Enjoy a better return on your money

WHO CAN LEND AT MATCH THE CASH?

To lend via the Match the Cash platform you must:

b) Be aged 18 or over;

c) Be able to confirm your identity

DO I HAVE TO PAY A FEE TO LEND VIA THE MATCH THE CASH PLATFORM?

No, in order to lend on the Match the Cash peer to peer platform, you won't be charged any fees.

WHAT IS THE SERVICE FEE FOR?

We take our running costs, and the costs for funding the Reserve Fund from the service fee that the borrowers pay. Please follow link to view full terms.

WHAT IS THE MINIMUM/MAXIMUM I CAN LEND?

Our minimum loan amount: £1,000

Our maximum loan amount available online is: £10,000

If you want to invest more please call 01603 561110. 

HOW LONG CAN I LEND MY MONEY OUT FOR/IS THERE A MINIMUM TIME?

The term is for 3 years. You can choose whether to have your capital repaid monthly or repaid at the end of the term.

WHEN IS INTEREST PAID

Interest is paid monthly

HOW DO I TRANSFER FUNDS TO MATCH THE CASH?

Once you have confirmation that you have been approved as a lender, we will email you our client account details (including account number and sort code). You will then be able to transfer funds by bank transfer to our client account.

WHAT DOCUMENTATION WILL I RECEIVE FROM YOU?

You will receive a monthly statement. The monthly statement is viewable online via the online log in. We will also provide an annual income statement which you can download from your personal account.

WHAT SORT OF RETURN CAN I EXPECT TO MAKE?

As at 01/09/2016, if your funds are lent for a 3 year term, the expected annualised return is approximately 8-10%. The return is before tax and assumes the capital that is repaid by borrowers is reinvested by you throughout the term (you can set this as an automated process during your application) and there are sufficient funds in the Reserve Fund in the event of a default by borrowers you lend to. The actual return will be lower if the capital is not immediately reinvested throughout the term and in the unlikely event that there are insufficient funds in the Reserve Fund in the event of a default by borrowers you lend to.

CAN I GET MY MONEY BACK EARLY OR ACCESS MY MONEY IN AN EMERGENCY? 

Should you ever need access to your money before it is due to be repaid, we offer a tool called quick return, which helps you sell your loans to other lenders so you can get back your money, provided that there are other lenders willing to purchase your loans. We cannot guarantee that you can get your money back early. There is an administration fee payable to Match the Cash of 2.5% of the amount you wish to access.

CAN I CANCEL MY CONTRACT?

You have 14 days from when you have transferred funds to the Match the Cash client account to change your mind. However once the 14 day period has elapsed you are not able to cancel. See the question above, should you wish to access your money before the end of the term after the cooling-off period has elapsed.

HOW SAFE IS MY MONEY?

As with any type of lending, there is a risk that the borrower and / or the guarantor will not repay the loan. Match the Cash has systems in place to keep this risk to a minimum:

a) Our experienced team runs identity-checks, credit-checks and risk-assessments on every borrower and guarantor before they are allowed to borrow money via the peer to peer platform or become a guarantor for a borrower.

b) The collections team chases any missed payments on your behalf.

c) The Reserve Fund may give you back all the money invested by you if a borrower and or guarantor is unable to pay back your loan to them.

d) Your money is held in a segregated Barclays Bank plc account until it is lent out - it does not form part of Match the Cash's assets.

e) A maximum of 5% of your total funds is lent to any individual borrower. This means that your money is spread across many different loans, which reduces the risk of losing any money.

IS MONEY COVERED BY THE FINANCIAL SERVICES COMPENSATION SCHEME (“FSCS”)

No. Your capital is at risk and your money is not covered by the Financial Services Compensation Scheme. FSCS does not cover peer-to-peer lending.

What type of loans are provided through Guarantor my Loan?

Guarantor My Loan provides Guarantor Loans.

What is a Guarantor Loan?

A guarantor loans uses a ‘guarantor’ – who is usually a friend or family member of the person who wants to borrow the money as a type of security on the loan. They are a type of unsecured loans. The credit history of both the borrower and the guarantor is assessed as is affordability of the loan before money is lent.

The borrower must make monthly loan repayments for the full term of the loan. If they don’t, then the guarantor is asked to step in and make the payments on the borrower’s behalf.

WHAT HAPPENS IF A BORROWER MISSES A PAYMENT OR IS UNABLE TO PAY?

