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.
Moneyboat short-term loans review
Life isn't all plain sailing. If you've hit unexpected short-term financial difficulty, Moneyboat could help you stay afloat with a loan of £200-£1,500 to be repaid in up to 6 months. But is it worth a punt?
Part of Evergreen Finance London Ltd, Moneyboat is a provider of straightforward and transparent short-term “payday” loans. It offers a discreet, personal service and will not share your details with other companies or contact your employer. Its online application process allows you to avoid time-consuming paperwork and if approved, you can expect the money in your bank account in as little as 15 minutes.
In this guide you’ll find some of the key things you need to know about borrowing from Moneyboat, plus a comparison of short-term loans from a number of popular payday lenders. Expect nautical puns aplenty.
How do Moneyboat’s loans compare?
If you’ve used the calculator on Moneyboat’s site to get a quote and want to see if you’re getting a good deal, find out how much a comparable loan is likely to cost you from some popular short-term lenders:
We compare payday/short-term loans from
Key features of a Moneyboat loan:
|Product Name||Moneyboat Short Term Loan|
|Available Amounts||£200 to £1,500|
|New customer maximum||£800|
|Loan terms||2 months to 6 months|
|Soft search eligibility check|
|Employer contacted during application|
|Funding speed||Moneyboat says that approval can take place the same day, and following approval cash is transferred directly to your account.|
|Repayment period options||Monthly|
|Default repayment method||Continuous payment authority|
|Additional repayment methods||Online payment|
|Repay early at any point|
|Parent company||Evergreen Finance London Limited|
|FCA registration number||674154|
|Go to site|
How does a Moneyboat loan work?
- Choose how much you want to borrow and the length of term you wish to pay it back in.
- Complete the simple application form with your contact information and your monthly outgoings, employment, payday and bank details.
- Moneyboat will conduct a credit and affordability check to decide if you are suitable for a short-term loan.
- If approved, you will be sent your loan documents via email and can sign using an e-signature.
- You can expect to receive the money in your bank account within 15 minutes.
How do I pay back my loan?
Like most short-term loan providers, Moneyboat uses a Continuous Payment Authority (CPA) to collect the repayments from your bank account on your chosen dates.
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 regular basis. CPAs 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 CPAs to collect your repayments, however you can cancel this at any point by either contacting your provider or your bank.
What are the eligibility requirements?
You should only apply for a Moneyboat loan if you are certain you can meet the repayment terms. You must also:
|Min. income||£1,000 per month|
|Additional eligibility notes||You must be in full or part-time employment.|
You must have a UK bank account and debit card.
Applications from students will be declined.
Changing you loan: Additional borrowing options and early repayment
Moneyboat do not offer “top-ups” or multiple concurrent loans. However, if your circumstances change during the course of a loan, Moneyboat states it is happy to discuss ways in which it can help, and should an alternative repayment plan be required it will aim to help you achieve this.
Once you have paid off the balance on your existing loan, you may be eligible to apply for a second loan. Just bear in mind that short-term loans are not suitable as a long-term solution to debt problems.
|Option to change repayment date|
|Repay early at any point|
|Repaying early can reduce overall interest|
|Interest is only applied to days where funds are outstanding|
|Multiple loans allowed at the same time|
|Option to extend loan term|
|Phone number||0203 818 7470|
|Go to site|
Are payday/short-term loans a sensible choice?
Payday/short-term high-cost loans from companies such as Moneyboat are a quick solution to an immediate expense. Realistically, they’re a very expensive method of borrowing that should only be considered as a last resort. These loans are unlikely to solve your money problems in the long term, and are not suitable for borrowing over longer periods, or for people experiencing serious debt problems.
Before you apply for a short-term or “payday” loan, make sure you’ve considered other options carefully. Is the expenditure you’re planning absolutely essential? If you’re struggling to pay a bill, then try talking to your electricity, gas, phone or water provider to see if you can work out a payment plan.
Did you know?In 2015 the Financial Conduct Authority (FCA) capped interest and fees on all high-cost short-term credit loans at 0.8% per day.
They additionally capped all default charges 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.
Frequently asked questions
Read more on this topic
Updraft loans Updraft lets you avoid the cost of expensive overdraft fees by giving you a low cost loan when you overdraw on your bank account or credit card.
Uploan short term loans A "big sister" company to the better-known Peachy, Uploan offers small loans over terms of up to a year, to cover one-off expenses.
247Moneybox promo codes 247Moneybox offers fast, convenient loans for when unexpected expenses crop up. Check if you could make a saving with our codes.
Loans like Credio Credio was a popular source of short-term credit online until the lender stopped issuing loans in 2018.
Cheque cashing If you need to cash a cheque, it can take three days to clear it with a bank. Cheque cashing services give you immediate access to your money.
Lending Stream loan calculator Considering a short term loan from Lending Stream? Use our calculator to work out how much it could cost you plus how much you could save by repaying early.
Sunny loan calculator Considering a Sunny short term loan? Use our calculator to work out how much you'll pay back. You can also compare Sunny against the competition and make sure you're getting the best deal.
Compare short term loans of £50 to £1,000 Compare live rates from a range of popular lenders on loans over two months or more.
Hastee review January 2020 An affordable alternative to payday loan, Hastee Pay's salary advances can be a lifesaver if you need to meet an unexpected expense.
15 alternatives to payday loans If you're looking for a quick financial fix, payday loans aren't your only option.