Have a question for us?

Is 247Moneybox a lender or broker?

247Moneybox is a lender. Our loans provide a solution for your occasional short term cash needs. They are not suitable for supporting borrowing over longer periods. If longer term solutions are required, there are other more suitable forms of finance available elsewhere.

If we are unable to approve your loan application and if you ask us to, we may be able to find a third party lender who can help. These lenders may undertake credit reference/fraud prevention agency data searches against you to make lending decisions and for the prevention of fraud and money laundering.


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Is a 247Moneybox loan right for me?

Our loans provide a solution for your occasional short-term needs. They are not suitable for supporting sustained borrowing over longer periods, nor if you are in financial difficulties. The cost of our loans is higher than other types of loans, such as instalment loans, which are payable over a longer period, so if you do require a longer term solution there are other more suitable forms of finance available elsewhere.

If debt becomes a worry there are independent organisations you can ask for advice. Visit www.nationaldebtline.co.uk or www.stepchange.org.

For more information please see our Responsible Lending Principles.

Please see also the Good Practice Customer Charter and Addendum.

The Charter was produced by our trade body the BCCA, the Consumer Finance Association, the Consumer Credit Trade Association and the Finance and Leasing Association. The Charter gives customers enhanced protection when taking out a payday or short term loan.

All your details are sent over a secure SSL connection.


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What are the risks of borrowing?

Our loans provide a solution for your occasional short-term needs. They are not suitable for supporting sustained borrowing over longer periods, nor if you are in financial difficulties. The cost of our loans is higher than other types of loans, such as instalment loans, which are payable over a longer period, so if you do require a longer term solution there are other more suitable forms of finance available elsewhere.

There are implications for missing or not making a payment. Firstly, as we report loan information to credit reference agencies, missing payments could adversely affect your credit rating. This may make it more difficult or expensive to obtain credit in the future. We may also pass your account to a debt collection agency or commence legal proceedings to recover the amount you owe. Interest will continue to be charged from the first day that your loan is outstanding until the loan is repaid at the rate of interest set out in the loan agreement. If we do not receive payment in full on your repayment day, the following fees will apply:

  • A Failed Collection fee of £20 charged at 6pm on the first day after your repayment date
  • A £30 fee if we receive notification from your bank or card issuer that you wish to challenge a card transaction
  • Interest will continue to accrue on a daily basis for 60 days after repayment is due until such time as you have repaid what you owe

We may also charge you the following fees if you breach your agreement:

  • A debt collection agency fee equivalent to 25% of your outstanding balance
  • Costs and expenses in enforcing or attempting to enforce our rights
  • Costs and expenses of tracing you if you move address without telling us

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How do you lend responsibly?

247Moneybox is committed to lending responsibly at all times. Our measures include:

  • Comprehensive credit, ID and employment checks to assess affordability
  • Limited loan extensions
  • Affordable and variable loan amounts based on disposable income
  • Charging you interest on a daily basis, as opposed to monthly, so that if you do repay early you can save money
  • Be transparent, honest and open
  • All of the terms and conditions of the loan, as well as the charges, will be displayed clearly up front before you make a decision about whether to borrow. The only way the cost can increase is if you don't repay your loan on the date agreed.
  • Act professionally, reasonably and responsibly in all our dealings with you. We will endeavour to make sure that all our suppliers of goods and services that we do business with, do the same.
  • Make sure all our staff are trained to the highest standards, incorporating all relevant requirements, guidelines and codes set out in law and by the FCA as well as professional trade bodies such as the BCCA. This is in addition to our Responsible Lending Principles.
  • Ensure you have all the information you require to make an informed and sensible borrowing decision. If at any time you require extra information please do not hesitate to contact us via the website, email or phone.
  • Address your questions and handle complaints quickly and efficiently. Our complaints procedure is clearly set out in the Questions and Answers section.
  • Consider cases of financial difficulty in a sympathetic and positive light. For more information please see our Responsible Lending Principles.

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What are the terms and conditions of the loan agreement?

A copy of the loan agreement and the accompanying terms and conditions can be found here. If you have any questions please do not hesitate to contact customer services.


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What are the requirements for a loan?

You can apply for a loan if you are aged 18+, live in the UK and are employed with a regular income. You also need to have a UK bank account with a valid linked debit card (prepaid cards are not permitted).


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What are your charges?

Our fee structure is straightforward and set out below.

  • Our Fast Process service costs £20, however there is no charge for our Standard Process.
  • Interest is charged by the day at 1.3% of the amount borrowed and Fast Process Fee (if applicable).

