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?
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.
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 moneyadviceservice.org.uk.
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?
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
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?
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:
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
If you currently have an outstanding loan balance, Moneyboat will not be able to offer you a “top-up” or second concurrent loan. Once your current loan is repaid you may be eligible to apply for a new loan. However, instalment loans are an expensive form of borrowing and are not suitable as a long-term financial solution.
Moneyboat carries out a credit and affordability check on every loan or loan modification. It uses Callcredit Information Group Limited to obtain your credit and affordability report. Every decision takes into account your current financial situation as well as your credit repayment history. Should you wish to obtain a copy of your credit report you can contact Callcredit Information Group directly.
You can repay your loan early at no extra charge or fee. If you make a payment outside of your agreed instalment plan, it will be used to clear the accumulated interest up to the date of that payment. The remainder will be reduced from the outstanding loan balance. The loan will then be re-distributed over the number of repayments you have left. Moneyboat will confirm the new payment schedule via email.
Firstly, an advisor will try to contact you in order to understand why the payment has been missed. If no alternative suitable arrangement can be put in place, it is likely that your account will fall into default and Moneyboat will take you to court to retrieve the outstanding balance. However, it will try to work with you directly to avoid this becoming a necessary option.
Moneyboat is authorised and regulated by the Financial Conduct Authority (FCA), so it’s bound by the same rules and regulations as pretty much all reputable lenders in the UK. You should never borrow from a company that isn’t FCA-regulated and authorised. If ever in doubt, you can search the FCA register to check whether a lender is authorised.
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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