Borrow £500 for 6 weeks. Interest rate 255% p.a. Total repayment of £647 in one payment. Representative APR 839.20%.
Late repayment can cause you serious money problems. For help and advice please visit the Money Advice Service website. High cost short term credit is unsuitable to support sustained borrowing over long periods and would be expensive as a means of longer term borrowing
^In order to assess your suitability for a loan, lenders may perform a soft credit check, this does not harm your credit score and is not visible to other lenders. If you accept a loan offer, you will be redirected to the lender and they may ask to perform a full credit check.
View The Money Platform's Representative Example & APRThe Money Platform was the very first short term Peer to Peer lender in the UK. Peer to Peer lending means that you are borrowing from other people that have invested their money and not from a traditional money lender. The Money Platform connects lenders and borrowers to make a smooth transaction.
The benefits of using a peer to peer lender are that you typically get better rates due to reduced overheads. With The Money Platform, borrowing rates vary between 0.7% and 0.8% of your loan amount per day.
You can borrow £250, £500, £750 or £100 over 4, 6, 8 or 12 weeks. Loans are repaid in one payment on your due date (known as a Bullet Loan) or in monthly instalments (Instalment Loan).
You must be over 20 years of age.
You must have a good track history of repaying debt.
You must be a UK resident with an active bank account and debit card.
All loans are subject to credit and affordability checks.
You must have 3 years of address history in the UK.
All UK residents over 20 years of age are welcome to apply for a loan with The Money Platform - as long as you meet the application criteria laid out above then they will consider your application.
The Money Platform will tell you exactly how much they can lend you before you open your loan account. They'll also perform credit and affordability checks to make sure you can repay the loan when it becomes due.
The great thing about applying on allthelenders is that if The Money Platform cannot accept your application then we will search our comprehensive panel of lenders to see if any other lenders will accept you, saving you time and helping you to get the loan that you need.
The Money Platform loans are repaid in either one single payment on the agreed repayment date that you choose when applying for the loan or in regular monthly instalments (typically on your pay date).
When your loan becomes due they will simply take the repayment from your debit card, there is no need for you to do anything other than ensure the funds are available.
Once you have repaid your loan, subject to credit and affordability checks you may be eligible to borrow again and you may be offered a higher amount.
Borrow £500 for 6 weeks. Interest rate 255% p.a. Total repayment of £647 in one payment. Representative APR 839.20%.
Please note that if The Money Platform do not accept your application, we will endeavour to find you an alternative lender that will have a different APR and the cost of the loan will differ. Please ensure you check the cost of the loan and that it is affordable before you sign a loan agreement.
