Online Loans

Warning: Late repayment can cause you serious money problems. For help, go to

The loan products we provide

247Moneybox provides transparent and straightforward online loans from £80 to £800. As a responsible lender, we want our customers to ensure they can afford to repay any credit without any detriment to their financial position. Therefore, we limit first-time customers to a maximum of £200 subject to affordability and criteria. For returning customers we may allow up to £800 should it prove affordable and based on an excellent borrowing history with us. For more information on online loans, click here.

The good credit bad credit debate

An age-old back and forth, especially where online loans are involved. Credit reports only ever provide a snap-shot of a financial position for a customer. There are other factors to take into account. Another element to bear in mind, is that there is not a hard and fast rule book when it comes to defining something as good credit or bad credit. Each lender, or indeed any entity that extends credit, makes their own choice about what they determine as good and bad credit. This is not quite the picture painted by the media or indeed other firms that purport to improve a credit score. With something as subjective as affordability and credit score, it is down to the credit provider to make the assessment.

Checklist before application

Before an application for a 247Moneybox short term online loan, we believe a customer should ask themselves whether credit and borrowing money is the right thing for them. So questions like:

  • Can I cut down on spending or put off buying that item until I've saved-up?
  • Am I borrowing money to make repayments on other loans or debts?
  • Is my situation unlikely to improve in the long-term

If a customer asks themselves the above questions and thinks that they do need help, we point them to free debt advice from or For more information on how we lend responsibly see here.

Comparing lenders

If an online loan is right for a customer, then they want to ensure they have compared the market as there are many providers out there offering credit. What's the best way to do this? Good question. One of the many benefits of a growing online economy, is that information flow is becoming greater on a daily basis. There are numerous websites out there that will show comparison tables of payday lenders' products including an online loan and instalment loan.

Alternatively, a customer can use a broker to actively find a payday lender for them. What level of service a broker provides can vary so our advice would be to read their terms and conditions first before signing up to their service.

Costs of an online loan

Since January 2015 any lenders that want to lend high cost short term credit, the official term for online loans, have to abide by a regulatory price cap. This restricts the amount lenders offering this product can charge to 0.8% per day of the amount borrowed.

This regulation was brought in by our regulator the FCA who took over as the regulator of our industry from the OFT in 2014.