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 key things you need to know about borrowing from Moneyboat. Expect nautical puns aplenty.
Warning: Late repayment can cause you serious money problems. For help, go to moneyhelper.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 | Moneyboat Short Term Loan |
|---|---|
| Available Amounts | £200 to £1,500 |
| Representative APR | 939.5% |
| New customer maximum | £800 |
| Loan terms | 1 month 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,Weekly |
| 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 |
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.
A CPA is a recurring payment where you allow a company to withdraw money from your account regularly. CPAs differ from direct debits because they give the company being paid the ability to withdraw money from your account whenever it wishes and to take payments of different amounts without consulting you. Most “payday” loan companies use CPAs to collect your repayments. However, you can cancel this at any point by either contacting your provider or bank.
You should only apply for a Moneyboat loan if you are certain you can meet the repayment terms. You must also meet the following criteria:
| Minimum age | 18 |
|---|---|
| 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. |
Moneyboat does not offer “top-ups” or multiple concurrent loans. However, if your circumstances change during the loan, Moneyboat states it is happy to discuss ways it can help. Should an alternative repayment plan be required, it works 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 |
If you’re going to use a short term loan, always check that the lender is authorised by the Financial Conduct Authority (FCA), as Moneyboat is. You can check on the FCA register if you’re not sure. This shows you which companies are involved in regulated activities.”
Payday/high-cost short-term 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? Could you ask family members to help, or do you have any savings you could use instead? If you’re struggling to pay a bill, try talking to your electricity, gas, phone or water provider to see if you can work out a payment plan.
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In 2015, the Financial Conduct Authority (FCA) capped interest and fees on all high-cost short-term credit loans at 0.8% per day.
It 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.
Moneyboat is highly recommended on review site Trustpilot. More than 11,000 reviewers give it an overall rating of 4.9 out of 5, categorised as “excellent” by Trustpilot (updated April 2024). Customers were pleased with Moneyboat’s uncomplicated application and speedy access to funds.
For help with your loan, contact Moneyboat through its customer care team at portal@moneyboat.co.uk or call on 0203 818 7470.
If you get into financial trouble or need a quick solution, short term loans from companies like Moneyboat are easy to turn to and funds can be transferred fast, making them extremely tempting. However, these are high-cost loans, so it’s crucial to explore all other options first, and if you must borrow through a short term loan, borrow as little as possible and repay it as fast as you can to reduce interest.
Looking for loans like MoneyBoat loans? Check out our list of sites similar to MoneyBoat and find the right loan for you.