The Money Platform Service Terms

3. The Role of the Platform

The Money Platform operates as a service that matches Lenders with Borrowers and facilitates credit agreements between them. Additionally, the business administers and manages every aspect of these loans on behalf of Lenders.

When registering as a Lender with The Money Platform and agreeing to these Terms of Service, Lenders appoint The Money Platform as their agent for loan origination, negotiation, administration, collection, and management. This role encompasses a range of responsibilities, including:

• Undertaking credit, affordability, identity, fraud, and money laundering checks on prospective Borrowers using information from credit reference agencies and The Money Platform’s proprietary scoring systems. These automated checks determine Borrowers’ creditworthiness and determine the loan amount, term, and interest rate. Checks are automated and applications are not done manually.
• Ensuring that prospective Borrowers meet the business’ risk threshold by verifying that the loan is affordable after considering known commitments, assessing their credit history for confidence in repayment, confirming their identities, conducting checks on their bank accounts and stated addresses, confirming the validity of their debit cards, and undertaking fraud and money laundering checks.
• Determining the appropriate price for loan agreements based on the risk threshold.
• Matching Lender funds with suitable Borrower loan applications within the selected loan categories.
• Executing all loan-related agreements.
• Communicating with and collecting repayments from Borrowers.
• Maintaining and preserving loan records.
• Responding to complaints or disputes.
• Negotiating during the loan term, such as early repayment options.
• Acting in response to any violation of loan terms (such as missed payments) involves conducting enforcement actions against Borrowers, issuing default notices, appointing external debt Collection Agencies, and any other measures deemed necessary to manage loans, including loan termination. If a loan remains unamended, it will be marked as defaulted 90 days after the loan’s maturity date.
• The Money Platform will provide Lenders with an annual Tax Statement, which summarizes the interest earned during the preceding tax year. The Money Platform does not withhold any tax on interest payments. The information provided in the tax statement is prepared by The Money Platform and serves as general guidance. Lenders should seek independent financial or tax advice when necessary, regarding their specific circumstances or taxation.

4. The Money Platform Account and Access

Upon registration approval, an account with The Money Platform is created to record the User’s transactions, the balance of any funds lent or borrowed, and other User information. This account is known as the Money Platform Account. The business will also issue and/or activate any access details. Users are responsible for keeping these details secure.

The Money Platform will do what it reasonably can to prevent unauthorized access to a User’s Money Platform Account. To lend or borrow through the platform, the User must log in using their access details. If the User enters the correct access details, the business will assume they are the person giving instructions and are responsible for any activity on their Money Platform Account. Users are to report any suspected unauthorized access immediately to the business. Users are responsible for all activities under their accounts unless otherwise stated. The Money Platform will not be held liable for unauthorized access to a User’s Money Platform Account or the information in it.

The Money Platform can refuse to act on any instruction that it reasonably believes is unclear, was not given by the User, or could result in a breach of applicable law.

5. Lending on the Platform

Transferring Funds: To advance money to Borrowers, a Lender creates a Money Platform Account. Lenders then transfer the funds from their bank account. Following a Lender initiating a payment to the business, the funds are placed in a Client Money Account. This is segregated from the business’s own funds, managed by it. Each funds transfer is recorded in the Lender’s Money Platform Account. Any offer made regarding those funds on the platform is separate from an earlier transfer.

Making Offers: If funds are available in the Lender’s Money Platform Account for advancing, they may make an offer by following instructions in their Money Platform Account. Lenders can specify loan terms, such as choosing the duration of Loan Contracts, the amount to lend to each borrower, and other choices. By making an offer, the Lender is offering to enter into a Loan Contract with a Borrower whose application matches the terms of their offer.

Withdrawing and Changing Offers: Lenders can withdraw or modify an offer at any time before it expires or is matched. Lenders can follow instructions in their Money Platform Account to make changes. Each offer remains open until it expires, is matched, or withdrawn.

Loan Contracts: When the Lender’s offer is matched with a Borrower’s application, a Loan Contract is formed.

Funds Transfer: Following the lender’s instructions, the business will release funds from the Client Money Account to the Borrower.