Loans are available from £80 to £800. As an example, to borrow £100 for 28 days without opting for Fast Process would cost £136.40.

Representative Example: Total amount of credit £300, Fast Process Fee of £20, duration of the agreement 20 days, rate of interest (also charged on Fast Process Fee if selected) 474.5% per annum fixed, total amount payable £403.20 in one payment of £383.20 and £20 Fast Process Fee. Representative APR 22025.4%.
(Example includes the optional Fast Process Fee).


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Can I have two loans at the same time?

We lend responsibly and this means that all prior loans have to be repaid before another can be offered, in order to ensure you can easily repay what you borrow.


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There is an error validating my debit card; what do I do?

You may be facing issues with card validation for one or both of the following reasons:

  • You need to have some cash in your bank account (this can be as little as £1).
  • Your card may not be registered to the address given on your application. This may be because it is registered to an alternative or previous address, or simply due to the format you have used to input the address.

If neither of the above applies, call your bank to see if there is an issue with your card - perhaps it's a new card and hasn't been activated yet? Or perhaps you have changed address and the bank hasn't updated their records?


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There is an error with my pay dates; what do I do?

Your pay dates are checked for accuracy against our database as we hold the pay date frequencies of many companies. Check that the pay dates you have entered match the 'Frequency of Wage' you have selected. You do not need to adjust your pay dates for weekends or public holidays as the system will account for these. If you have selected 'Specific Date' as your payment frequency, please make sure that the day of the month is the same in the next and following pay dates you enter.


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How long will it take to transfer my loan?

We have two processing options available, Fast and Standard.

Our Fast Process costs £20, which is collected along with accrued interest on this amount when you repay your loan. Fast Process ensures that once your application is approved and eligible for funding (see below), funding instructions will be sent to our bank/payment provider within 1-hour. We submit batches of funding instructions every hour, 24/7, subject to any unscheduled or scheduled system downtime.

The Standard Process, whereby we send funding instructions to our bank/payment provider during the late afternoon/evening of the day your application is approved and eligible for funding (see below), is free.

Important information: For both the Fast and Standard process, payment instructions are only sent to our bank/payment provider once your application has been approved and on the date stated in your loan agreement, NOT from the time you apply. As a responsible lender we have a number of checks to conduct before we can approve your application including, in some instances, a discreet call to your employer. Once we have instructed our bank/payment provider to make payment then the rest is down to the bank/payment provider network regarding the actual time it takes for the funds to show in your account. This can take up to 3 working days. As you can appreciate this is out of our control. We have every confidence in our systems and processes, however if you feel we have not met our time commitment then let us know.

Our website is available 24/7, subject to any unscheduled or scheduled system downtime. If you are a new customer you can apply for a loan over the same time period however, we are only able to process your application during business hours. If you are a returning customer, you can login to your online account and request a new loan 24/7. In some cases we may be able to process and approve your application for another loan 24/7, however, as a responsible lender we may need to carry out further checks, for example if we haven’t heard from you for a while. We carry out these further checks during business hours.


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What if I want to cancel?

You have a right to withdraw from the loan agreement before the end of 14 days beginning with the day after the day on which the agreement is made. You can do this by notifying us orally or in writing by calling us on 020 7183 8078, by writing to us at 145-157 St. John Street London EC1V 4PY or by emailing customer.services@247moneybox.com. If you do withdraw from the agreement after we have transferred the loan to your bank account, you must repay without delay, and in any event no later than 30 days after telling us you would like to withdraw, the amount of the loan together with interest at the rate set out above from the day (which will continue to accrue until you repay us).


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Can I extend my loan?

We usually require full repayment of your loan on your next pay date; however it may be possible to request an extension of your loan to your following pay date on up to 2 occasions, subject to an assessment of affordability and on the basis that you continue to meet our eligibility criteria. Please bear in mind that a loan from 247Moneybox is not suitable for long term borrowing and extending your loan will always cost you more. If you require a longer term solution there are other more suitable forms of finance available elsewhere. If you wish to extend your loan you must inform us before your repayment date. To extend your loan requires you to pay any interest charged on your loan along with a £10 extension fee on the date your loan is due for repayment. Interest will continue to accrue on your outstanding loan at the same previous rate until your following pay date. If debt becomes a worry there are independent organisations you can ask for advice. Visit www.nationaldebtline.co.uk or www.stepchange.org for advice.


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What are your opening hours?

Our friendly customer services team is available between 08:30 and 18:00 Monday to Friday.


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Do I need to be 18 years old or over?

Yes.


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Do I need to be in employment?

