247Moneybox Loans Review - Alternatives to 247Moneybox (2020) lender
Last updated: 18th Jan 2020

247MoneyBox Review


247Moneybox is an online short term credit provider located in central London. Launched in 2009, the company provides payday loans to all eligible borrowers by using its own funds, which makes it a direct lender. Loan amounts start at £80, although it can be lower than this amount, and max out at £800. However, first-time borrowers are limited to borrowing a maximum of £200. The company is committed to providing short term financing solutions to its customers, hence does not offer any long-term loan products or features in its short term loans that resemble long-term credit options.

Also Check: Simple Fast Loans Review

Types of loans

247Moneybox offers only one type of loan: a payday loan.

By definition, payday loans are designed to address short term financing needs that may arise due to unexpected and/or urgent expenditure. The term payday refers to the ability of the borrower to start making repayments by the next payday. Usually, a payday loan is given for a period not longer than 12 months from the day a loan is approved, with many payday lenders limiting the repayment tenure to under two months.

  • The maximum loan term allowed remains at the discretion of the company, although the company usually sets repayments over a period of 7-37 days.
  • First time borrowers can borrow anywhere between £80 to £200 and, for returning customers, a maximum amount of £800 can be borrowed.

However, in both cases, 247Moneybox approves the final amount, and this may be less than the borrower’s initial request. Applicants with a poor credit history are also eligible to apply, but approval is subject to a satisfactory affordability assessment by 247Moneybox based upon recent financial circumstances of the applicant.

Loans approved by the company may be disbursed to the borrower’s stated bank account on the same day, provided the approval is given before 5pm, otherwise the loan amount is disbursed on the following working day. However, it may take up to 3 business days for the banking system to process the loan amount before it appears in the borrower’s bank account.

  • Loans taken from 247Moneybox cannot be repaid using a credit card. Borrowers may use a valid debit card to make timely repayments against their loan obligations.
  • The company uses a continuous payment authority to retrieve due payments from the borrower’s bank. However, this authority can be cancelled by the borrower and, in this case, the borrower needs to stipulate an alternative payment method to 247Moneybox that would be used to make the remaining due payments.

The company may, on some occasions, offer its borrowers the option to settle their overdue outstanding loan balances by making one lump-sum payment. Sometimes, this offer may also come with a discounted outstanding loan amount, providing borrowers with an incentive to make repayments. Also, this option is extending as a way to provide borrowers with some relief in meeting their loan obligations with the company.

    • 247Moneybox does not offer the option to extend loans to the following payday, even if the borrower agrees to pay the accrued interest charge.

In case a borrower fails to make a due repayment on time and in full, a fee may be charged not exceeding £15 in addition to the daily interest charge that will continue to apply on the outstanding loan balance. However, this fee and interest can not be charged if the borrower has already accrued the maximum charges allowed by law in the form of interest or other fees, as the law forbids charging a borrower more than double the original loan amount.

Failure to make repayment may also result in the loan being passed on to an agency specializing in debt collection and/or initiation of legal proceedings against the borrower, in addition to adversely impacting the borrower’s credit rating. All of these repercussions can prevent a borrower from getting approved for a loan in the future.

It is also possible that 247Moneybox may redirect a customer to another lender. This would be done if the company is not able to offer a loan to a borrower, or if a better option is available with another lender. In this way, the company acts as a credit broker, however, the company does not charge customers for brokerage services although it may still profit through commissions received from other lenders.

Eligibility Criteria

The following eligibility criteria apply to the payday loans offered by 247Moneybox. Borrowers must:

  • 1) Be over the age of 18
  • 2) Be a resident of the UK (being a homeowner is not required)
  • 3) Have employment (including part-time but not self-employed) that delivers regular income
  • 4) Have a bank account in the UK under their name
  • 5) Have a debit card that is linked to the same bank account (the company does not accept prepaid cards to fulfil this condition).
  • 6) Not have another family member living in the same household have an outstanding loan from 247Moneybox.

Also Check:

Pros & Cons

Using the short-term credit services being offered by 247Moneybox has the following pros & cons:

    • Strict adherence to Responsible Lending Principles

247Moneybox conforms with lending practices that aim to protect borrowers from worsening their financial situation. This is done by ensuring borrowers have the ability to repay the loan. The company has a tough assessment criteria, including adequate credit checks with credit reference agencies, a phone call to the applicant’s employer, affordability assessment, the condition that two loans cannot be given to the same household, and any other assessment factor deemed necessary by the lender.

    • Acts as a broker, when necessary

In cases where a longer-term loan would be more appropriate, 247Moneybox may act as a broker and connect an applicant with other lenders that are better equipped to fulfil their financing needs. Please note that 247Moneybox may earn a commission from other lenders for referring a borrower to them. This protects applicants from borrowing with 247Moneybox when a cheaper and more suitable alternative is available in the market.

