I’ve never heard of peer-to-peer lending – how does it work?
Peer-to-peer lending brings together lenders and borrowers to both lend and loan money. The lender earns money via the interest charged on the loan, while the person borrowing may be able to enjoy more favourable rates compared to using a bank.
Can I apply for a loan with The Money Platform?
Yes anyone can apply, although there is some minimum criteria which we explain in more detail below. Borrowers can apply for short-term loans between £250 and £1,000.
How long do I have to pay back the loan?
The Money Platform offer repayment terms of anywhere between 28 and 84 days.
What sort of rates do The Money Platform offer?
The representative APR is 839.20%.
An example of how a loan through The Money Platform might work is as follows: Borrowing £500 for 6 weeks at an APR of 839.20% and a fixed interest rate of 255.5% p.a. and repaid through one single payment, would mean paying back £647.
Will I be able to repay the loan early?
You have the option to repay the loan in full, or in part, at any time. The Money Platform say you will only be charged interest up until the point of repayment. You may also be required to pay an additional admin fee.
Are The Money Platform authorised by the FCA?
The company is a trading name of Gracombex Ltd on the FCA register. They have been authorised to trade since 7/3/16.
If I want to apply for a loan with The Money Platform, what should I do?
Before making any application for any loan, always make sure you are eligible. The Money Platform ask that you:
- Are aged 20 or over
- Have an active UK current account and credit history for review
- Are currently a UK resident
- Can supply at least 3 years' worth of address details
- Are responsible with money and have a goood credit history
There are four steps involved with applying for a loan with The Money Platform:
- Register your details on their website
- If you meet the initial criteria you will be given a quote for how much you can borrow
- Browse the platform to find the right loan to suit you
- Once selected, further credit and affordability checks will be run to before a final decision is reached
What happens if I miss a monthly payment?
The Money Platform may charge £15 for each missed payment.
How soon will I get the money after being approved for a loan?
Loans agreed on a weekday before 3pm will ensure funds are transferred on the same day. Anything agreed after 3pm between Monday and Thursday will mean funds are received the following morning. If an agreement is reached after 3pm on a Friday then funds will not arrive until Monday.
How can I contact The Money Platform customer service team?
You can call 020 3962 1696 between 9am to 5pm, Monday to Friday.
Is there an app I can use?
No, The Money Platform do not offer an app.
What about an online account?
Once you have registered and been provided with a quote you will be given your own account. If the full application for a loan is successful then you can also use the account to manage the funds.
Are there customer reviews available for The Money Platform?
As of March 2020 there are currently no customer reviews available through 3rd party websites.
Can I find them on social media?
The Money Platform summary
The Money Platform allow you to borrow anywhere between £250 and £1,000, ranging from 28 days to 84 days and the advertised APR is 839.20%.
Loans can be repaid before the agreed date, although there may be an additional admin fee included. The Money Platform are authorised by the FCA and have been since 7/3/16.
Before making an application, be sure to check that you:
- Are 20-years-old or over
- Have good credit history and an active UK bank account
- Currently quality as a UK resident
- Will be able to provide 3 years of address details
There are no customer reviews available through 3rd party platforms and no app available to download onto your phone. Customers will be able to use an online account to manage their loan.