The Money Platform, a peer-to-peer lending platform for short term loans, offers loans up to £1,000 for those who may not be able to find financing through traditional lenders. The purpose is to provide quick access to the funds needed to manage an emergency or other short-term financial shortfall.
Acting as a responsible P2P platform, The Money Platform makes transparency a priority. All potential borrowers will have the information necessary to make an informed and responsible decision regarding their financial situation. The costs of borrowing are clearly explained, so borrowers will not be surprised by any hidden fees.
The online application is streamlined to make the process fast and easy. Receiving a quote has no impact on the borrower’s credit score, allowing them to explore their options without any negative effects and with no obligation to borrow. Approved borrowers can receive funds as quickly as the same day, with the agreed upon amount being deposited directly into the borrower’s bank account. Funds can be used for a variety of purposes including to secure a vehicle, pay for a holiday, manage a home repair, or pay for an emergency.
As a peer-to-peer lender (P2P), loans are funded by members of the public. In exchange for allowing the funds to be lent through The Money Platform, the lending parties receive favourable interest payments as compensation. In fact, they were the first authorised short-term P2P lender in the United Kingdom.
To apply for a loan, the potential borrower must be at least 20 years of age and have a verifiable credit history. Additionally, they must be a resident of the UK who has lived in the UK for a minimum of three years. Also, borrowers must hold a UK bank account and will need to pass certain affordability checks As part of the process a credit score is acquired, but this is not fully completed until you agree to move forward with the provided quote. The Money Platform will only facilitate lending to borrowers who have the reasonable ability to repay the funds in the time allotted.
Approved borrowers can receive funds in amounts ranging from £250 and £1,000. Repayment is expected over a period of 3 to 12 weeks. The precise repayment schedule is determined based on the amount borrowed, though early repayment is available. Those who choose to repay the obligation early will only need to pay for the accumulated interest up to that point, as well as an administration fee.
No fees are required to apply, and borrowers who meet repayment obligations will only need to repay the principle and agreed upon interest. All costs are disclosed upfront, and borrowers can choose not to pursue the loan without penalty.