Please note: High-cost short-term credit is unsuitable for sustained borrowing over long periods and would be expensive as a means of longer-term borrowing.
Calculate the cost of a Money Platform loan
We compare payday/short term loans from
If you’re experiencing unexpected expenses you hadn’t budgeted for, you might be considering a short term loan. While many traditional lenders, such as big high-street banks, often don’t offer this type of service, plenty of online lenders do.
So is The Money Platform just another “payday”/short term lender? In this review, we’ll take a closer look at some of The Money Platform’s key features and give you the chance to compare it with other short term loans on the market.
What does “peer-to-peer” lending mean?
Peer-to-peer (P2P) platforms match creditworthy borrowers and trustworthy lenders who can borrow and lend short term money directly to one another. The theory goes that by cutting out the big bank with all its overheads, P2P platforms can provide better rates to both borrowers and investors.
What are the key features of Money Platform loans?
Rates and overall costs are obviously super-important when you’re comparing loans, but there are other factors to consider, too. Here are some of them:
|The Money Platform Short Term Loan
|£100 to £1,000
|Up to 3 months
|Soft search eligibility check
|Employer contacted during application
|If you agree terms on a loan before 3pm on a weekday, you will have the funds in your account that day within just a few hours.
If you agree terms after 3pm on Monday to Thursday, you will have the funds the next morning.
If you agree terms after 3pm on Friday, you may not receive the funds until Monday.
|Default repayment method
|Continuous payment authority
|Repay early at any point
|FCA registration number
How does it work?
- Registering and getting a loan quote is straightforward and takes a couple of minutes.
- After registration, you will be given a unique quote for how much you might be able to borrow on The Money Platform.
- Once you have finished uploading all your information and selected the loan you want to apply for, The Money Platform runs a credit and income verification check. This assesses the information you provided and your credit history.
- If you agree to the loan’s terms before 3pm on a weekday, the funds should be in your account within a few hours.
- The Money Platform then automatically charges your bank the agreed repayment amount on the agreed dates using a “Continuous Payment Authority”. (You also have the option of repaying manually prior to your repayment dates.)
What is a Continuous Payment Authority (CPA)?With a CPA, you give a company permission to withdraw money from your account on a regular basis.
CPAs differ from direct debit because they give the company being paid the ability to withdraw money from your account whenever they wish and to take payments of different amounts without consulting you. Most payday/short term lenders use a CPA to collect your repayments. You can cancel this at any point by consulting with your loan provider or bank.
What are the eligibility requirements?
You should only apply for a loan with The Money Platform if you are certain you can meet the repayment terms. You’ll also need to:
|Additional eligibility notes
|You must confirm your identity
You must have a UK current account and a credit history
You must have a good track record of repaying debt
You must have 3 years of address history in the UK
Pros and cons
- Quick access to funds.The Money Platform states it’ll have the money in your bank account the same day.
- Lower interest rates than other banks and payday lenders. The Money Platform claims it has more competitive rates than typical rates for payday loans.
- High interest rates. As a short term loan, Loans from The Money Platform could come with high interest rates. Make sure you exhaust other options before turning to a short term loan.
- Late repayment fees.The Money Platform adds a £15 late repayment fee to your loan if you are more than 48 hours late with a repayment.
The Money Platform customer reviews
The Money Platform has very high ratings on Trustpilot. It has a rating of 4.8 based on over 300 reviews, which is deemed as “Excellent” by Trustpilot (updated February 2024).
Customers raved about the fast application process and great customer service.
The Money Platform customer support
You can contact The Money Platform by phone on 020 3962 1696 from Monday to Friday between 10am and 4pm.
Additional borrowing options: Top-ups, extensions and second loans
It’s not currently possible to extend or top-up a loan from The Money Platform or to apply for a second loan before clearing your current loan. Once you have successfully repaid your loan, you can apply for a new one after just a 1 day wait.
|Repay early at any point
|Repaying early can reduce overall interest
|Interest is only applied to days where funds are outstanding
|Multiple loans allowed at the same time
|020 3962 1696
High-cost short-term loans from lenders such as The Money Platform offer a quick fix when you have financial difficulties. But with APRs of over 100%, they are a very expensive method of borrowing and should only be considered a last resort. These loans aren’t suitable for borrowing over longer periods or for serious debt problems. Before you apply, make sure you’ve considered other options and compare alternative short term lenders.
Frequently asked questions
More guides on Finder
Sites like The Money Platform
The Money Platform is a peer-to-peer lending service providing loans over terms from four to twelve weeks. Find similar credit options in our list of alternatives to The Money Platform.