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 Please be sure to use the bank account that you wish withdrawn funds to be deposited into.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 the MoneyThing IFISA

To be an eligible person to subscribe for the MoneyThing IFISA with us you must:

a) successfully register as a Lender Member and agree to the Lender Terms; and
b) agree to our ISA Terms; and
c) be an individual person over 18 years of age; and
d) meet the residency requirements which means you must satisfy one of the following:
• be resident in the United Kingdom;
• or be non-resident in the United Kingdom and perform duties of a Crown employee which are treated as being performed in the United Kingdom;
• be the spouse or civil partner of such a person
e) hold a valid National Insurance Number (NINO) or confirmation that you meet the approved HMRC exceptions; and
f) have accepted our IFISA declaration.

There are four types of ISA: Stocks and Shares, Cash, Lifetime and IFISA.

Your ISA subscription can be split between these four types of ISA provided that:

a) You do not exceed the overall maximum limit for the tax year; and
b) You make sure that you adhere to the ‘one ISA of each type per tax year’ rule. You can subscribe in each tax year to:
i) one cash ISA;
ii) one stocks and shares ISA;
iii) one Innovative Finance ISA; and
iv) one Lifetime ISA.

You are not eligible to apply if, in the same tax year as you are applying for a MoneyThing IFISA, you have already subscribed to an Innovative Finance ISA, or have already subscribed the maximum available allowance to a Cash and/or Stocks and Shares ISA.

These restrictions do not apply if you:

a) are transferring an existing Innovative Finance ISA from another ISA provider to this MoneyThing IFISA (in circumstances where this is permitted under the ISA Regulations); or
b) have already subscribed the maximum allowance to a cash and/or stocks and shares ISA and this is transferred to a MoneyThing IFISA.

No. The rules state (9A.8) “Peer-to-peer loans held outside of the IFISA wrapper cannot be sold and repurchased inside an Innovative Finance ISA except where the loans are sold and made available for purchase (using cash held by the ISA manager) at the same price, by any lender on the open market.”

You can offer any loans you hold outside of the wrapper for sale on the secondary market and you can purchase any loans from the secondary market using your IFISA account. 

Yes, we operate a flexible IFISA, which means that any withdrawn funds can be replaced within the same tax year of withdrawal. If the withdrawn funds are not replaced the withdrawal will lose its flexible status for that tax year and be reset to the new balance at the beginning of the next tax year.

You may withdraw and replace any of the cash in your MoneyThing IFISA inclusive of current year subscriptions and previous year subscriptions transferred in from other ISA managers or in subsequent tax years.

Bear in mind that you will only be able to withdraw cash and not funds that are invested in loans. If you have invested in loans you will need to sell your loans on the secondary market prior to withdrawing funds. This depends on finding a buyer for your loans and the market can be illiquid.

Some funds cannot be replaced, please see our IFISA Terms and Conditions for details.

The interest rates are set on a loan by loan basis and depend on the risk and term of the loan. MoneyThing offer loans between 8% and 13% interest per annum.

We are unable to offer any individual tax advice and we recommend that you take independent tax advice in relation to the tax treatment of your loans.

Peer-to-peer lending platforms do not deduct tax at source and so the return you receive from your MoneyThing IFISA loans is paid gross. Lenders are responsible for any tax payments due to HMRC. MoneyThing will provide a statement on interest earned which is available in your MoneyThing account.

If you subscribe to the MoneyThing IFISA your earnings will be tax free, subject to adherence to the IFISA terms and eligibility criteria. MoneyThing will report to HMRC in accordance with the ISA regulations.

Yes. The minimum for opening an IFISA account with MoneyThing is £1000 per annum.

The maximum you can subscribe to a MoneyThing IFISA is prescribed in the ISA Regulations. Transfers of ISAs from previous tax years will not affect the current year limit for ISAs. There is no limit to how many Previous Years ISA subscriptions you can have in your MoneyThing IFISA account

We will usually approve your account within a day of your application. You can then subscribe new money by bank transfer or request a transfer from an existing provider. The transference of any old Stocks and Shares ISAs to us can take up to 30 days, or 15 for a cash ISA.

There are no annual fees, no fees for transferring in funds, no fees for offering loans for sale on the secondary market.

There are fees for transferring funds to another ISA Manager and for administering an account in the event of your death or bankruptcy. We also charge fees for processing voids and repairs to accounts. All fees are included in the schedule in our IFISA Terms and Conditions.

You can transfer to your MoneyThing IFISA a combination of current or previous years ISA subscriptions that you have made with another ISA Manager. This can be one of the following:

a) Transfer of the entire ISA; or
b) Transfer of the previous subscriptions only; or
c) Partial transfer of Previous Years subscriptions by amount, subject to a minimum of £1,000; or
d) Transfer Current Year subscriptions only; or
e) A combination of options (b), (c) and (d).

You may not make a partial transfer of your Current Year subscriptions as this would breach the ‘one ISA of one type’ rule.

If you transfer current year subscriptions to MoneyThing then we will assume ownership of the IFISA for the tax year and report that information to HMRC.

We only accept cash transfers and so if you are holding investments in a Stocks and Shares ISA or another IFISA, you will need to sell these investments first.

The ISA transfer must be administered by us. You must not remove any funds yourself from your existing ISA Manager as the funds could lose their ISA status. An online ISA Transfer Authority Form will need to be completed. The ISA Requirements do not require a physical signature to complete the transfer and MoneyThing can process your ‘Transfer In’ request electronically. However, your existing ISA Manager may require a physical signature and it is your responsibility to confirm whether this is a requirement of theirs.

