by nsiam on Nov 15, 2016 13:07:20 GMT
littonowl Welendus registration is back online if you're interested in registering your interest. You can also contact us directly if you would like.
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Post by webbski9 on Nov 15, 2016 14:09:05 GMT
Naseem.YOUR site ONLY offers registration for the chance to become a shareholder NOT to become a Lender
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Post by nsiam on Nov 15, 2016 15:02:18 GMT
webbski9 we are not opening the door for lenders yet as we are still pre-launch awaiting the FCA approval. If you register as a shareholder you will basically be added to our mailing list and you will be notified as soon as we open the door for lenders.
Hope this helps.
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littonowl
Member of DD Central
Posts: 398
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Post by littonowl on Nov 15, 2016 15:12:54 GMT
webbski9 we are not opening the door for lenders yet as we are still pre-launch awaiting the FCA approval. If you register as a shareholder you will basically be added to our mailing list and you will be notified as soon as we open the door for lenders.
Hope this helps. Thanks nsiam, I've registered.
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