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Last updated: 9th Dec 2019

The Money Platform Review


The Money Platform is a short term credit provider operating in the UK offering loans between the range of £250-£1,000 for a period between 4-12 weeks. The service is a trading name of Gracombex Ltd which is registered in the UK and regulated by the Financial Conduct Authority. The lender generates funding by offering investors opportunities to make a profit by investing their money in the provision of loans, and this money is handed out to borrowers on interest. According to the lender’s website, it is the first P2P credit provider in the UK to receive formal authorisation from relevant authorities to conduct business in the country.

Types of loans

The Money Platform offers short term loans.

The entire premise behind the services being offered by The Money Platform is that the lender acts as a marketplace for people to lend and borrow funds for a price. This type of credit service is called peer-to-peer (P2P) lending, and a major benefit of operating on this model is the low operational costs that translate into cheaper borrowing options compared to other payday loans available in the market.

A lower and upper limit is set on the funds that can be borrowed, at £250 and £1,000 respectively, making it clear that these loans are best suited to cover short-term needs of the borrower.

  • Loans are offered between £250-£1,000.
  • The amount that can be borrowed mostly depends on a borrower’s ability to repay it.
  • Loan term spans between 4 to 12 weeks:
  • £250 can be borrowed for either 8 or 12 weeks;
  • £500 can be borrowed for 6, 8, or 12 weeks;
  • £750 and £1,000 can be borrowed for 4, 6, 8, and 12 weeks.
  • The entire amount needs to be repaid as one single payment.

Since The Money Platform offers loans to borrowers out of funds provided by investors, the company is extremely careful when deciding the eligibility of a borrower to protect the investor’s interests. Lenders get to decide the amount they wish to lend, the interest rate to be charged on those funds, and the period of time for their investment, and then it’s up to the borrowers to select whichever loan best suits their needs.

According to The Money Platform’s website, borrowers usually require funds for buying a vehicle, to pay for expenditure pertaining to special occasions, for home improvements, or to cover unexpected expenses.

Eligibility Criteria

Applicants need to fulfill the following eligibility criteria in order to qualify for a loan with The Money Platform. Applicants must:

  1. Have a valid photo ID
  2. Be over the age of 20
  3. Have a current account in the UK
  4. Have a good credit history
  5. Be a resident of the UK
  6. Have an address history in the UK spanning over three years
  7. Prove affordability for the loan

Pros & Cons

Borrowing from The Money Platform has the following pros & cons associated with it:

  • A lower interest rate compared to other payday lenders
  • The Money Platform offers short term loans of amounts under £1,000 just like any other payday lender in the UK, however the interest being charged is much lower thanks to the optimized operational costs. There are also no hidden charges associated with The Money Platform services.

  • An online application process
  • The Money Platform uses technology to expedite the entire loan process, and this includes its online application portal. By applying online, customers can know within minutes if they qualify for a loan or not. Also, approval times are quicker as well due to an automated verification process.

  • Quick disbursement of loan funds
  • After approval, in most cases, the lender is able to pay out the loan amount within 24 hours, which is ideal for people looking for a quick payout to cover emergency expenses.

  • Initial quote does not impact credit score
  • Usually, lenders conduct a hard search on an applicant’s credit history after submission of the initial application form by them, and this causes an adverse impact on the credit rating of the applicant. However, The Money Platform does not conduct a hard search, and hence an applicant’s credit history is not impacted during the initial application process.

  • Allows early repayment
  • Automatic repayments
  • Since The Money Platform establishes a pre-authorisation with the borrower’s bank, the loan repayment is charged automatically at the due date. Of course, the borrower may choose to make the payment earlier than the due date.

  • Borrowers with bad credit history may not get a loan
  • Since this is an unsecured loan, it is very important that borrowers have good credit history and affordability to qualify for a loan.

Borrowing costs of The Money Platform’s loans

The borrowing costs associated with a loan taken out from The Money Platform depend on the size of the loan amount and the duration of the loan term.

The lender does not charge any extra costs in addition to the initially quoted amount. However, a late payment fee of £15 is charged to the total loan amount if a payment is not made 48 hours after the stipulated due date.

The representative APR charged by the lender is 839.20%.

For example, if a borrower takes out a loan of amount £500 for a period of 6 weeks, the borrower would have to repay a total of £647 at an annual interest rate of 255.5%.

The following table illustrates the different loan scenarios borrowers may experience if they take out a loan with The Money Platform.

