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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.

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

warning icon Please note: High cost short term credit is unsuitable to support sustained borrowing over long periods and would be expensive as a means of longer term borrowing.

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.

How do The Money Platform’s loans compare?

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 £800
Representative example: Borrow £200 for 6 months at a rate of 292% p.a. (fixed). Representative 1333% APR and total payable £386.61 in 6 monthly payments of £64.44.
£300 to £800
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.
£150 to £5,000
Representative Example: Borrow £350 for 6 months at a rate of 220% p.a. (fixed). Representative 651.4% APR and total payable £605.55 in 6 monthly payments of £100.93.
£100 to £1,000
Representative example: Borrow £400 for 6 months at a rate of 259.33% p.a. (fixed). Representative APR 947% and total payable: £750.78 in 6 monthly payments of £125.13.
£50 to £1,000
Representative example: Borrow £250 for 74 days at a rate of 292% p.a. (fixed). Representative APR 1300.5% and total payable: £398.00, in 1 payment of £74.00 and 1 payment of £324.00.
£300 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.
£50 to £200
Representative example: Borrow £80 for 29 days at a rate of 292% p.a. (fixed). Representative APR 1281.8% and total payable: £98.56, in 1 payment of £98.56.

Compare up to 4 providers

Important information:
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
On Stride Personal Loan
Peachy Loan
QuickQuid Short Term Loan
QuidMarket Short Term Loan
Satsuma Short Term Loan
247Moneybox Payday Loan

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:

  • Loan amounts of £250-£1,000. The amount you’re able to borrow will be subject to The Money Platform’s assessment of your circumstances.
  • Loan terms of 4, 6, 8 or 12 weeks. Some or all of these terms will be available, depending on the loan amount that you need.
  • No set-up or application fees. The Money Platform takes its administration fee from the interest that you pay.
  • Quick access to funds. If you agree to the offered loan terms before 3pm on a weekday, you should receive the funds the same day.
  • Fixed interest rates. “Fixed” means that the interest rate stays the same for the course of the loan. You’ll know in advance exactly how much each repayment will be, plus the overall cost of the loan.
  • Repay early at any time. You can pay your loan off whenever you want and you will only be charged the interest up to the point of repayment along with The Money Platform’s loan administration fee.
  • Late repayment fees. If you’re late making a repayment, as well as damaging your credit record you’ll incur a fine of £15 and additional interest.

Is high-cost, short-term borrowing a good idea?

Short-term, high-interest loans 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.

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:

  • Confirm your identity
  • Be at least 20 years old
  • Have a UK current account and a credit history that we can see
  • Have a good track record of repaying debt
  • Be a current UK resident
  • Have 3 years of address history in the UK
  • Be able to afford the loan

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.

Frequently Asked Questions

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*Disclaimer: The offers compared on this page are chosen from a range of products whose details Finder has access to track; they don't represent all the products available in the market. Unless indicated otherwise, products are displayed in no particular order or ranking. The terms "best", "top", "cheap" (and variations) are not product ratings and are subject to our terms of use. You should consider seeking independent financial advice and consider your personal financial circumstances when comparing products.

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