General Questions

MoneyThing operates a P2P platform that matches lenders and borrowers to give borrowers access to capital and lenders a return on their money.

MoneyThing's role is as an agent and not a lender.

MoneyThing is the trading name of MoneyThing Capital Limited. MoneyThing Capital Limited was founded in 2004 to provide mortgage advice and later provided bridging loans to businesses. In 2015 a peer-to-peer lending platform was added to expand the business.

The business is owned by Ed Pearce and David Monro. It is a family run business and is funded by family capital.

Yes. MoneyThing has been operating as a peer-to-peer platform since February 2015 and the business went into operational profit in the financial year ending October 2015. Our audited accounts are filed at Companies House.

We operate a sustainable business model whereby we earn an arrangement fee on each loan as well as recurring fees throughout the loan term to cover operating costs. This means that even if we were to stop originating new loans, we have ongoing revenue we earn from our live loan book. This is important as it provides stability in the event of an economic downturn.

We also keep a tight control on our cost base and run an efficient operation.

It is unlikely that we will go out of business because we operate a sustainable business model and manage our business risks carefully.

We have structured our loans so that they are held by a separate Security Trustee (MoneyThing Security Trustee Limited). This company does not trade and only exists to hold the security of each loan and act on behalf of lenders. In the event that our platform went out of business, the loans would continue to operate.

The FCA require peer-to-peer lenders to have a plan in place called a ‘living will’. This plan covers what would happen in the event of a platform failure and how the loan book would be run down. We have elected to manage our own orderly wind down process.

Yes. MoneyThing is regulated by the Financial Conduct Authority number 703549.

MoneyThing is a platform that matches lenders and borrowers. In our P2P model we don’t lend our own funds, but rather connect people that wish to earn an interest on their money with businesses that need to borrow.

The most important difference for lenders is that we do not offer the same protection as funds in a bank account and funds are not covered by the FSCS. If you lend through MoneyThing, your capital is at risk. Our risk statement is here.

While all the lending platforms offer lenders the chance to lend directly to borrowers, there is a lot of diversity in the way platforms operate.

We are different because we focus on providing our lenders with great customer service and that means we try to be as fast as we can with our essential services like the processing of deposits and withdrawals. It also means we communicate and keep our lenders well informed about loans and any developments.

We are also different because of the way we engage with our borrowers. We don’t provide consumer loans and we don’t use any automated credit scoring. Instead, we meet with our borrowers in person, understand their business needs and assess each application on its own merits. We think that overall provides a better service to both lenders and borrowers.

Our contact detail can be found here.

Our complaints policy can be found here. Any complaints are handled by our senior management team. As we are regulated by the FCA we adhere to their guidance regarding the handling of complaints.

Questions about Lending

If you would like to apply to lend on the MoneyThing platform, please complete our registration form. It typically takes a few hours to set up your account so you can start making loans straight away.

Passwords can be updated under: My Account, Account Details, Update Password. If you have forgotten your password and cannot access your account, please click on the 'forgotten password' link during the registration process and follow the instructions.

Personal information, including home address and contact number can be updated under: My Account, Account Details, Personal Information.

Please contact us if you wish to change or update your current bank details. Your bank details can be viewed under: My Account, My Funds, Bank Account. Please be sure to use the bank account that you wish withdrawn funds to be deposited into.

Yes. We accept lenders from some European countries and Australia. We are unable to accept applications from some countries where legislation does not allow it, such as the US.

We are unable to accept applications from countries where we don’t have sufficient information to verify the identity of lenders. This is a limitation of the databases we use and we hope in the future to be able to expand the number of countries that we can accept lenders from.

Your MoneyThing account is secured by a username and password which you set up yourself when you apply for an account. You must keep these details secure to prevent unauthorised access to your account. All data at MoneyThing is held in a secure environment and all data is transferred over SSL links.

We are required by the Financial Conduct Authority to carry out identity and anti-money laundering checks before we accept any lender. If we are unable to verify your identity through our identity checking process, we may ask you to provide photographic and address verification.

No. There are no fees to lenders.

Lenders can invest as little as £1. All amounts lent must be in whole pounds.

Yes. Your SIPP administrator will need to agree to this. We work with a number of SIPP providers already and we are happy to discuss your requirements with you if you would like to contact us.

MoneyThing lenders can deposit funds into their accounts via bank transfer. To do so users should login to their account and access the deposit section which can be found under: My Account, My Funds, Deposit. Here you will find payment details. Please ensure you include the provided payment reference in your bank transfer. Once the transfer has been actioned please complete the deposit page.

