247 Moneybox

APR:
1291.8% Representative
Loan amount:
£10 to £800
Loan term:
15 Days to 45 Days
Loan type:
Short Term

247 Moneybox is a lender who provides payday loan services to those who have experienced a shortfall due to unexpected expenses or other unforeseen circumstances. As a business, 247 Moneybox is committed to the principles of responsible lending. In order to work in that capacity, all potential borrowers will assessed to determine whether the requested loan is truly affordable, and that there is a reasonable expectation that the funds can be repaid in the time allotted.

Transparency and honesty are key components of the business, ensuring all borrowers are fully aware of the costs associated with their loan, as well as repayment expectations.

Available loan amounts vary depending on a variety of factors that pertain to the specific borrower. In order to be consider, potential borrowers must pass specific checks in the areas of credit, employment, and affordability, as well as provide sufficient identification. Other requirements include being at least 18 years of age, a resident of the United Kingdom, and employment that provides regular income. Additionally, all borrowers must have a UK bank account with an associated debit card.

Approved applications can often be funded either the same day the application is approved, or the next day, depending on exactly what time the approvals are complete. In order to help borrowers keep interest charges to a minimum, early payments are accepted to help lower the amount of principal owed as well as the interest being accrued against it.

247 Moneybox Criteria

Age Requirement
18
Debit Card
Yes
Credit Checks
Yes
Other Requirements
Employed + Regular Income
Same Day Transfer Available
Yes
Loan Value Available
£10 to £800
Representative APR
1291.8%
Loan Length
15 Days to 45 Days
FCA Registration Number
622332
Loan Example
Total amount of credit £80, duration of the agreement 29 days, rate of interest 292.8% per annum (fixed), total amount payable (in one repayment) £98.56. Representative 1291.8% APR

247 Moneybox Review

247 Moneybox provides a variety of short-term payday loans designed to offer a level of flexibility to potential borrowers. The entire process is designed to be transparent, ensuring that all potential borrowers are well informed regarding the costs associated with a loan, as well as the terms of repayment. All applications must be completed online.

Though borrowers must have steady employment, either full or part time, being a homeowner is not a requirement. Additionally, those with bad credit may also be considered as long as the ability to repay the loan is verifiable, and will not cause any undue hardship.

While interest is calculated daily, a payday loan can be more cost effective than certain overdraft fees commonly issued through traditional banks. This makes 247 Moneybox an ideal solution for those who need a small amount of money to cover an unexpected shortfall. Repayment is commonly expected once the borrower has received their next salary payment.

The use of continuous payment authority helps ensure borrowers are able to make timely payments without having to initiate every transfer individually and is a common payment system used. Alternative payment options may be available for those who prefer to use a different mechanism.

Features
83
Clarity
80
Independent Rating
89
Score
84.0/100

Customer Review:

247Moneybox
User Rating: 2.5 (12 votes)
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Company Pros...

  • Loans available under £100
  • Clear and transparent throughout the application process

Watch out for...

  • Maximum of £200 for first time customers
  • Must have a debit car and bank account

Company Details

Active Securities Ltd,
3rd floor, 20-22 Wenlock Road,
London N1 7GU

COMPANY NUMBER
5671281

FCA LICENSE
673915