• Loan Types: P2P Lending
• Availability: UK (Only Established, Profitable, Businesses)
• Securities: Secured
• Loan amount: £50,0000 – £3,000,000
• Interest: Representative APR: 6.41% to 16.86%
• Overall Rating: Good 3.0 / 5.0

About Thin Cats

Founded in 2011, ThinCats was established to meet the borrowing needs of businesses following banks’ withdrawal after the financial crisis of 2008. Their business doubled twice annually during its first two years of operation, and the company quickly built a reputation for a very high quality standard for the P2P loan process. Using a team of Sponsors, ThinCat evaluates borrowers and lenders to create secured loans with minimal risk and excellent terms for both.

Good fr Investors

Strong quality control make it a very safe investment, unlike other platforms that are more willing to accept newer business.

Quick Approval

No clear timelines on the exact time it would take, but advertised as “quick”.

Clear, Secure, Website

Straight forward, transparent site, protected by the highest standards of online security.

The Good and the Bad

Good

• Quality Control.ThinCats accepts only highly qualified borrowers and lenders, after becoming intimately familiar with business practices and financial history.
• Trustworthy. ThinCats is a superlative P2P platform built on quality in every detail. Not everyone will qualify, but those who do will be part of an excellent financial organization.
• OK Rates. Because approved borrowers are considered very unlikely to default, their resulting APRs are lower than one sees in many other P2P services.
• Quick Approval

Bad

• Elite. ThinCats’ minimum loan amount is greater than the maximum loan from some other P2P lenders. This is a highly vetted lending/borrowing club, and many simply will not be approved. This also translates into longer wait times for new users than seen with general lenders offering near-instant approval.
• Requires securities. We specialise in unsecured business loans, and thus, we were not able to recommend on it as a top provider.
• Little Media Coverage

Which Type of Companies do They Apply to?

ThinCats uses very general language when describing potential borrowers. They mention “established, profitable businesses”, which can supply security, and which truly require this form of financing. This description is vague only because ThinCats’ sponsors perform a thorough analysis of each business before allowing investors to bid on their loan. A 20 page document is prepared, highlighting every aspect of a prospective business, though specific aspects of this internal vetting process remain proprietary knowledge.

Are Bad Credit Businesses Accepted?

No. ThinCats intends that no borrower should ever default on one of their loans. Bad credit businesses will not be approved.

Early Repayments & Comparison

ThinCats says there are “usually” no fees or penalties for early repayment, though no specific circumstances are drawn up in their publicly available terms and conditions. User reviews indicate that any such fees would be very much the exception to the rule.

How do they compare with other companies in the industry:

ThinCats is an exceptionally high-quality P2P lending company, though they do not offer the high availability and convenience of other, more general P2P lenders.

Reputation & Feedback

Credibility is ThinCat’s M.O. Because they’re choosy about their clients, this isn’t the sort of business you’ll see a lot of on TrustPilot, but individual reviews online seem universally positive. ThinCats’ website is unusually clear and straight-forward, compared to many P2P lending sites, with terse, transparent copy answering all of your questions.

ThinCats has been written about in Insider Media, The Birmingham Post, and The Independent.

ThinCat is a picky lender with high credibility and smooth process, but could be pricey. That is of course a positive trait for investors.

Bottom Line

ThinCats is an excellent P2P lender, providing excellent rates and security for lenders and buyers alike. Because of stringent requirements and high buy-ins, this isn’t a P2P lender for everybody. But for serious and qualified individuals, this may be the only choice.