Updated
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.
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.
| Product Name | 247Moneybox Payday Loan |
|---|---|
| Available Amounts | Up to £800 |
| New customer maximum | £200 |
| Loan terms | to 46 days |
| Soft search eligibility check | |
| Employer contacted during application | |
| Funding speed | 247Moneybox 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 method | Continuous payment authority or by Direct Debit |
| Additional repayment methods | Online payment |
| Repay early at any point | |
| FCA registration number | 673915 |
| Link | More Info |
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.
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.
| Residency | UK resident |
|---|---|
| Minimum age | 18 |
| Additional eligibility notes | You 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) |
| Link | More Info |
247moneybox will consider your application based on factors including your income, credit score and history using their services.
| Repay early at any point | |
|---|---|
| Repaying early can reduce overall interest | |
| Multiple loans allowed at the same time | |
| Option to extend loan term | |
| Phone number | 020 7183 8078 |
| Link | More Info |
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.
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