Yes. Part time is fine, however we are unable to accept self-employed applicants or those whose sole income is a pension or benefits.


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Do I need to be a homeowner?

No, we accept applications from tenants.


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Do I need to give a reason for my application?

No, as long as you remember that our loans are only suitable for short term borrowing needs. If longer term solutions are required, there are other more suitable forms of finance available elsewhere.


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Do I need to have perfect credit?

Bad or poor credit will not necessarily prevent you from receiving a loan, provided we are satisfied you can repay the loan without causing any financial difficulty. We look at each application based on recent circumstances.


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Do you carry out credit checks?

Yes, as a responsible lender we carry out a credit check.


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I only have a credit card; can I apply?

No, we do not accept credit cards as a form of payment. We only accept debit cards, but not prepaid.


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My partner has a loan; can I get one too?

No, we only allow one loan per household at any one time.


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How do I receive my loan?

Your loan is paid directly into your bank account and is then available for you to withdraw at your convenience.


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How much can I borrow?

We are committed to responsible lending. You can request between £80 and £200 the first time you apply for a loan. If you use the service responsibly we may give you the flexibility to apply for more cash in the future, should you need it, up to a maximum of £800.


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Can I apply over the phone?

No, applications need to be submitted online.


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Why are you offering to lend me less than last time I borrowed?

We want to ensure that you can afford to repay our loans comfortably, so we take into account a number of factors when deciding if and how much to lend. It does not necessarily follow that successful repayment of a previous loan will increase the amount you can borrow in the future. Our customer service agents are not able to see information regarding lending decisions, including the loan amount offered.


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There is an error validating my address; what do I do?

Please type your address carefully; ensuring that only the house name or number appears in the first box. If you are unsure as to how to format your address correctly, you should check using the Post Office address finder service.


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If an application is referred, how long until I hear if I'm approved?

We assess every application on an individual basis and never guarantee acceptance. As part of our checks we may place a very discreet call to your employer to check your employment. We never disclose the purpose of our call and only ask to speak to you. Our identity when calling is '247'. Confidentiality is of the utmost importance to us. Please ensure you have provided valid and correct work contact details. If you need to update these please email: customer.services@247moneybox.com.


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I have signed the loan agreement as part of the application process; why do I have to sign again?

Sometimes it is necessary to amend your loan agreement during the processing stage, and as such it is important that you read and sign off on the new details. This can occur, for example, if your pay dates are found to be different and we need to change the repayment date of your loan. To resign your loan agreement, either click the link in the email or SMS we sent you. If you have any problems please contact us.


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What happens if 247Moneybox are unable to approve my loan application?

If we are unable to approve your loan application and if you ask us to, we may be able to find a third party lender who can help. These lenders may undertake credit reference/fraud prevention agency data searches against you to make lending decisions and for the prevention of fraud and money laundering.


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Why haven't I received the funds?

There could be a number of reasons why funds haven't been deposited in your account. First, you may not have selected the Fast Process option. We have a £20 Fast Process Fee or, if you are happy to opt for the same day Standard Process, there is no charge. Second, as part of our checks we may place a very discreet call to your employer to confirm your employment. We never disclose the purpose of our call and only ask to speak to you. Our identity when calling is '247'. Confidentiality is of the utmost importance to us. Please ensure you have provided valid and correct work contact details otherwise this can delay the process. If you need to update these details please email: customer.services@247moneybox.com.


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Can I extend my loan if the repayment date has passed?

You can only apply for an extension before the contractual repayment date in your loan agreement.


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How can I re-apply for a 247Moneybox loan?

Once you have repaid your loan you may at any time reapply for a loan. You can do this by logging in to your account online and clicking 'Apply for a new loan'. Follow the onscreen instructions to complete the application.


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How much can I re-apply for?

If you use the service responsibly we may give you the flexibility to apply for more cash in the future, should you need it, up to a maximum of £800. We will take into account your history with us and also your details and information we gather about your circumstances in making a decision to lend you a larger amount. We want to make sure you can comfortably repay any amounts we lend to you.


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How do I update my bank details?

In order to change your bank details you will need to call us as you can only update your debit card details online in your account. Tel: 0871 423 8247 (Average call length 5 minutes, costing 50p from a BT landline based on 10p per minute - mobiles and other providers may vary.)


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Why have I been locked out of my account?

Security is of the utmost importance to us here at 247Moneybox and we want to make sure that you are the only person accessing your account. If you have received a message that your online account has been locked, please email us at customer.services@247moneybox.com.


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How do I repay my loan?

