The Money Platform (https://themoneyplatform.com) is a short term loan broker that is based in London. The company is fully authorised by the FCA and was the first P2P lender to obtain full consumer credit permissions.
The Money Platform designed their own easy to use, transparent system that could be used by both borrowers and lenders. This ensures simple, fast access to loans and responsible lending. For this, the Financial Conduct Authority placed them onto their Project Innovate incubator program.
APPLICATION REQUIREMENTS:
To borrow from The Money Platform you need to be a UK resident and at least 20 years of age, be able to afford the repayments and have a current account with a debit card.
LOAN AMOUNT AND CHARGES:
The Money Platform offers loans between £250 and £1000 for between 21 and 84 days. They only want you to borrow what you can comfortably repay so the amount you can borrow may vary depending on your circumstances.
PROCESS:
The application process is very easy, you can choose how much you would like to borrow and for how long using the slider on their home page, this also shows you the amount of interest. Then you simply fill out their online form and you will be contacted by a representative who will confirm your details and verify that everything you have told them is correct, they will then work out how much you can safely borrow.
PAYMENT:
If successful the amount you borrowed will be transferred to your bank within a few hours, if after 3PM then you will usually have the funds the next morning. Borrowing on a Friday or weekend means that you may have to wait until Monday for the money to arrive.
The loan amount plus the interest will be taken out of your account on the agreed date so it is up to you to ensure that you have the funds available.