Loan TypeLoan AmountLoan TermTotal RepayableCharge of Credit
Short Term Loan£2508 weeks£334£84
Short Term Loan£5008 weeks£668£168
Short Term Loan£75012 weeks£1,086£336
Short Term Loan£1,00012 weeks£1,448£448

Information Required To Apply

The following information is required during the application process. Borrowers need to give their:

  1. Full name
  2. Date of birth
  3. Income and expenditure information
  4. Bank account details
  5. Details about any outstanding loan obligations
  6. Mobile phone number
  7. Address history in the UK

How To Apply With The Money Platform?

To apply for a loan with The Money Platform, borrowers need to follow these steps. Please note that borrowers don’t need to pay any fee to apply for a loan with the company.

Go on the lender’s website at Once there, the following screen will appear.

Step 1a

Select the most appropriate loan amount and loan term, and click the Borrow money button to proceed to the application form, as shown below.

Step 1b

The first page of the application form requires the borrower’s basic information, including full name, date of birth, nationality, marital status, number of dependants, and UK mobile phone number. After filling in this information, click Next to proceed. On the rest of the form, borrowers need to provide their UK address history, information pertaining to income and expenditure, and bank account details.

After the online application form has been filled in and submitted, borrowers are sent a quote within a few minutes. This quote lets borrowers know about the total amount they would need to pay if they proceed with the loan application, and also the maximum amount they may borrow considering their unique financial circumstances. This amount may not be enough to cover a borrower’s immediate needs, but borrowers cannot take out a loan in excess of this amount from The Money Platform.

If the quote seems suitable, borrowers then need to provide the rest of the required details. After all of the required information has been submitted, The Money Platform verifies the credit rating as well as the income and expense information provided by the borrower to make a final evaluation about their eligibility and affordability for the requested loan. Also, The Money Platform will try to set up a pre-authorisation with the bank at this point, and the borrower may need to contact their bank to allow it.

Once the loan agreement has been signed by the borrower, The Money Platform will process the funds and deposit them into the borrower’s designated bank account within a few hours, provided the loan agreement was signed before 3PM on weekdays. After 3PM on Monday to Thursday, the loan amount would show up the following morning, while if it happens on Friday after 3PM, the loan amount would appear on Monday.


Peer-2-Peer (P2P) lending is a new age credit mechanism that allows movement of funds between those who have them and those who don’t have them but are in need of them. While traditional credit channels utilize a lender’s own funds to give out loans, P2P lending originates from investors who want to loan their funds to borrowers that need them, at a rate and time duration of their choosing.

Yes, borrower profiles are kept anonymous even from those investors that have provided the funds for the former’s loans. This way, transactions are kept strictly professional between the borrower and the investor without the two exchanging identities.

A major reason why The Money Platform is able to offer a competitive rate on its loans is because the company has automated its loan process to a great extent and hence cut down on its operational cost. Also, the cost of funds is much lower for The Money Platform as funding is crowdsourced, unlike many other payday loan providers in the UK that offer loans out of their residual funds. Both of these factors combine to lower the price charged to the borrower on every loan.

It might not be possible for borrowers with a bad credit score to qualify for a loan with The Money Platform. The loans provided by the company are unsecured, and the only way to minimize risk of default is by giving out loans to only those borrowers that have a good credit history and also adequate affordability.

Missing a due payment will result in a fine of £15, which will be added to the total outstanding loan amount. Also, for each additional day that a loan remains outstanding after the due date has elapsed, the daily interest charge would keep accruing until the total outstanding amount is double the loan amount initially borrowed. In case of default, the borrower’s credit rating is severely impacted and The Money Platform aligns a debt collection agency to collect the debt.

Lenders Like The Money Platform

Are the services being provided by The Money Platform not the most suitable to your needs? Would you like to study a few other options before making an informed decision? Then perhaps you should check out the following lenders. These have also been reviewed and rated by Credit Raters.

Zopa (P2P lender)Zopa is a P2P lender operating in the UK, providing loans between the range of £1,000-£25,000. The loan term allowed by the company is 1-5 years. Representative APR is 9.9%.
247Moneybox (Payday lender)247Moneybox is a payday lender offering short term payday loans in the UK between the amounts of £80-£800. Representative APR is 1281.8%. Loan term is till the next payday.

The Money Platform Promo Codes

No promo codes are available for The Money Platform at this time.