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 six months. But is it worth a punt?

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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.

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warning icon 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.

Are payday/short-term loans a sensible choice?

Payday/short-term high-cost loans 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. You can find out more about alternatives to payday loans at the government’s

How do Moneyboat’s loans compare?

Table: promoted deals, sorted by total payable

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:

How much do you need to borrow?

How long do you need to borrow for?

Name Product Available Amounts Monthly repayment Total payable
£50 to £800
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.
£300 to £800
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.
£100 to £1,000
Representative example: Borrow £400 for 6 months at a rate of 229.95% p.a. (fixed). Representative APR 720% and total payable: £707.01 in 6 monthly payments of £117.83.
£50 to £1,000
Representative example: Borrow £250 for 74 days at a rate of 292% p.a. (fixed). Representative APR 1300.5% and total payable: £398.00, in 1 payment of £74.00 and 1 payment of £324.00.
£300 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.
£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.
£100 to £2,500
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.
£250 to £1,000
Representative example: Borrow £500 for 6 weeks at a rate of 255.5% p.a. Representative APR 839.20% and total payable: £647 in 1 payment.

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
Peachy Loan
QuickQuid Short Term Loan
QuidMarket Short Term Loan
Satsuma Short Term Loan
Sunny Loan
The Money Platform Short Term Loan

Key features of a Moneyboat loan:

  • Loans of £200-£1,500. First time applicants are eligible for a loan of up to £800.
  • Repay over 5 days to six months. Choose a repayment plan to match your paydays.
  • Loans for bad credit or good credit. Although a credit check is required, Moneyboat claims its credit score requirements are generally much lower than a conventional lender’s.
  • Quick quote. Moneyboat aims to provide a quick decision on your loan. A customer advisor may call you if any additional information is required.
  • Fast payment. Moneyboat funds its loans between 8.30am and 5.30pm Monday to Friday. Money is sent via faster payments directly to your bank and should be in your account within 15 minutes.
  • High, fixed interest rates. Although its fixed interest rate is slightly less than the maximum 0.8% permitted by the Financial Conduct Authority (FCA), this is still an expensive way to borrow money.
  • Early repayment. Repay the loan early at any time without being charged a penalty. This is recommended if you can afford to do so as it can save you money in interest.
  • Late fees. If you miss a payment, Moneyboat will charge you a one-off late fee of £15. Interest will also accrue on the loan up to a maximum of 100% of the amount borrowed.

How does a Moneyboat loan work?

  1. Choose how much you want to borrow and the length of term you wish to pay it back in.
  2. Complete the simple application form with your contact information and your monthly outgoings, employment, payday and bank details.
  3. Moneyboat will conduct a credit and affordability check to decide if you are suitable for a short-term loan.
  4. If approved, you will be sent your loan documents via email and can sign using an e-signature.
  5. 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:

  • Be 18 or over
  • Be in full or part-time employment
  • Earn at least £1,000 per month
  • Have a UK bank account and debit card

Moneyboat does not accept loan applications from students.

Additional borrowing options: Top-ups, extensions and second loans

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.

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

We exist to help you find better. The offers we've compared on this page are from a range of products whose details we can track; we don't cover every product on the market...yet. Unless we've indicated otherwise, products are shown in no particular order or ranking. The terms "best", "top", "cheap" (and variations of these) aren't product ratings, although 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, it's wise to consider getting independent financial advice. Always consider your own financial circumstances when you compare products so you get what's right for you.

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