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The Money Platform Review [Read Our Expert Opinion]

Jane Wardle

Written by Jane Wardle on

Updated

The-Money-Platform-Loans

Overall Rated: 4.7 / 5

Summary

Offering a new and innovative approach to lending, The Money Platform facilitates peer to peer lending through their platform. Lenders deposits funds into their accounts and The Money Platform vets borrowers who have up to 84 days to repay the loan. The Money Platform take a small fee from the lender and receive a proportion of interest from the borrower. However, fees are always transparent, and borrowers will not have to pay any more than what is explicitly stated at the beginning of the loan.

The Money Platform carefully check all borrowers and will only lend to credit-worthy clients which adds further security to the lenders using the site. The Money Platform currently only allows individuals to become lenders and does not yet have a lending option for business. With loans of up to £1,000, these loans are designed to be a short-term option to cover necessary and unexpected expenses.

Trust & Reputation

Rated 4.7/5

With a new product, The Money Platform has quickly made a name for itself and boosted their reputation as a refreshing alternative in the short-term loan market. Being fully authorised by the Financial Conduct Authority and with strict processes to ensure responsible lending, The Money Platform believe it can re-energise the payday lending market with integrity, honesty and morals.

The fact that The Money Platform enables lenders and borrowers to reap the rewards has helped to build trust for all participants involved and many people prefer being able to borrow from a person rather than from a bank. With fair and transparent fees and a quick application process, it is no surprise that The Money Platform is making waves in the short-term loan market.

Expertise & knowledge

Rated 4.7/5

Spotting a gap in the market, The Money Platform was the first authorised short-term peer to peer lender in the UK with full Financial Conduct Authority regulation. The Money Platform make it clear that there are risks for both lenders and borrowers but also show the lengths they go to so that they can mitigate and reduce the risks. For example, The Money Platform will vet candidates on their creditworthiness. Following the appropriate conventions for peer-to-peer lending, The Money Platform is fully authorised and regulated and makes sure to follow industry best practice.

Customer Service

Rated 4.7/5

Thanks to the customer service and ease of use of The Money Platform, Readies have given the peer to peer lending platform a rank of being an A-rated lender. With a satisfaction score of 4.8 out of five, customers favour The Money Platform for their value for money as well as their flexibility, and there is no denying that the online application is easy for all customers to access and use.

While customer requirements are stricter than other lenders, this helps to provide security for the lenders. Customers must be twenty years old and have a good credit score. Customers must also have a debit card and be a UK resident as well as, of course, being able to afford the repayments.

Customers praise The Money Platform for their ease of use and how affordable the loans are compared to other lenders. One of the most significant benefits is that money is usually transferred on the same day, meaning customers have quick access to much-needed finances which is excellent for emergencies.

We are independently reviewed by our verified customers and web users:
Rating: 4.7 / 4.7 with 1 votes

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