The Money Platform short-term loans review

The Money Platform is a peer-to-peer lending service that provides 1-3 month loans of up to £1,000.

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The Money Platform

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.

Warning: late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk.

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.

How do The Money Platform’s loans compare?

Table: promoted deals, sorted by total payable

If you’ve used The Money Platform’s loan calculator to get a quote and want to see if you’re getting a good deal, find out how much a comparable loan is likely to cost you from some popular short-term lenders:

How much money do you need to borrow?


How long do you need to borrow over?


Name Product Available Amounts Monthly repayment Total payable
£50 to £1,500
Representative example: Borrow £200 for 6 months at a rate of 292% p.a. (fixed). Representative 1,333% APR and total payable £386.61 in 6 monthly payments of £64.44.
£200 to £1,500
Representative example: Borrow £400 for 4 months at a rate of 255.5% p.a. (fixed). Representative APR 939.5% and total payable: £597.48 in 4 payments of £149.37.
£100 to £1,000
Representative example: Borrow £400 for 6 months at a rate of 229.95% p.a. (fixed). Representative APR 720% and total payable: £707.01 in 6 monthly payments of £117.83.
£100 to £1,000
Representative example: Borrow £500 for 5 months at a rate of 292% p.a. (fixed). Representative APR 1,297% and total payable: £867.05 in 5 instalments of £173.41.
£100 to £1,000
Representative example: Borrow £480 for 9 months at a rate of 133.1% p.a. (fixed). Representative 535% APR and total payable £959.04 in 9 monthly payments of £106.56.
£100 to £2,500
Borrow £100 for 8 months at a rate of 204% p.a. (fixed). Representative APR 567% and total payable £199.33 in 8 monthly payments of £19.93. You can repay this loan early.

Compare up to 4 providers

Please note: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.

We compare payday/short-term loans from

Lending Stream Instalment Loan
Moneyboat Short Term Loan
Peachy Loan
QuidMarket Short Term Loan
Satsuma Short Term Loan
Sunny Loan

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 NameThe Money Platform Short Term Loan
Available Amounts£250 to £1,000
New customer maximum£1,000
Loan terms1 month to 3 months
Soft search eligibility check
Employer contacted during application
Funding speedIf 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 methodContinuous payment authority
Repay early at any point
FCA registration number716455
More Info

How does it work?

  1. Registering and getting a loan quote is straightforward and takes a couple of minutes.
  2. After registration you will be given a unique quote for how much you might be able to borrow on The Money Platform.
  3. 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.
  4. If you agree terms on a loan before 3pm on a weekday the funds should be in your account within a few hours.
  5. 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.

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:

ResidencyUK resident
Minimum age20
Additional eligibility notesYou 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
More Info

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 number020 3962 1696
More Info

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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We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

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