Warning: Late repayment can cause you serious money problems. For help, go to moneyhelper.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.
Calculate the cost of a Money Platform loan
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Please note: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.
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Overview
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:
Product Name
The Money Platform Short Term Loan
Available Amounts
£100 to £1,000
Representative APR
839.2%
Loan terms
Up 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 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:
Residency
UK resident
Minimum age
20
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
Pros
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.
Cons
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
Phone number
020 3962 1696
Our verdict
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
Yes. The Money Platform is authorised and regulated by the United Kingdom’s Financial Conduct Authority (FCA).
The Money Platform “takes its cut” from the interest that you pay, so there aren’t any “set-up” or “product” fees outside of this. If you pay off your loan early, however, while you won’t pay a penalty, the interest that you save may be subject to the deduction of The Money Platform’s administration fee.
Late repayments incur a fee of £15.
These are some typical factors that could act against your application:
Your existing levels of secured and unsecured debt.
Your existing monthly repayments on secured loans.
The amount of information in your credit file.
Evidence that you’ve repaid previous credit on time.
The affordability of the loan in your circumstances.
Your reported credit score.
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.
Chris Lilly is Head of publishing at finder.com. He's a specialist in personal finance, from day-to-day banking to investing to borrowing, and is passionate about helping UK consumers make informed decisions about their money. In his spare time Chris likes forcing his kids to exercise more.
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finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.