Occasionally people are late on their payment, or default on their loan. Our collections team attempts to contact any customers who miss payments on your behalf. If the borrower is unable to pay,  the guarantor will be contacted to  request a payment. In the event that the borrower’s account is in arrears of a sum greater than six contractual monthly payments  Match The Cash will automatically send a claim to the Reserve Fund to reimburse you any lost capital.

WHAT IS THE RESERVE FUND, AND HOW DOES IT WORK?

If a borrower's account is in arrears of a sum greater than six contractual monthly payments, Match the Cash will send a claim to the Reserve Fund to reimburse your capital outstanding. However, the Reserve Fund is not an insurance product and we cannot guarantee that you will be recompensed. It is managed equitably and in the interest of all our Lenders, to shield them from bad debt. To further safeguard the Reserve Fund, it is set up as a trust which is independently managed from the day to day operation of Match the Cash. The Reserve Fund will be topped up by Match the Cash on a monthly basis to reflect the growth of the loan book and anticipated levels of bad debt.

WHAT HAPPENS IN THE EVENT OF EITHER PARTY'S DEATH?

a) In the event of the Lender's death, we are unable to change the name of the Lender's account or transfer the money into another person's name. We will take repayments and interest earned as usual on behalf of your estate. Once the loan is repaid in full we'll release the money when the executor of your will instructs us to do so.

b) The contract is unaffected in the event of the Borrower's death. Once we have received a certified copy of their death certificate, we will give the executor of their will all the details of the loan and the settlement figure. The Borrower's estate can either pay off the outstanding amount in full, or set up a new direct debit from their own bank account and continue the monthly payments as usual.

WHAT HAPPENS IF MATCH THE CASH GOES INTO ADMINISTRATION?

It is unlikely that Match the Cash will go into administration but we of course have to plan for all contingencies. If Match the Cash were to fail (or close to new business for whatever reason), we have a plan in place to ensure that our lenders' loans are repaid according to the schedule. The funding of the plan comes from a combination of the income Match the Cash receives from the loans plus the Reserve Fund. In the unlikely event that Match the Cash goes into administration, the contracts between Lender and Borrower is still legally valid and will not change. Borrowers will have to make payments to Lenders as usual.

WILL I KNOW WHO MY BORROWERS ARE?

For security reasons we do not disclose the full name or address of the borrowers. Your loan will be spread across a range of our approved borrowers to the extent that no more than 5% of your lent amount will be against an individual borrower.

DO I HAVE TO PAY TAX ON THE INTEREST EARNED THROUGH MATCH THE CASH?

Yes. All returns are paid gross without any tax deducted, and so  Lenders may have to pay income tax on the interest earned through Match the Cash.. To help you, we will provide an  annual income statement on line which you can download from your personal account. This will show the total gross interest you have received over the previous 12 months. The income tax payable will be dependent on your circumstances, and may be subject to change. It is your responsibility to pay the correct tax on your earnings through Match the Cash. If in doubt consult your tax advisor or HMRC.

IS PEER TO PEER LENDING REGULATED?

Since April 2014, the Peer to Peer industry has been regulated by the Financial Conduct Authority. This means that every peer to peer platform must have a plan in place just in case things go wrong, and must be clear, fair and not misleading in their claims to both investors  and borrowers. All peer to peer platforms are expected to have at least £50,000 put aside by April 2017 to act as a buffer just in case something goes wrong (such as a problem with business cash flow or large change in the financial markets). This is being instigated as a rule because investing with peer to peer lenders is not protected under the Financial Services Compensation Scheme, as they would be with a bank or building society. Match the Cash Limited is regulated by the Financial Conduct Authority Interim Licence number 661304.

HOW DO I MAKE A COMPLAINT?

We consider a complaint as being defined as an expression of dissatisfaction made by you in relation to any of the services we provide. In the event that you make a complaint, we will make every effort to rectify the problem as soon as practicably possible. We have a complaints handling policy and procedure, a copy of which is available on request. If you feel that your complaint or grievance has not been dealt with satisfactorily, you have the right to take your complaint to the Financial Ombudsman. If you have not received a final response letter from us within eight weeks of raising your complaint, or the final response letter has been received but is not satisfactory to you, you will need to bring your complaint to the Financial Ombudsman within six months. You can contact the Financial Ombudsman at The Financial Ombudsman Service, Exchange Tower, London, E14 9SR or by calling them on 0800 023 4567. If you do refer your complaint to the Financial Ombudsman Service, this will not affect your right to take legal action.

HOW CAN I CONTACT YOU?

To contact us, please write to Match the Cash at Acre House, 11-15 William Road, London, NW1 3ER, email customerservice@guarantormyloan.co.uk or call Match the Cash on 01603 561110.

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