    • Greater transparency

The 247Moneybox website has comprehensive information about its payday loans, providing borrowers with a clear insight into the application process, approval limits, repayment conditions, and repercussions of missing due payments.

  • Borrowers cannot apply over the phone. The application is only available online.
  • An upper limit of £200 exists for first time borrowers, which may not be sufficient to fulfil the needs of many applicants

Borrowing costs of 247Moneybox loans

According to the 247Moneybox website, it is definitely not the cheapest borrowing option available in the market.

  • The interest rate charged by the company per day is 0.8%, the maximum allowed by law.
  • Representative APR being charged by the company is 1281.8%.
  • Failure to make repayments on time may result in additional fine of up to £15

The following example illustrates the costs a borrower would have to bear after taking out a loan with 247Moneybox.

Loan TypeLoan AmountLoan TermTotal RepayableCharge of Credit
Payday Loan£8029 days£98.56£18.56
Payday Loan£50029 days£616£116

Information Required To Apply

Applicants are required to provide the following information when applying for a short-term loan with 247Moneybox:

  1. full name to verify identity,
  2. residential address in the UK,
  3. a working phone number to ensure effective communication,
  4. date of birth to confirm age, and
  5. Banking details pertaining to bank account and linked debit card.

How To Apply With 247MoneyBox

The application process is completely online.

Applicants need to click the apply button (as shown in the image below).

Step 1

Clicking the APPLY NOW button takes the applicant to the next page, which may show a few options for the applicants to select. Applicants may choose to ignore the options presented on these pages and wait for the final page to appear, as shown below. This page contains the application form that an applicant needs to fill out to apply for a loan.

Step b

Once this form is completed, 247Moneybox will receive the application and review it.

The following documents may be required by 247Moneybox to be submitted as part of the review process:

  1. Proof of ID
  2. Proof of employment

This may include the latest payslip received by the applicant or the applicant’s bank statement that shows receipt of the most recently-received wage income. These documents may need to be sent online, hence it is important to send a picture that is clear and legible, and without any editing. Also, this must be sent within 7 days of the initial loan application as an email attachment.

Once all the documents have been received by 247Moneybox, the lender will evaluate the loan application based upon various factors, including the applicant’s credit history, affordability (including regular income), employment status, age, whether the applicant has a valid bank account in the UK with a linked debit card, and verification of the applicant’s UK nationality.

As soon as the applicant has satisfied the lender’s requirements, 247Moneybox will notify its bank to release the approved funds to the borrower’s bank account. As per the lender’s website, the funds may reach the borrower’s account on the same day, or it may take up to 3 working days for the funds to pass on to the borrower’s bank account, depending upon the speed of the banking channels.


Yes, 247Moneybox may call a loan applicant’s employer to verify whether the applicant is an employee and the compensation amount paid. However, this is done only in select cases.

Yes, 247Moneybox is a direct lender. This means that the lender uses its own funds to give out loans. However, if the company believes another loan is more suitable for the applicant, one that is not offered by 247Moneybox, the company will act as a broker and recommend those loans being offered by other lenders.

No, 247Moneybox does not allow borrowers to take out two loans from it at the same time. In fact, the lender does not even allow two people living in the same household to acquire loans from the company at the same time. According to the lender, this limit has been put in place to avoid overburdening the applicant as two or more payday loans may make it very difficult for the applicant to make timely repayments.

There is no stipulated timeline mentioned by 247Moneybox with respect to the processing time of the loan application. However, once the loan is approved, the lender dispatches the funds to the borrower’s bank account on the same day, provided the approval has come in before 5pm. If it comes after 5pm, the approved loan amount is disbursed on the following business day. However, the funds may not reach the borrower’s bank account for up to 3 days depending upon the speed with which the banking channel processing the funds transfer request.

No, the company does not allow for loan terms to be extended beyond the stipulated timeline.

Lenders Like 247Moneybox

It is possible that 247Moneybox may not seem like the best option at your disposal. If that’s the case, you can check out the following payday lenders. These have also been reviewed and rated by Credit Raters.

Capfin Loans (payday lender)Get My Loans is a payday lender in the UK, providing loans between the range of £200-£500 with a loan term spanning over a period of 6 months. The interest rate being charged by the lender is 146% with a representative APR of 299.65%.
Simple Fast Loans (lender)Payday short term loans available between the £250 to £1,000 range. Payment plan is split over weekly, monthly, or fortnightly due dates. Interest charge is a flat 205.2% per year.

247Moneybox Promo Codes

No promo codes are available at this time for 247Moneybox.