Repayment: The Borrower must repay the total amount payable under the Loan Contract by the repayment date specified. Repayments will be used to pay the following amounts due and payable under the Loan Contract:

• Any debt collection fees on overdue loans,
• Then, a fee equivalent to 50% of the interest payable under the Loan Contract to The Money Platform. This is to cover the setup and administration of each Loan Contract entered by that Borrower (Loan Administration Fee),
• Then, any other fees, charges, costs, or expenses due to The Money Platform or any third party,
• Then, the principal amount,
• Then, the interest payable to the Lender equivalent to 50% of the interest payable under the Loan Contract,
• Then, the late fee payable to The Money Platform,
• Then, additional interest on overdue payments, divided equally between The Money Platform and the Lender.

Withdrawing Surplus Funds: Lenders can create a request to transfer any funds held on their behalf in the Client Money Account to their bank account.

6. Borrowing on the Platform

Making an application: To apply for a loan, a Borrower creates a Money Platform Account. Borrowers log in and follow the instructions given. They include specifying the amount they want to borrow, the duration of the loan, and registration of their debit card.

If the Borrower’s application is not matched with a Lender, it will be void. If it is matched, the Borrower may receive a formal quote. Borrowers agree to accept the quote by electronically agreeing to the Loan Contract.

By making an application, the Borrower agrees to:

• Accept the offer matched with their application up to the total amount applied for.
• Accept the Loan Conditions in the Loan Contract.
• Comply with all reasonable requests made by The Money Platform in relation to the loan application.
• Provide any information The Money Platform requests to comply with applicable law. If inaccurate or misleading information is found, the business will report it to the relevant credit reference and anti-fraud agencies.
• The Money Platform checking their credit file and other information to assess their creditworthiness and ability to afford the repayments due under the Loan Contract. When evaluating repayment affordability, the business may consider information in the Borrower’s credit file about their financial associates. Credit reference agencies link records of the Borrower and anyone they have identified as a financial associate. These links persist on the Borrower’s (and their) credit files until the Borrower (or they) successfully file for a disassociation with credit reference agencies.
• The Money Platform, at its discretion, forwards their details to another loan provider in the event of an unsuccessful loan application. Gracombex Ltd holds no liability for any relationship the Borrower may have with the subsequent loan provider.

Payment of the loan amount: After the Borrower has agreed to their Loan Contract and all checks are cleared, the funds will be sent to the Borrower.

7. Administration of Each Loan Contract

Missed Repayment(s): If a Borrower cannot meet their repayment obligations, they must contact The Money Platform as soon as possible by calling the business by telephone or using the following email address:

support@themoneyplatform.com

Without delay, The Money Platform will:

• Explain to the Borrower the procedures and their options to meet their repayments under the Loan Contract.
• Notify the Borrower if their account will be transferred to a Collections Agency.

Communications with Lenders: Only The Money Platform will contact a Lender about their Money Platform Account, including their offers and Loan Contracts.

Communications with Borrowers: Only The Money Platform will contact a Borrower about their Money Platform Account, application and Loan Contracts, unless they miss a repayment. In that case, they may also be contacted by:

• A Collections Agency, or
• An administrator or representative of the Lender(s) under the Borrower’s Loan Contracts if The Money Platform ceases operations or backup arrangements are activated.
• A debt acquirer.

The Borrower must inform The Money Platform or them (as appropriate) if their circumstances change and could negatively impact their ability to make repayments. If communications about missed repayments cease between the Borrower and The Money Platform or any other organization, credit reference agencies will be notified, potentially affecting future credit prospects.

Early Repayment: Borrowers can repay early under their Loan Contracts without additional charges, except for interest accrued up to the date of repayment and the Loan Administration Fee. Instructions are in the Money Platform Account. More information can be provided using the following email address:

support@themoneyplatform.com

Events of Default or Bankruptcy: For any of the following events (each a "Default"):

• Failure to make a repayment on the repayment date.
• Expiry of any statutory notice of default that may be required.
• The Money Platform discovers that the Borrower has misrepresented in a way that affects its decision to allow them to register or borrow on the platform.
• The Borrower enters a terminal arrangement in relation to any of the Loan Contracts, die, or the subject to a debt solution, such as bankruptcy or Individual Voluntary Arrangement.

The Money Platform will notify the Lender via their Money Platform Account that it will seek to recover funds and pay them into the Client Money Account to then be paid into the Lender’s account. This will be subject to deductions for the costs of recovery incurred by The Money Platform and/or the Collections Agency (if unpaid by the Borrower). The funds will be allocated according to the proportion each Loan Contract represented to the original total loan amount borrowed by the Borrower.

