Questions and AnswersBefore applying for a loan
How does 247Moneybox.com work?
247Moneybox.com provides you with fast cash loans. Simply apply using our online application.
What do I need to get a 247Moneybox.com loan?
You can apply for a loan if you are aged 18 or over, live in the UK and employed with a regular income. For us to pay your loan you require a UK bank account with a debit card to repay us (pre-paid cards are not permitted).
Is a 247Moneybox.com loan right for me?
Our loans provide a solution for your occasional short-term cash needs. They are not suitable for supporting sustained borrowing over longer periods. If you require a longer term solution there are other more suitable forms of finance available elsewhere. It is important for you to be able to repay your loan on your next pay date.
If debt becomes a worry there are independent organisations you can ask for advice. Visit www.nationaldebtline.co.uk or www.clsdirect.org.uk for advice.
How long does the application take?
The application form takes less than 5 minutes - all online!
How much can I borrow?
At 247Moneybox.com we are committed to responsible lending. You can request between £80 and £200 the first time you apply for a loan. If you repay your loan as promised and 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.
How much does a loan cost?
Our fee structure is straightforward and set out below. We have a £6 transfer fee to cover the cost of our 2-minute funding system. Interest is charged by the day at 1.1% of the amount borrowed and transfer fee, so the shorter your loan duration the less interest you pay. Loans are available from £80 to £800.
Representative Example
How do I receive my loan?
Convenience is important to you, that's why it's important to us. Your loan is paid directly into your bank account and is then available for you to withdraw at your convenience.
How do I repay my loan?
It’s simple; the repayment amount is deducted from your card automatically on your next payday. Please ensure the required cash is available in your bank account (the one linked to your debit card) in time for the repayment date.
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. Please bear in mind that a loan from 247Moneybox.com 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. To extend your loan requires you to make a part loan repayment and 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.clsdirect.org.uk for advice.
Can I repay my loan early?
You can repay a loan early by simply logging into your online account.
What if I have problems paying?
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 to call or email. If we can't collect payment from your debit card on your repayment day, the following fees will apply:
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.clsdirect.org.uk for advice.
Can I have two loans from you at the same time?
It may sound like a great idea but from our experience it's no cakewalk. So we made a decision right from the start that we would lend responsibly and this means that all prior loans have to be repaid before another can be offered. We are a responsible lender and want to ensure you can easily repay what you borrow.
Your right to withdraw
You have a right to withdraw from the loan agreement within 14 days following the date of the agreement. You can do this by notifying us orally or in writing using the contact means on our contact us page. If you do withdraw from the agreement, you will be charged interest at the rate set out above from the day we provide you with the loan until the day that you repay (inclusive).
Support
Can I find out more information on borrowing?
You can download our comprehensive booklet for 50p.
How do I contact 247Moneybox.com?
Please click here for our details.
What are your opening times?
Our friendly customer services team is available during the hours of 09:00 to 18:30 Monday to Friday.
Complaints procedure
Customer satisfaction is of utmost importance to 247Moneybox.com. Please do not hesitate to contact us if you aren’t happy with our service.
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.com
145-157 St. John Street
London
EC1V 4PY
Or email customer.services@247moneybox.com
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 and tell you who is dealing with it.
We will send you our full response within four weeks of receiving your complaint. We will include details of how, if you are dissatisfied with the way we have handled your complaint, you can go to stage 2 of the procedure by referring your complaint to the British Cheque & Credit Association (BCCA) which is our Trade Association and acts on our behalf. Our letter will explain that you will have ultimate recourse to the Financial Ombudsman Service if you remain dissatisfied after stage 2 referral - also that we will regard the complaint as closed if the BCCA does not receive a reply from you within eight weeks of our full response.
The BCCA will investigate your complaint and will provide you with a final response within four weeks of receiving notification of your continuing dissatisfaction.
If you are dissatisfied with the final response from the BCCA, you can ask the Financial Ombudsman Service for an independent review. The BCCA will enclose a leaflet from the Financial Ombudsman Service in their final response letter 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 the final response from the BCCA.
Chief Executive
British Cheque & Credit Association
PO Box 3414
Chester
CH1 9BF
email: info@bcca.co.uk
phone: 01244 505904
The Financial Ombudsman Service
South Quay Plaza
183 Marsh Wall
London
E14 9SR
website: www.financial-ombudsman.org.uk
email: complaint.info@financial-ombudsman.org.uk
phone: 0845 080 1800
How does 247Moneybox.com work?
247Moneybox.com provides you with fast cash loans. Simply apply using our online application.
What do I need to get a 247Moneybox.com loan?
You can apply for a loan if you are aged 18 or over, live in the UK and employed with a regular income. For us to pay your loan you require a UK bank account with a debit card to repay us (pre-paid cards are not permitted).
Is a 247Moneybox.com loan right for me?
Our loans provide a solution for your occasional short-term cash needs. They are not suitable for supporting sustained borrowing over longer periods. If you require a longer term solution there are other more suitable forms of finance available elsewhere. It is important for you to be able to repay your loan on your next pay date.
If debt becomes a worry there are independent organisations you can ask for advice. Visit www.nationaldebtline.co.uk or www.clsdirect.org.uk for advice.
How long does the application take?
The application form takes less than 5 minutes - all online!
How much can I borrow?
At 247Moneybox.com we are committed to responsible lending. You can request between £80 and £200 the first time you apply for a loan. If you repay your loan as promised and 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.
How much does a loan cost?
