The Money Platform short term loans review

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

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The Money Platform

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

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

Table: promoted deals, sorted by total payable
How much do you need to borrow?

How long do you need to borrow for?

Name Product Available Amounts Monthly repayment Total payable Link
The Money Platform Short Term Loan
£100 to £1,000
Check eligibility
View details
Representative Example: Borrow £500 for 6 weeks with repayment method of One Payment. Total amount payable: £647. Representative 839.20% APR, interest rate 255.5% per annum.
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

Drafty Line of Credit
QuidMarket Short Term Loan
The Money Platform Short Term Loan
Moneyboat Short Term Loan
Lending Stream Instalment Loan


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 the big high-street banks, don’t usually offer this form of borrowing, 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 so you can see how it compares.

What does “peer-to-peer” lending mean?

Peer-to-peer (P2P) platforms match those who want to borrow money with those who have money to lend. The idea is that by cutting out big banks with all their overheads, P2P platforms can provide better rates to both borrowers and investors. The Money Platform focuses on millennials with “thin” credit files who need access to short term cash and investors looking for diversified investment opportunities.

What are the key features of The Money Platform loans?

Rates and overall costs are obviously super-important when comparing loans, but there are other factors to consider, too. Here are some:

Product NameThe Money Platform Short Term Loan
Available Amounts£100 to £1,000
Representative APR839.2%
Loan termsUp to 3-months
Soft search eligibility checktick
Employer contacted during applicationcross
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 pointtick
FCA registration number716455

How does it work?

If you want to apply for a loan with The Money Platform, follow the steps below:

  1. Register on the website to get a loan quote in just a few minutes.
  2. After registration and providing some personal details, The Money Platform carries out a soft credit check and affordability check to determine whether you can afford to take out a loan.
  3. If you’re successful, your loan offer will be displayed for review. Loan offers are valid for 30 days, giving you time to decide how much you want to borrow and over what term.
  4. If you agree to the loan’s terms, you’ll need to provide your passport or driving licence for verification, and The Money Platform transfers the funds to you. If you’ve borrowed by 3pm, you’ll get a same-day transfer. Your contract and instalment schedule will also be made available.
  5. 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 debits because they give the company being paid the ability to withdraw money from your account whenever it wishes and 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 meet the following criteria:

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

Pros and cons of The Money Platform short term loans


  • 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.
  • TMP scorecard. The Money Platform uses its own scorecard to assess your creditworthiness in a bid to help more people get access to credit.
  • Pay off loan early. You can repay your loan early with no penalty fees.


  • 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.
  • Small borrowing sums. You can only borrow up to £1,000, which might not be enough to cover your requirements.

The Money Platform customer reviews

The Money Platform has very high ratings on Trustpilot. It has a rating of 4.8 out of 5 based on over 300 reviews, which is deemed as “Excellent” by Trustpilot (updated April 2024).

Customers raved about the fast application process and great customer service.

Before using a short term loan to borrow funds, make sure you’ve considered all other options. Could a family member step in to help you cover an unexpected bill? Do you have any savings you could use instead, or could you borrow money through an overdraft or credit card? It’s important to ask yourself these questions, as short term loans can be one of the most expensive ways to borrow.”

Rachel Wait, financial journalist

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 pointtick
Repaying early can reduce overall interesttick
Interest is only applied to days where funds are outstandingtick
Multiple loans allowed at the same timecross
Phone number020 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. If you do use a short term loan, always borrow as little as possible and repay it as fast as you can to save interest.

Frequently asked questions

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. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.

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