No assignment of Loan Contracts: The Lender or Borrower is not entitled to assign, transfer, or otherwise dispose of their rights or obligations under a Loan Contract.

8. Fees and Charges

Borrowers pay the Loan Administration Fee, which is deducted from repayments made under the relevant Loan Contracts.

The User is responsible for any charges incurred to access The Money Platform.

9. Commission Disclosure

The Money Platform promotes its products through digital channels including social media, search marketing and price-comparison websites. The business has a commercial agreement with other credit intermediaries that also provide it with loan applicants. When Borrowers are initially introduced to us through these channels, The Money Platform usually incurs paid marketing costs, or in the case of credit intermediaries, it typically pays a commission for the introduction.

Commission payments will depend on various factors, including the loan amount and the number of successful introductions made by a broker or intermediary. The Money Platform’s Borrowers do not pay any fees for these costs and are only charged the agreed interest rate on any loan agreement. If a Borrower wants to know how much the business pays to the credit intermediary for a Loan Contract, they can email the business at support@themoneyplatform.com or contact the intermediary directly.

10. Transactions and Payments

The Money Platform uses a third-party Payment Processor to facilitate secure and efficient transactions between the business and its Lenders and Borrowers. The Money Platform uses eCommpay to process these transactions. The Money Platform reserves the right to use other Payment Processors at its discretion. Any changes to the Payment Processor do not affect the User’s obligations under these Terms of Service.

Lender Transfers and Client Money Account: Lenders make transfers via the Payment Processor. Once a transfer is made, funds will be transferred by the Payment Processor to the Client Money Account, which is currently held with Barclays. The Money Platform reserves the right to change the Client Money Account provider at short notice, and any such changes will not delay the processing of funds. Further details are in 9. Client Money Protection.

Borrower Repayments and Continuous Payment Authority (CPA): CPA allows The Money Platform to collect repayments from Borrower’s debit cards via the Payment Processor. As part of the Loan Contract, Borrowers authorize the Payment Processor to use CPA to collect repayments when they register their debit card with it, without requiring separate authorization for each transaction.

Borrower Responsibilities: Repayments remain the sole responsibility of the Borrower. They must ensure that sufficient funds are available in their bank account to meet repayment obligations as outlined in their Loan Contract. Failure to make timely payments may result in additional charges as specified in their Loan Contract. If the Borrower’s card details change (e.g., due to card expiry or replacement), they are required to notify They Money Platform immediately. Failure to update details may result in missed payments or disruptions to the Loan Contract. The Borrower may cancel the CPA at any time by notifying their bank or contacting the business directly. If they cancel the CPA, they are still responsible for ensuring all outstanding amounts are paid on time through an alternative payment method. If a payment fails due to insufficient funds or other reasons, The Money Platform will notify the Borrower and may reattempt to collect the payment as outlined in their Loan Contract.

11. Client Money Protection

Funds from a Lender of The Money Platform are held in a Client Money Account, in accordance with the Financial Conduct Authority’s rules, ensuring they are protected and segregated from the business’s own funds. The Money Platform takes all necessary measures to safeguard Lenders’ (Client’s) money, following rigorous standards to ensure their funds are secure.

Segregation of Client Money: The Client's money is held in a segregated account, Client Money Account, with a reputable bank. This separation ensures that their funds are not merged with company funds, providing an added layer of protection in the event of insolvency.

Use of Client Money: Client money will only be used for authorized purposes as specified in the agreements between the Client and The Money Platform. Under no circumstances will the business utilize Client’s funds for any business operations outside the agreed purposes, ensuring transparency and trust.

Reconciliation and Monitoring: The Money Platform conducts regular reconciliations of Client money to ensure that all Client funds are accurately accounted for. Any discrepancies identified are addressed promptly to maintain the integrity and accuracy of the Client money.

Financial Services Compensation Scheme (FSCS):Client money is covered by the FSCS up to the applicable limits.

12. Termination

User termination: A Lender can terminate their Money Platform Account by sending an email to the business giving this instruction. A Borrower can also do the same, if all their Loan Contracts have been repaid:

support@themoneyplatform.com

Users should not request termination of their accounts before all their Loan Contracts have been repaid. This is because The Money Platform would not be able to fulfill its obligations to administer the contracts in those circumstances.