We will attempt to collect your outstanding balance using your debit card under a continuous payment authority (CPA). Unlike a Direct Debit, a CPA is not covered by a bank guarantee. Use of a CPA is fully explained to you during the application process and contained in your loan agreement. You can cancel a CPA by contacting your bank, your card issuer or directly by calling us. If you ask your bank or card issuer to stop permission for the payments you should also notify us. If you wish to cancel directly with us call 020 7183 8078 and we can discuss alternative ways of paying. If you cancel a CPA, you will still be responsible for paying any money that you owe, including any charges which may accrue. We require 1 working days’ notice to cancel a CPA. For more details please refer to the relevant section in your loan agreement.


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What licences and registrations do you hold?

247Moneybox are fully licensed to provide short term loans.

  • We are authorised and regulated by the Financial Conduct Authority (listed on the Financial Service Register under registration number 622332)
  • Registered with the Information Commissioner in accordance with The Data Protection Act: Z9339538
  • Registered with Companies House in England and Wales: 05671281
  • Our registered company address: 145157 St. John Street, London EC1V 4PY
  • Member of the BCCA: 4566

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I'm waiting for a new debit card to arrive; what do I do?

If your repayment date is still a few days away then you can update the details of your new card in your online account, and set your new card as the primary card. If the repayment date has arrived and you still do not have your new card, or can't use an alternative, then you need to make a payment directly into 247Moneybox's account ASAP to avoid fees and charges. Our bank details are:

  • Sort code: 203647
  • Account no: 03018024

Use your postcode and surname as a reference and then send an email to customer.services@247moneybox.com.


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How do I update my debit card details?

You can update your debit card details by logging in to your online account. Remember all of your details are encrypted over a secure SSL connection.


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I have made an online transfer to repay the loan; how long will this take to be processed?

Bank transfers can take up to 3 working days to show in our account. Once we have received the funds we will process and allocate them to your account as quickly as possible. If your balance has not changed after a further 2 working days please contact us. It may be the case that we require further information to locate your payment.


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Can I repay my loan using a credit card?

No, you must repay your loan using a debit card.


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What happens if you can't collect the repayment?

It's important that you fully consider whether you can repay a loan comfortably. If you feel repayment might be an issue, please do not consider a 247Moneybox loan. If we do not receive payment in full on your repayment day, the following fees will apply:

  • A Failed Collection fee of £20 charged at 6pm on the first day after your repayment date
  • A £30 fee if we receive notification from your bank or card issuer that you wish to challenge a card transaction
  • Interest will continue to accrue on a daily basis for 60 days after repayment is due until such time as you have repaid what you owe

We may also charge you the following fees if you breach your agreement:

  • A debt collection agency fee equivalent to 25% of your outstanding balance
  • Costs and expenses in enforcing or attempting to enforce our rights
  • Costs and expenses of tracing you if you move address without telling us

This means that the total cost of your debt will grow and become more expensive to repay.

Continued failure to repay a loan will lead to Credit Reference Agencies being notified and potential legal action being taken, both of which could impair your credit rating and make it difficult or expensive to obtain credit in the future.

If debt becomes a worry there are independent organisations you can ask for advice. Visit www.nationaldebtline.co.uk or www.stepchange.org for advice.


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I am thinking of entering a debt management plan; what should I do?

We appreciate that managing your debt is not easy, and some people turn to third parties to do this for them. Some firms such as www.nationaldebtline.co.uk or www.stepchange.org do this for free and some firms charge a fee. It is worth bearing in mind that firms that charge a fee to administer a plan on your behalf reduce the available funds to pay your debts. An alternative solution could be to talk to your creditors directly and arrange a mutually agreeable payment plan with them. Give us a call on 020 7183 8078 - we can help you.

If you want to use a debt management firm, please ask them to send correspondence to customer.services@247moneybox.com with the subject line 'Debt Management'. Corresponding by post can take longer. We may ask to see a breakdown of your income and expenditure as well as documentary evidence of your claims.


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I have been declared bankrupt / have entered an IVA/DRO etc.; what can I do?

You will need to get the official administering body to send us the relevant documentation.


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Do you report to Credit Reference Agencies?

Yes, that's why it's very important to keep your side of the agreement to pay back the loan on the correct date. Other lenders use Credit Reference Agencies when they make lending decisions, so defaulting on your loan with us may make it harder or more expensive to obtain credit in the future.


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Do you use third parties to collect debt?

Yes, we use reputable and professional third parties to collect any outstanding debts that are owed to us. However, this is very much a last resort when we haven't been able to agree a repayment plan. If an account is passed over to a third party, this is recorded on your credit report.