Our fee structure is straightforward and set out below. We have a £6 transfer fee to cover the cost of our 2-minute funding system. Interest is charged by the day at 1.1% of the amount borrowed and transfer fee, so the shorter your loan duration the less interest you pay. Loans are available from £80 to £800.
Representative Example
| Total amount of credit |
£125.00 | |
| Duration of agreement | 29 days | |
| Rate of interest (also charged on transfer fee) | 401.5% per annum fixed | |
| Interest (included in Total Charge for Credit) | £41.79 | |
| Transfer fee (included in Total Charge for Credit) | £6.00 | |
| Total amount payable | £172.79 in one payment of £172.79 | |
| Representative APR | 5784.3%APR |
Does 247Moneybox.com carry out a credit check?
Yes, as part of our automated real-time decisioning we carry out a credit check.
What if I have bad credit?
Don’t worry, you're only human, mistakes can happen. Bad credit will not necessarily prevent you from receiving a loan from 247Moneybox.com providing that we are satisfied that you can repay the loan without causing any further financial difficulty. Our loan solutions are designed to help even those with poor credit. Being a fair bunch we look at each application based on recent circumstances.
What personal information do you need?
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 for everyone's sake that you are who you say you are. For full details about the collection of, and potential uses of your personal details you can read our privacy policy.
Do I need to be employed?
We want our loans to be a short-term solution. You need to have a regular income since we only want to lend you cash if you can afford to pay it back quickly and comfortably.
What happens if 247Moneybox.com are unable to approve my loan application?
If we are unable to approve your loan application 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.
The loan process
How does it work?
To apply, simply complete our quick online application and complete your bank and debit card details.
How long will it take to transfer my loan?
Loans are sent within 2 minutes. We have a £6 transfer fee that helps cover the cost of our 2-minute funding system.
Representative Example
| Total amount of credit |
£125.00 | |
| Duration of agreement | 29 days | |
| Rate of interest (also charged on transfer fee) | 401.5% per annum fixed | |
| Interest (included in Total Charge for Credit) | £41.79 | |
| Transfer fee (included in Total Charge for Credit) | £6.00 | |
| Total amount payable | £172.79 in one payment of £172.79 | |
| Representative APR | 5784.3%APR |
How do I receive my loan?
Convenience is important to you, that's why it's important to us. Your loan is paid directly into your bank account and is then available for you to withdraw at your convenience.
How do I repay my loan?
It’s simple; the repayment amount is deducted from your card automatically on your next payday. Please ensure the required cash is available in your bank account (the one linked to your debit card) in time for the repayment date.
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. Please bear in mind that a loan from 247Moneybox.com 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. To extend your loan requires you to make a part loan repayment and 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.clsdirect.org.uk for advice.
Can I repay my loan early?
You can repay a loan early by simply logging into your online account.
What if I have problems paying?
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 to call or email. If we can't collect payment from your debit card on your repayment day, the following fees will apply:
- Failed collection fee: £20 on day 1
- Interest will continue to accrue on a daily basis
- Up to 5 letters are sent, each charged at £10 (first letter sent is free)
- Costs and expenses in enforcing or attempting to enforce our rights
- Costs and expenses of tracing you if you move address without telling us
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.clsdirect.org.uk for advice.
Can I have two loans from you at the same time?
It may sound like a great idea but from our experience it's no cakewalk. So we made a decision right from the start that we would lend responsibly and this means that all prior loans have to be repaid before another can be offered. We are a responsible lender and want to ensure you can easily repay what you borrow.
Your right to withdraw
You have a right to withdraw from the loan agreement within 14 days following the date of the agreement. You can do this by notifying us orally or in writing using the contact means on our contact us page. If you do withdraw from the agreement, you will be charged interest at the rate set out above from the day we provide you with the loan until the day that you repay (inclusive).
Support
Can I find out more information on borrowing?
You can download our comprehensive booklet for 50p.
How do I contact 247Moneybox.com?
Please click here for our details.
What are your opening times?
Our friendly customer services team is available during the hours of 09:00 to 18:30 Monday to Friday.
Complaints procedure
Customer satisfaction is of utmost importance to 247Moneybox.com. Please do not hesitate to contact us if you aren’t happy with our service.
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.com
145-157 St. John Street
London
EC1V 4PY
Or email customer.services@247moneybox.com
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 and tell you who is dealing with it.
We will send you our full response within four weeks of receiving your complaint. We will include details of how, if you are dissatisfied with the way we have handled your complaint, you can go to stage 2 of the procedure by referring your complaint to the British Cheque & Credit Association (BCCA) which is our Trade Association and acts on our behalf. Our letter will explain that you will have ultimate recourse to the Financial Ombudsman Service if you remain dissatisfied after stage 2 referral - also that we will regard the complaint as closed if the BCCA does not receive a reply from you within eight weeks of our full response.
The BCCA will investigate your complaint and will provide you with a final response within four weeks of receiving notification of your continuing dissatisfaction.
If you are dissatisfied with the final response from the BCCA, you can ask the Financial Ombudsman Service for an independent review. The BCCA will enclose a leaflet from the Financial Ombudsman Service in their final response letter 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 the final response from the BCCA.
Chief Executive
British Cheque & Credit Association
PO Box 3414
Chester
CH1 9BF
email: info@bcca.co.uk
phone: 01244 505904
The Financial Ombudsman Service
South Quay Plaza
183 Marsh Wall
London
E14 9SR
website: www.financial-ombudsman.org.uk
email: complaint.info@financial-ombudsman.org.uk
phone: 0845 080 1800
