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.
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.
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 says its focus is on millenials with “thin” credit files who need access to short-term cash and investors who are looking for diversified investment opportunities.
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 |
If you want to apply for a loan with The Money Platform, follow the steps below:
CPAs differ from direct debits because they give the company being paid the ability to withdraw money from your account whenever it wishes 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.
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:
| 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 |
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.”
You can contact The Money Platform by phone on 020 3962 1696 from Monday to Friday between 10am and 4pm.
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 |
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.
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