247moneybox are a direct lender providing clear and transparent online payday loans. Their loans may be suitable if you’re looking for a small amount to help see you over for a few days or weeks, but are not a medium to long term financial solution.
Customers can receive up to £800, however If you’re a first-time customer the maximum you can apply for is £200, with a first loan typically around £80.
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.
Key features of a 247moneybox loan:
Convenient loan amounts. Borrow between £80-£200 the first time you apply for a loan. If you borrow responsibly you could get a loan of up to £800.
Simple online re-payments. All re-payments must be made on your 247moneybox online account.
Clear charges. Interest is charged by the day at 0.8% of the amount borrowed on all loans
Late payment charge of £15.
Repay early at any time. This could save you money in interest.
Compare 247moneybox loans against services from a range of lenders
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?
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
Is high-cost, short-term borrowing a good idea?
Payday loans, and high-cost, short-term credit generally, are a very expensive method of borrowing and should only be considered 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.
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?
You must have a valid UK bank account
You must be employed and receiving a regular income
You must be a UK resident
You must be at least 18 years old
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?
Estimate the cost of your loan using their online tool
Start your online application by filing in your personal details
Fill in your work details
Select the loan you want
Application will be checked
Money will be received within 3 days of your application being approved
Additional Borrowing Options
Top-Ups. 247moneybox currently do not allow customers top up their loan. If you have fully repaid your existing loan and interest then you can always reapply for a new loan.
Extensions. As part of their aim to be a responsible lender 247moneybox do not allow you to extend your payday loan. Their solution should only be for occasional short-term needs. If you need to borrow for longer periods of time you should consider another option.
Multiple loans. All prior 247moneybox loans have to be repaid before another can be offered.
Frequently Asked Questions
Your address, employment hitory, financial and monthly expenses, and bank account information.
It will tell you whether your application has been approved, declined, or is under review online. If you are approved, your loan will be funded within 3 days from approval. If your application is declined they are unable to offer you a loan at this time.
If your application is declined you may try again at any time, but the outcome will not change unless your circumstances have.
Moneybox like other lenders use Credit Reference Agencies so defaulting on your loan could make it harder to secure credit in the future.
If you are dissatisfied with the service provided by 247Moneybox, do not hesitate to contact their direct line 020 7183 8078, or email email@example.com.
Alternatively if your complaint needs further investigation, it will be dealt with by the Financial Ombudsman if you remain dissatisfied.
Chris Lilly is a publisher at finder.com. He's a specialist in credit-based products including business and personal loans, mortgages and credit cards, and is passionate about helping UK consumers make informed decisions about their borrowing. In his spare time Chris likes forcing his kids to exercise more.
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