The Money Platform

1 reviews

397% Representative

Will lend between: £250 - £1,000

Over: 1 - 3 Months

Representative example: If you borrow £1,000 over 12 weeks at a Representative rate of 397% APR and an annual interest rate of 193.45% (variable), you would pay 3 instalments of £482.67. The total charge for credit will be £448 and the total amount payable will be £1,448.
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The Money Platform customer reviews.

1 reviews

5.0 out of 5 stars

Quick and easy application process
17:11 20-03-2017
ImageSmart Money People

Funds in my bank account same day. Lowest interest rate in the short-term loan market

Bradley Jones

Our review of 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.

Written by: Chris

Highlights

  • Low borrowing rates for a short term loan product
  • No hidden charges or costs
  • Flexible early repayment
  • Simple application process

Minimum criteria

  • The Money Platform loan term is a maximum of 12 weeks
  • You must be at least 20 years old
  • You must have a UK current account and a credit history
  • You must be a UK resident
  • You must have 3 years address history in the UK
  • You must be able to afford the loan
  • There is no payment protection insurance against your loan
  • You'll need to confirm your identity

Fees

  • Maximum APR 397%
  • Arrangement fee: £0
  • Early repayment fee: £0
  • Late payment fee: £15

About The Money Platform

Gracombex are a peer-to-peer lender within the high cost short term market offering loans between £250 and £1,000. 

Their loans are for short term borrowing only with terms between 4 and 12 weeks. 

Company information

Registration number: 09413521

themoneyplatform.com

02078732266

Unit 5, 160 Barlby Road, London, England

FCA registration

Reference No: 716455

Trading names: Gracombex Ltd, The Money Platform

Place of business: Unit 5, 160 Barlby Road, London, England, W10 6BS

Data protection registration

Registration No: ZA099774

Data controller: Gracombex Ltd

Address: Unit 5, 160 Barlby Road, London, England, W10 6BS

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