The Money Platform

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

Lender Overview

The Money Platform is an online peer to peer lending platform that offers short term loans to people that encounter unexpected expenses that they had not budgeted for. Borrowers can apply for a loan of £250, up to £1000 and the platform offers loan durations of 4 weeks, up to 12 weeks. You can apply to borrow from The Money Platform by visiting their website and filling in an online application form. You start by selecting your loan amount and duration, and then you will need to fill in details such as your personal information, your address, monthly income and expenditure. You’ll also need to provide your bank and debit card details so that they can transfer your loan if your application is successful.

Transfer Time

The Money Platform offers loans everyday. Approved applicants will have their loan transferred to their nominated bank account and the time it takes to transfer the loan depends on when you apply for the loan. You could receive the loan funds on the same day as your application if you agree the terms before 3pm on a weekday. If you apply on a weekend, or after 3pm during the week, your loan may be transferred on the next working day.

Loan Repayment

Your repayment date depends on the agreed repayment terms in your loan agreement so make sure to check the information carefully. On your agreed repayment date, The Money Platform will collect the agreed repayment amount from your nominated debit card by Continuous Payment Authority, which is also known as CPA. If you change your debit card details during the loan agreement, you must make sure to tell The Money Platform so that they can update your card details. You may also be able to repay some or all of the loan prior to your repayment date if you wish. It’s often best to contact your lender to find out more information about early repayments.

Application Criteria

• You must be aged 21 or over
• You must be a UK resident
• You must have 3 years of address history in the UK
• You must have a UK bank account with a valid debit card

Regulation

The Money Platform is authorised and regulated by the Financial Conduct Authority.

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Representative Example: £500 loan for 6 weeks with one repayment of £647. Total Repayment £647. Interest rate: 255.5% pa (fixed). Representative 839.2% APR

E: support@themoneyplatformsupport.zendesk.com