If you make a payment during our office hours (ie. 9am to 5pm), we aim to allocate the deposit to your account as soon as possible and within 4 hours. While we do work outside office hours, due to the fact that we are a small team, we can’t guarantee the allocation of deposits outside of our core hours and you may have to wait until the next working day to see your funds. We are currently working on improving the automation of our processes, which will speed up the allocation time and improve our service out of office hours.

MoneyThing hold all lender funds in a segregated Client Money Account with Barclays Bank.

MoneyThing lenders may only withdraw from their available funds. To do so users should login to their MoneyThing account and access the withdraw section which can be found under: My Account, My Funds, Withdrawal. Once this page has been submitted, MoneyThing will action the withdrawal by transferring funds into the lender's chosen bank account. Whilst we endeavour to credit bank accounts on the same working day, it can take up to three working days before funds will show in the user's personal bank account.

No. MoneyThing are not a bank and your money is not protected by the FSCS.

MoneyThing offer loans to lenders on the platform. We provide information on each loan including a loan description and supporting documentation such as a valuation report or details about the business that requires the loan. Lenders should read this information and make their own lending decisions. MoneyThing do not provide advice or make any recommendations. Your capital is at risk and you might not get back what you invested.

No. MoneyThing does not provide advice. We present information to lenders so that they can make their own decision about whether or not to lend on a particular opportunity.

Once you have chosen a loan, you need to make a deposit into your MoneyThing account. Once we have received your funds into our Client Money Account, we will add the balance to your MoneyThing account. You can make a loan commitment by going to the loan you wish to invest in and selecting ‘lend now’. You enter the amount you wish to lend.

Each loan has a different term and is specified in the loan particulars. If you commit to a loan, you are committing to the loan term. There may be an opportunity to sell your loan part early on the secondary market, subject to someone else wishing to buy that loan part from you. As explained below, there is however no guarantee that you will be able to sell your loan part.

MoneyThing operate a secondary market where lenders can offer their loans for sale if they need to exit from the loan before the end of the loan term. However, lenders should be aware that loans can be illiquid and this is subject to someone else wishing to buy that loan part from you. If a buyer cannot be found, then you have committed to the loan for the term. MoneyThing has a generally very active secondary market and to date all loans for sale have been sold quickly. This is no guarantee of future performance of course.

Interest is paid monthly into your MoneyThing account. You can choose to re-lend the interest or withdraw it into your bank account.

Peer-to-peer lending platforms do not deduct tax at source and so the return you receive from your MoneyThing loans is paid gross.

Lenders are responsible for any tax payments due to HMRC. Your tax treatment will depend on your personal circumstances and tax rates and reliefs may change in line with legislation. We are unable to offer any tax advice and we recommend that you take independent tax advice in relation to the tax treatment of your loan and the interest payments attached to it.

MoneyThing provide a statement on interest earned which is available in your MoneyThing account.

If a loan goes into default, we will instruct our solicitors to start the recovery process. As all our loans are asset-backed, this will involve selling the underlying asset. Any funds recovered will be paid back to lenders in proportion of their holding and you might not get back all your interest and/or capital. More details can be found in our Lender Terms and Conditions.

Questions about Borrowing

We accept applications from UK businesses.

You can borrow from £25,000 to £5,000,000.

Our loans are typically 3 months to 3 years.

Please contact us to discuss your requirements and we will send you an application form to complete and return.

We typically provide an indicative offer on the same day the application is received. Each application goes through a due diligence process and the time this takes depends on the type of security provided and how straightforward it is to value and secure. Straightforward assets with a current valuation report can be processed quickly.

You will need to provide sufficient information so that we can carry out the necessary identity and due diligence checks on your business. This includes details about the assets you are providing for security and in some cases details of your company accounts.

MoneyThing charge a 1%- 2% arrangement fee and ongoing maintenance fees throughout the loan term. In addition, borrowers pay between 10-13% interest to lenders, depending on the risk and term of the loan.

We provide details about your business and the loan requirements to lenders so that they can assess the loan and make their own decision whether or not to lend to you. We work with you and agree in advance what information will be shared with lenders.

The repayment terms will be agreed and stated in the loan agreement. MoneyThing provides interest only loans. Interest is typically paid monthly throughout the loan term and the capital is repaid at the end of the term. In some cases part interest may be paid on drawdown or at term.

If you miss an interest payment it is important that you contact us straight away. There may be penalty charges to pay if the payment becomes overdue. If we are unable to recover the payment from you the loan will be placed into default and passed to our solicitors to recover the funds.

No. There is usually a minimum term of 3 months, but after that time you can repay the loan at any time without incurring any penalties.

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