247moneybox payday and short-term loans review

247moneybox collapsed into administration at the start of December, 2019. If you're an existing customer, you should continue repaying as normal.

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247moneybox was a direct lender providing small, fast online payday loans. Their loans may were only ever suitable if you were looking for a small amount to help see you over for a few days or weeks, but were not a medium to long term financial solution.

Customers could receive up to £800, however If were a first-time customer the maximum you could apply for was £200.

Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk.

Please note: High-cost short-term credit is unsuitable for sustained borrowing over long periods and would be expensive as a means of longer-term borrowing.

Estimate the cost of your loan

Table: promoted deals, sorted by total payable

As well as comparing short-term loans with other types of credit, before you apply for a loan, it’s a good idea to shop around and compare a range of lenders. You can use the tool below to get an idea of how much the loan that you have in mind might cost.

How much money do you need to borrow?

How long do you need to borrow over?

Name Product Available Amounts Monthly repayment Total payable
Lending Stream Instalment Loan
£50 to £1,500
Representative example: Borrow £200 for 6 months at a rate of 292% p.a. (fixed). Representative 1,333% APR and total payable £386.61 in 6 monthly payments of £64.44.
Moneyboat Short Term Loan
£200 to £1,500
Representative example: Borrow £400 for 4 months at a rate of 255.5% p.a. (fixed). Representative APR 939.5% and total payable: £597.48 in 4 payments of £149.37.
QuidMarket Short Term Loan
£200 to £1,000
Representative example: Borrow £500 for 5 months at a rate of 292% p.a. (fixed). Representative APR 1,297% and total payable: £867.05 in 5 instalments of £173.41.
Satsuma Short Term Loan
£100 to £1,000
Representative example: Borrow £480 for 9 months at a rate of 133.1% p.a. (fixed). Representative 535% APR and total payable £959.04 in 9 monthly payments of £106.56.
Sunny Loan
£100 to £2,500
Representative example: Borrow £100 for 8 months at a rate of 204% p.a. (fixed). Representative APR 567% and total payable £199.33 in 8 monthly payments of £19.93. You can repay this loan early.

Compare up to 4 providers

Important information:
You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.

We compare payday/short-term loans from

Lending Stream Instalment Loan
Moneyboat Short Term Loan
QuidMarket Short Term Loan
Satsuma Short Term Loan
Sunny Loan

Key features of a 247moneybox loan:

Product Name247Moneybox Payday Loan
Available AmountsUp to £800
New customer maximum£200
Loan termsto 46 days
Soft search eligibility check
Employer contacted during application
Funding speed247Moneybox says that If your application is approved before 5pm it typically sends payment instructions to its payment provider on the same day. If your application is approved after 5pm it typically sends payment instructions the next working day.
Default repayment methodContinuous payment authority or by Direct Debit
Additional repayment methodsOnline payment
Repay early at any point
FCA registration number673915
More Info

How does a short term loan from 247moneybox work?

If you’re looking for a small loan to help see you through the next few days or weeks then 247moneybox may be the option for you.

Firstly, you’ll need to complete an online application form. If approved by 5pm, 247moneybox will send payment instructions to the bank that day. If your application isn’t accepted until after 5pm, the bank will be notified the following day. Once the bank has been instructed payments can take up to 3 working days to go through.

247moneybox may run some checks, including a potential call to your employer. All this call will consist of is asking to speak to yourself, with the caller identifying as ‘247’.

Once you have received your loan, repayments will be taken out through Continuous Payment Authority. You also have the option to repay part or all of your loan early by logging into your online account. This could save you money in interest.

What is a Continuous Payment Authority (CPA)?

A CPA is a recurring payment in which you give a company permission to withdraw money from your account on a reoccurring basis. CPA’s differ from direct debits because they give the company being paid the ability to withdraw money from your account whenever they wish, and to take payments of different amounts without consulting you.Most payday loan companies will use CPA’s to collect your repayments, however you can cancel this by either consulting with your lender or your bank.

What are the eligibility requirements?

ResidencyUK resident
Minimum age18
Additional eligibility notesYou must be employed and receiving a regular income
You must have a UK bank account with a valid linked debit card (prepaid cards are not permitted)
More Info

247moneybox will consider your application based on factors including your income, credit score and history using their services.

Did you know?

The Financial Conduct authority (FCA) has capped interest and fees on all high-cost short-term credit loans at 0.8% per day.Additionally all default charges are capped at £15 and the total cost (interest, fees) of loans at 100% of the original sum. This means you’ll never have to pay more than double the amount borrowed.

How do I apply for a loan from 247moneybox?

  1. Estimate the cost of your loan using their online tool
  2. Start your online application by filing in your personal details
  3. Fill in your work details
  4. Select the loan you want
  5. Application will be checked
  6. Money will be received within 3 days of your application being approved

Changing you loan: Additional borrowing options and early repayment

Repay early at any point
Repaying early can reduce overall interest
Multiple loans allowed at the same time
Option to extend loan term
Phone number020 7183 8078
More Info

Is high-cost, short-term borrowing a good idea?

Short-term or “payday” loans from companies such as 247moneybox are a very expensive method of borrowing. Therefore, you should only consider this option as a last resort. They may not solve your money problems, and are not a good idea for borrowing over longer periods, or for sustained borrowing.

Before you apply for a payday or short-term loan, make sure you’ve considered other options. Is the expenditure that you’re planning absolutely essential? If you can defer a purchase then you could save yourself money in the long run. If you’re struggling to pay a bill, then why not talk to your electricity, gas, phone or water provider to see if you can work out a payment plan? Read more about alternatives to payday loans at moneyadviceservice.org.uk.

Frequently asked questions

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

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