Founded in 2009, 247Moneybox is a London-based, online lender which specialises in providing short term loans to UK customers.
Their responsible approach to lending sees them move away from the ‘one size fits all’ model which is why they’ll always look to assess your application on its individual merits rather than simply using a two dimensional credit score.
As part of this commitment to responsible lending, first time borrowers are able to take on loans of up to £200, however their data shows that the average first time loan is usually for around £80.
Once you’ve shown that you’re able to pay back these smaller borrowing amounts, 247Moneybox will increase your maximum borrowing limit to £800 which can be a valuable resource when it comes to tackling life’s little emergencies.
Their simple approach to interest means that you’ll always be charged a basic daily rate of 0.8% on the amount borrowed. As a working example, if you were to borrow £100 for 28 days then you’d make a total repayment of £122.40.
What’s more is that should your loan application be accepted before 5pm then funds will be transferred to you on the very same day, or the next day should your approval come through after 5pm.