Here is the quick MoneyThing review by one of 4thWay's experts:
4thWay Expert's Quick MoneyThing Review
Could be good, but we need more info about bad debts
MoneyThing has done tens of millions in lending since 2015. We have sparse information about the two key decision makers, with no real understanding of how much specific, directly relevant banking and underwriting experience they have combined. The maximum borrowers can borrow is usually 70% of the value of the property or item (80% for cars), which is not always valued by third-party professionals.
MoneyThing's loan-approval focus is on valuation. Usually you are first in the queue compared to other lenders (e.g. banks) if the security needs to be sold to repay the debt, although we note that assets used as security are not always taken from the borrower in advance. Development loans are valued based on the current property valuation, not the hoped-for future value. MoneyThing's partner businesses sometimes lend 5% in the same loans and, if a loan goes bad, they take the first loss if selling security does not cover the debts. Alternatively, they might promise to buy bad loans back.
MoneyThing is just partially transparent. While it has provided a great deal of background information, we have little critical, up-to-date information about late loans, or loans that have been in trouble, so we are unable to conduct a serious assessment of the risks. We have limited information on the financial health of this P2P lending company, although it was profitable in 2015 and has grown considerably since then.
Independent opinion: the opinions expressed are those of the author and not held by 4thWay. 4thWay is not regulated by the ESMA or the FCA, and does not provide personalised advice. The material is for general information and education purposes only and not intended to incite you to lend.
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