Marketplace Lender, Money Platform, Launches in the UK

Money Platform has launched in the UK with full authorization from the Financial Conduct Authority; the platform provides short term personal loans and seeks to offer a more affordable solution than payday loans; it will include 3 to 12 week loans of up to 1,000 British pounds ($1,255) with interest rates ranging from 0.3% to 0.7% per day; the platform is targeting 12% net returns for investors and will retain 35% of the interest payments from each loan; overall the most a borrower will pay in interest on the platform is 165%.  Source