Who are we?
At The Money Platform, we’re enabling lending between people – creating a bridge that connects individual borrowers and lenders directly. Anyone can apply to borrow or lend.
Our mission is clear: to leverage data for better lending solutions.
With a focus on millennials with ‘thin’ credit files who are in need of short-term cash and investors seeking diversified investment opportunities, we have created an ecosystem that is both securely regulated by the FCA, promotes financial inclusion and is easy to use. If we provide good loan solutions for our borrowers, then our lenders will enjoy good outcomes as well.
Here’s a comprehensive guide on how our Peer-2-Peer lending platform operates.
Lending on The Money Platform
Step 1: Complete the registration process. This involves providing personal details, self-classifying your investor status, passing an appropriateness test to show you understand the risks of investing, and undergoing Know Your Customer (KYC) checks. The KYC checks are standard procedures designed to prevent identity theft, financial fraud, and money laundering.
Step 2: Following registration, there is a 24-hour cooling-off period. This is a regulatory requirement designed to give you some time to consider the decision and ensure it suits your financial objectives.
Step 3: Once the cooling-off period has elapsed, your account will be enabled for lending. Should you wish to proceed with the investment opportunity, you will then be able to make your first deposit via the online dashboard.
Step 4: After funding your account, the final step before your funds can be deployed, is to choose which loan amounts you would like to offer to the borrowers on our platform. Once your offers have been enabled, your funds will join the queue and your first loan will be funded shortly after.
Step 5: Loan performance can be analysed via the personalised lender stats dashboard on your online account. Alternatively, you can always download portfolio data into Excel and apply your own formulas to the raw data.
Borrowing from The Money Platform
Step 1: Borrowers apply directly or via one of our affiliate partner’s comparison websites. The process is straightforward and user-friendly.
Step 2: After submitting their personal details, we will proceed with a soft credit check. This check, combined with our intelligent scorecard, enables us to determine the borrower’s affordability for a loan. This credit check does not impact their credit score but is essential to ensure that we are adhering to responsible lending practices.
Step 3: If successful, our loan offer will be displayed for the borrower. Loan offers are valid for 30 days, giving the borrower enough time to make a decision on what loan amount and duration will be best for them.
Step 4: Once they are happy to proceed and confirm their selection, funds will be transferred from one of our registered Lenders to the Borrower upon the completion of a KYC check. This helps ensure a safe and secure lending process for all parties involved. A loan contract and instalment schedule will also be created at this point and will remain accessible throughout the duration of the loan via the online dashboard. The loan contract is anonymised: it shows the Lender’s TMP customer number and the Borrower’s TMP customer number. No personal details are exchanged.
Step 5: The borrower’s instalments will be automatically collected by TMP on their contractual payment dates and paid to the Lender after deduction of TMP’s loan administration fee. Should the borrower encounter any financial difficulty, our customer service team will always be available to assist.
So now that you understand the mechanics of lending at The Money Platform, whether you’re a millennial seeking short-term cash or an investor looking for a new investment opportunity, The Money Platform could be the place for you.