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What is a settlement offer?

Occasionally we may offer you the ability to settle your overdue loan with a one-off payment. This may be at a discount to your outstanding balance. A settlement offer is a one-off time limited offer - i.e. the offer will expire and may not be offered again.


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I have used my maximum extensions; can I extend my loan one more time?

As a responsible short-term lender we limit the number of times you can extend your loan to 2, subject to an assessment of affordability and on the basis that you continue to meet our eligibility criteria. Please bear in mind that a loan from 247Moneybox is not suitable for long term borrowing and extending your loan will always cost you more. If you require a longer term solution there are other more suitable forms of finance available elsewhere. If you wish to extend your loan you must inform us before your repayment date. To extend your loan requires you to pay any interest charged on your loan along with a £10 extension fee on the date your loan is due for repayment. Interest will continue to accrue on your outstanding loan at the same previous rate until your following pay date.

If debt becomes a worry there are independent organisations you can ask for advice. Visit www.nationaldebtline.co.uk or www.stepchange.org for advice.


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How do I unsubscribe from receiving marketing emails?

If you wish to opt out of receiving further informational emails from us please email unsubscribe@247moneybox.com.


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My circumstances have changed and I'm having problems repaying; what should I do?

Things can go wrong. We know life can sometimes be complicated and that unexpected things can happen. If this is the case, you must let us know as soon as possible and we will do our best to help. We are a friendly bunch, so don't be apprehensive about calling.

We recommend you pay off as much of your loan as you can reasonably afford. This can be done at any time in your online account or by speaking to our friendly collections team on 020 7183 8078.


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How can I contact you?

Our friendly customer services team is available between 08:30 and 18:00 Monday to Friday. Postal address: 247Moneybox 145-157 St. John Street London EC1V 4PY Tel: 0871 423 8247 (Average call length 5 minutes, costing 50p from a BT landline based on 10p per minute - mobiles and other providers may vary.) Email: customer.services@247moneybox.com.

Our website is available 24/7, subject to any unscheduled or scheduled system downtime. If you are a new customer you can apply for a loan over the same time period however, we are only able to process your application during business hours. If you are a returning customer, you can login to your online account and request a new loan 24/7. In some cases we may be able to process and approve your application for another loan 24/7, however, as a responsible lender we may need to carry out further checks, for example if we haven’t heard from you for a while. We carry out these further checks during business hours.


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What personal information do I need to provide?

We require details such as your name, address, phone numbers, date of birth, income, bank account and debit card details. We take fraud very seriously and need to be sure that you are who you say you are. For full details see our privacy policy.


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Where can I find details of your privacy policy?

Our privacy policy can be found here.


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What is your complaints procedure?

Customer satisfaction is of utmost importance to 247Moneybox. Please do not hesitate to contact us if you are dissatisfied with our service in anyway.

We hope that it never comes to this, however should you wish to make a formal complaint in writing, please address your letter to:

Customer Services Department
247Moneybox
145-157 St. John Street
London
EC1V 4PY

If you have a complaint, please write to our Customer Services Department at the address set out above, e-mail us at customer.services@247moneybox.com or phone 020 7183 8078.

Upon receipt of your complaint we will do our best to resolve your complaint by the end of the next business day.

If we can't do this, we will send you a prompt written acknowledgement of your complaint within 5 working days and tell you who is dealing with it. In addition, we will provide you with a copy of our complaints procedure.

If we need to investigate your complaint further to respond fully, we will tell you and keep you regularly updated.

If you want to make a complaint to our trade association (BCCA), their contact details can be found at the end of this procedure. Our trade association will liaise with us to ensure your complaint is investigated fully and a response is sent out to you.

We will send you our final response as soon as possible but within eight weeks of receiving your complaint. Our final response will explain that you will have ultimate recourse to the Financial Ombudsman Service if you remain dissatisfied. We will enclose a leaflet (or provide a link to information) from the Financial Ombudsman Service with our final response to assist you if you decide to pursue this further course of action. You should contact the Financial Ombudsman Service within six months of receiving our final response.

The Chief Executive
BCCA
Portal Business Centre
Dallam Court
Dallam Lane
Warrington
WA2 7LT
website: www.bcca.co.uk
email: info@bcca.co.uk
tel: 01925 426 090

The Financial Ombudsman Service
Exchange Tower
Harbour Exchange Square
London
E14 9GE
website: www.financialombudsman.org.uk
email: complaint.info@financialombudsman.org.uk
tel: 0845 080 1800


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