MoneyThing provides two processes to allow you to transfer funds:

a) Electronic submission – in which you can complete the Transfer Authority Form online; and
b) Hard copy paper submission – in which you can print and complete the online form and return it to us by post to MoneyThing Capital Limited, 7 Auckland Terrace, Ramsey, Isle of Man.

Once we are in receipt of either the electronic or paper Transfer Authority Form, we can then arrange for the funds to be transferred to us from your existing ISA provider in accordance with your instructions and the ISA Requirements. MoneyThing is not responsible for any delays in this process if electronic instructions are rejected by your existing ISA Manager.

If your previous ISA manager allows transfers out, then you can do that at any time of the year. To transfer, all you have to do is fill out the form on the webpage and send it to us. We will do the rest. Transfers must be done between managers to keep the funds within the tax wrapper so don’t be tempted to cash in your stocks and shares yourself, or transfer cash out of your ISA as you will lose your tax advantage. Just fill out the form and let us do it. You can transfer only a part of previous years’ funds, but a current year ISA must be transferred as a whole. This is because you are only allowed to open one ISA of any type in one year. Be aware of looming tax date deadlines and the time it may take to transfer to or from another manager.

We will set a flag on your account which will alert you to the £20,000 limit. However, we will not know what other ISAs you may hold and you must be aware that in any year you cannot subscribe to more than £20,000 across all of your ISAs. Only you can know what your other holdings are.

If we discover that you have subscribed to a disallowed combination of ISAs with different ISA managers, or you have exceeded your overall subscription limit then:

a) if such subscription breach occurs before we have accepted the subscription causing the breach, we will return all or part of the payment causing such breach, either to you or your previous ISA Manger if the funds were received via a transfer in as described in clause 9; or
b) if such subscription breach occurs after we have accepted the subscription causing the breach, we may take any action we deem necessary to repair or void any current year subscription and we may credit any excess to your normal MoneyThing account and contact you to notify you of your options.

If you have subscribed to a disallowed combination, or exceeded your overall limit, usually, HMRC will contact you. Alternatively, you can ring the ISA helpline on 0300 200 3312

Whether you lend through your IFISA account or your standard account the risks of peer-to-peer lending are the same. We recommend that you read through the risk statements before you lend. If you are unsure about peer-to-peer lending, you may wish to seek independent financial advice.

No. If you don’t make an investment (that is, don’t deposit into your IFISA account) in a tax year, then you will have to make a new declaration the following year, or the year in which you next subscribe. You cannot carry your allowance over to the next year.

No. To be a UK resident you must live in England, Scotland, Wales or Northern Ireland. The Channel Islands and the Isle of Man for instance are precluded. If you notify us that you are no longer resident in any tax year, then any subscriptions and interest will be removed and cannot be replaced. If you return to the UK, then you will have to sign another declaration. A useful page can be found at href=https://www.gov.uk/government/publications/rdr3-statutory-residence-test-srt.

If you decide you no longer want a MoneyThing IFISA, you will have the right to cancel your account within 14 calendar days of the date your account is opened, without giving any reason, (the “Cooling-Off Period”) except where:
- You have already committed those funds to Loans, as stated in our Lender Terms and Conditions;
- We have already received a transfer in from another ISA Manager.

You can close your account at any time, however- please see ‘how do I close my IFISA account’ for further details.

In the event of your death, ISA tax exemptions will no longer apply. Any interest or gains in respect of investments that arise after the date of death to the date of closure will not be exempt from tax. However, there will be no loss of exemption on any interest or gains which arise before the date of death. We will inform your representatives and HMRC of the amount of interest that has been earned on Loans before and after your date of death.

When we receive notification of your death we will immediately suspend your MoneyThing IFISA account until we receive further instructions from a person with appropriate authority.

If you pass away and your spouse or civil partner holds an ISA then the HMRC guidelines allow for your allowance to be used and added to your ISA allowance, which is known as an “Additional Permitted Subscription” (APS). MoneyThing do not provide APS at this time. If your spouse or civil partner would like to use APS in the event of your death, they will need to transfer to another ISA Manager. In this instance, your surviving spouse should contact us by email at support@moneything.com and we will explain all the options which are available to your spouse in line with the ISA Requirements.

HMRC offer a bereavement helpline on 0300 200 3300.

If you become bankrupt, you must to notify us immediately. In event of your bankruptcy, ISA tax exemptions will no longer apply from the date on which a trustee is appointed to manage your estate. On notification, we will immediately suspend your account and await instructions from your Trustee or representative. Once you have no Loans and funds have been withdrawn by your Trustee or representative, your account will be terminated.

HMRC require us to report on the amount subscribed, the valuation of your holding and some personal details to a secure site. You do not have to declare your IFISA on your tax return as you don’t pay tax on the interest on your IFISA account. If you have over-subscribed or opened a disallowed combination, HMRC will get in touch with you.

You will need to contact the other ISA provider in order to arrange a transfer. You should not remove any funds yourself as this could result in the loss of the ISA.

You can only transfer funds that are held in cash as uninvested funds in your MoneyThing IFISA account. In the event that your funds are not in cash and ready to transfer you will be required to sell the relevant Loan Contracts via the secondary market to turn such Loan Contracts into cash before making a transfer. This could result in a delay in the transfer. We do not guarantee that you will be able to sell your Loan Contracts in this manner.

You can close your MoneyThing IFISA account at any time by emailing us at support@moneything.com. If you wish to transfer your ISA to another provider, you will need to follow the transfer out process. If you withdraw funds yourself without following the transfer out process, your funds could lose their tax status.

You will need to make sure you have sold all your loans before you either transfer funds to another provider or withdraw them.

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 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.

Talk to us about becoming a borrower or a lender

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