Platform termination: The business can immediately and without notice terminate or suspend a User’s Money Platform Account if:

• It discovers or reasonably suspect that the User lied to it or are involved in any fraudulent or illegal activity.
• It is suspected that the User may be a victim of fraudulent activity. In such cases, the business will notify the User of steps they can take to restore access to their account, subject to applicable law.
• The User breaches these Terms of Service and fails to rectify the breach within 30 days of receiving notice to do so.
• The User dies, or is subject to a debt solution, such as bankruptcy or Individual Voluntary Arrangement.

Dependent on the circumstances, termination will not affect the Borrower’s repayment obligations for amounts borrowed under any Loan Contract(s).

After termination: If the Lender terminates their Money Platform Account, they will need to request to withdraw any remaining funds.

The Money Platform will provide the User with limited access to their Money Platform Account for 7 days to download any User content or data related to their Loan Contracts. After this period, access to the account and the platform will cease. The Money Platform will provide Lenders with a final statement of interest earned during the current tax year.

The Money Platform, and the third parties it works with, will maintain records related to the Borrower and their Money Platform Account to the extent necessary to recover any unpaid amounts under their Loan Contracts, or comply with applicable law.

13. User Content and Platform Use

Users are responsible for the legality and appropriateness of content shared on the platform. The User agrees not to use the platform or any part of The Money Platform’s website to:

• Harvest or collect email addresses or other financial, personal, or contact information from Users for the purpose of sending unsolicited communications or inviting individuals to lend or borrow outside the platform.
• Use the platform in an unlawful manner or in a way that could damage, disable, overload, or impair The Money Platform or the servers on which it is hosted.
• Use automated scripts to collect data from or otherwise interact with the platform.
• Upload, post, publish, display, transmit, share, store, or otherwise make available on the platform any data that the business may deem:
• Misleading, harmful, threatening, unlawful, libelous, defamatory, infringing on any intellectual property rights, abusive, inflammatory, harassing, vulgar, obscene, fraudulent, invasive of privacy or publicity rights, hateful, or racially, ethnically, or otherwise objectionable.
• Containing software viruses or any other computer code, files, or programs designed to interrupt, destroy, or limit the functionality of any computer software, hardware, or telecommunications equipment.
• Unsolicited or unauthorized advertising, promotional materials, junk mail, spam, chain letters, pyramid schemes, or any other form of solicitation.
• To be personal data of any third party, including all types of addresses, telephone numbers, or other identifiers.
• An attempt to promote or market goods or services for personal financial gain.
• Register on the platform more than once, or on behalf of an individual or of any entity without prior written authorization.
• Impersonate any person or entity, or falsely stating or misrepresenting including age, financial employment, personal circumstances, or affiliation with any person or entity.
• Use or attempt to use another User’s account, service, or system without authorization from The Money Platform, or creating a false identity on the platform.
• Solicit personal data, passwords or personally identifying data for commercial or unlawful purposes.
• Invite anyone to lend or borrow money outside the platform, or to transact based on any change to these Terms of Service, the Loan Conditions, or any other documentation contained in the platform, other than a change agreed upon with The Money Platform.

The User is solely responsible for their content. They may not post, transmit, or share content on the platform that they did not create or have permission to display, publish, or post. The Money Platform may, but is not obligated to, review the platform and delete or remove without notice any data or content at its discretion that violates any provision(s) of these Terms of Service. The User is responsible at their expense for creating backup copies and replacing any content.

When a User posts content, they grant The Money Platform an irrevocable, perpetual, non-exclusive, transferable, fully paid, worldwide license to use, copy, publicly perform, publicly display, reformat, translate, excerpt (in whole or in part), and distribute their content for any purpose on or in connection with the platform, The Money Platform website, or to promote it. The Money Platform may also prepare derivative works of or incorporate the User’s content into other works. Additionally, the User grants and authorizes sublicenses of the foregoing. However, if the User chooses to remove their content from the platform, the license granted above will automatically expire. Nevertheless, the User acknowledges that The Money Platform may retain archived copies of their content.

The User agrees to indemnify The Money Platform and its affiliates from any loss, liability, or claim arising from their content, platform use, conduct, or violation of these terms or any law. The User is solely responsible for their interactions with other Users. The Money Platform reserves the right, but have no obligation, to monitor disputes between Users.