247Moneybox.com increases its commitment to Responsible Lending Principles and launches new video

30 January 2013

247Moneybox.com, one of the UK's fastest growing payday lenders, have today announced publication of their revised Responsible Lending Principles accompanied by a new animated video.

The Wonga rival has expanded rapidly since its launch in 2009 with daily payday loan applications running into the tens of thousands.

The firm was one of the first to commit and publish on its website a downloadable document on Responsible Lending back in June 2011. With the release and implementation of the Good Practice Customer Charter produced by the main industry trade bodies in late 2012, 247Moneybox.com has revised and updated its own Responsible Lending Principles.

"From the outset we always wanted to make sure all our loans were made responsibly" expressed Mark Hannay, 247Moneybox.com's Chief Operating Officer. "This is an important step in the right direction for the responsible members of the payday loan industry."

247Moneybox.com is rated 8.1 out of 10 based on 8338 user reviews and make it very clear they think its approach is a sensible way to address occasional cash flow problems. "We produced the video to show our commitment to responsible lending and confirm our support to an honest, open and transparent industry."

Other measures 247Moneybox.com have put in place to ensure customers borrow sensibly include:

  • Comprehensive credit, ID and employment checks to assess affordability
  • Limited loan extensions
  • Limited borrowing from 247Moneybox.com in a 12 month period
  • Affordable and variable loan amounts based on take-home pay
  • A daily interest charge meaning that you only pay for the days you have the loan. Repay early without any early repayment charges and save money.

Both the Responsible Lending Principles and new video are available on the 247Moneybox.com website, click here