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.
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If you’re experiencing unexpected expenses that you hadn’t budgeted for, then 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, there are plenty of online lenders that 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 its loans with other short-term loans on the market.
What does “Peer-to-peer” lending mean?
Peer-to-peer (P2P) platforms aim to 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 in the middle, 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:
|Product Name||The Money Platform Short Term Loan|
|Available Amounts||£250 to £1,000|
|New customer maximum||£1,000|
|Loan terms||1 month to 3 months|
|Soft search eligibility check|
|Employer contacted during application|
|Funding speed||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||716455|
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 will run a credit and income verification check – this assesses the information you provided and your credit history.
- If you agree terms on a loan before 3pm on a weekday the funds should be in your account within a few hours.
- The Money Platform will then automatically charge your bank the agreed repayment amount on the agreed dates (you also have the option of repaying manually prior to your repayment dates) using a “Continuous Payment Authority”.
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 a 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 will use a CPA to collect your repayments. You can cancel this at any point by either consulting with your loan provider or your bank.
The Money Platform customer reviews
The Money Platform has mixed reviews from customers, according to review platforms like Trustpilot. It currently has an “average” rating of 3.2 out of 5, based on 13 reviews (updated 20 April 2021). Some customers praised the Money Platforms’ customer service and support, but others reported that the application process was slow.
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
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 your current loan has been cleared. 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|
|Phone number||020 3962 1696|
Is high-cost, short-term borrowing a good idea?
Short-term, high-interest loans from lenders such as The Money Platform offer a quick fix when you get into difficulty with finances. But with APRs of over 100%, they are a very expensive method of borrowing, and should only be considered as 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. Is the expenditure you’re planning urgent and essential? If you’re struggling to pay a bill, try talking to your utility provider about a payment plan. Find out about other alternatives at the government’s moneyadviceservice.org.uk.
Frequently asked questions
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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.