The Money Platform

The Money Platform is an exciting new lender, the first in the country to be authorised to offer peer to peer short term loans. They worked with the FCA to create a service which is a great opportunity for both people with savings and those who need to borrow money. The Money Platform brand is owned by Gracombex Ltd, which was incorporated in 2015.

A peer to peer lending model means that The Money Platform can offer some of the most competitive lending rates on the market. They provide loans from £250 to £1000 over terms from three weeks to three months. Even with their new lending model, high cost short term loans are still an expensive way to borrow, so it’s worth making sure that other options aren’t available to you. If you apply before 3PM, you can get the money in your bank account on the same day and the application process seems to be very quick. Once The Money Platform has decided how much you can borrow, you can browse their marketplace to find the right loan for you.

Their fees are included in the rate you are quoted and you can pay off the loan early, although a late repayment will cost you £15. You can get a quote on their website without going through a hard credit check, so it’s worth having a look at their loans if you need cash in a hurry.

My Verdict: The Money Platform are an exciting new company with some great value loans and a transparent application process. As a peer to peer lender, they cut out the middleman and link you up with someone looking to lend money. However, they are a secure and sensible option if you are in the market for a short term loan. The cost of this type of loan is very high, so compare your options and make sure you’re confident you can make the repayments on time before applying.