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.