Home 247moneybox Review 2021 | Pros, Cons, Limits And Eligibility

247 Moneybox logo When you find yourself in urgent need of cash, and you have no credit at all, short-term lenders like 247money box may come to mind.

Such lenders offer a great way to deal with financial issues without having to turn to friends or relatives.

But before you sign up for a loan with the lender, it would be best to get to understand how they work and their terms and conditions.

In this comprehensive review of 247moneybox, we take a look at everything you need to know about this lender.

Read on to find out whether it is the platform for you when you need a quick fix financially.

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247moneybox is a UK direct lender with many years of experience in the industry. The lender only operates online and offers access to third-party lenders as well. It is fully transparent about its fees and charges daily interest rates.

What is 247Moneybox?

moneybox Review | Pros,...Founded in 2009, 247moneybox is a finance company whose headquarters are in central London. The company, which solely operates online, seeks to employ innovative approaches to its short-term lending thanks to its next-generation model.

Instead of the one-size fits all approach that most lenders use, this one tries to set itself apart by personalizing each loan. It also attempts to make the lending process as transparent and clear as possible.

As a direct lender, the company is regulated and authorized under the Financial Conduct Authority (FCA). It is also registered with the Information Commissioner’s office and Companies House in England and Wales. Additionally, it is a member of the CFA.

Pros and Cons of a 247Moneybox Loan


  • High loan ceiling of up to £800 for returning borrowers
  • Responsible lenders can benefit from its credit reporting
  • Offers access to third-party loan providers for other loan products at no extra fee
  • Charges a daily, not monthly, interest rate
  • Transparent about fees and costs
  • Prepayments do not attract any fees
  • You can make part payments before due date to reduce the balance


  • It does not allow loan extensions or roll-overs
  • It charges late payment and collection fees
  • It carries out credit checks which may impact your rating
  • It does not accept credit cards or prepaid debit cards as a form of payment
  • Might call your employer before loan approval

How does a 247Moneybox loan work?

247moneybox is a costly short-term lender, considerably more expensive than other similar financiers. Its online application process is, however, simple and straightforward and it is very open about its operations.

If you are applying for a loan on the platform for the first time, you can only get a maximum of £200. But in most cases, the very first loan will likely be about £80. After you establish a healthy account on the platform, you can access up to £800.

Note though that if you are considering borrowing such a high amount there are lots of more cost-effective alternative. It might be a better idea to compare alternatives at that point.

Another noteworthy point is that even though accessing funds on the platform is relatively easy, obvious warnings are applicable. For instance, if you happen to miss payments, that will reflect on your credit history and make it harder to access better loans.

Loan repayments

Missed payments also attract hefty penalties. To start with, the lender reports loan information to various credit reference agencies. This means that when you miss payments, it will reflect on your credit and could have adverse effects. You may not be able to access good financing in the future with a poor rating.

Additionally, the lender may pass your information to a debt collection agency, which will result in collection fees. They might also initiate legal proceedings and at the same time, interest on the outstanding amount will continue to accrue on daily basis.

moneybox Review | Pros,...

Short-term loans like the ones 247moneybox offers are suitable for short-term borrowing. If you need sustained borrowing over an extended period or are in serious financial problems, they are not ideal.

The lender makes use of continuous payment authority which, unlike direct debits, are not covered under bank guarantees. You can cancel the continuous payment authority at any given time by contacting the support team.

In case of cancellation, you will still owe the outstanding amount (if any) and will need to offer an alternative repayment method on the due date.

Other than simply offering services as a direct lender, 247moneybox also acts as a broker. They could assist you to search the market for credit products from third-party lenders. When acting as a broker, the platform does not charge any fees but may get commissions from the third-party lenders.

In order to facilitate this service, note that the lender will have to share your information with the third-party provider.

Credit checks

In an attempt to be a responsible lender, the platform carries out comprehensive checks on your credit history, employment and identity. These assessments make it possible to gauge affordability accurately.

They also prohibit loan extensions which, though it encourages responsible borrowing, can be disadvantageous if things fail to work out according to plan. Loan amounts are based on disposable income, which also aims to ensure affordability.

The fact that they charge interest daily rather than monthly means that you do not have to pay any cent more than what is due. You only need to pay for the days you have had the funds.

Convenience and speed are among the most important factors when applying for a short-term loan. After all, they are specifically aimed to address emergency situations. The platform seeks to balance this with responsible lending.

Therefore, they conduct all relevant checks before approval, at times including a discrete call to your employer. If everything is complete before 5:00 PM, they send payment instructions to their payment provider. Due to the thoroughness of the process, it could take up to 3 working days for funds to reflect in your account.

Payday Loans

These are small sum loans with short repayment terms aimed to assist borrowers to cover an unexpected shortfall. Typically, these loans allow you to access up to £800 in funds. But the exact amount is subject to eligibility and affordability.

Among the benefits of payday loans from this lender are the flexible loan amounts as well as the daily interest charges. But these often attract higher rates than loans that have collateral due to the risk involved.

247Moneybox Account Creation and Borrowing Process

To create an account and borrow from the lender, do the following steps below.

1.Go to the official website and click “Apply.” You will first need to choose your loan amount, which can only be a maximum of £80 the first time.

2. Enter your email address, mobile number and name and then click “Apply Now.”

moneybox Review | Pros,...

You will be required to provide additional information such as employment details, address and income details.

3. Once you provide the required details, submit your application and wait for a response.

It’s essential to be cautious during the sign up process for these products. This is because you can end up owing two to three times what you borrow on the longer-term loans, and many have difficulty repaying the short-term loans without reborrowing.

Eligibility Criteria for 247Moneybox Loan

The lender will consider an application on condition it meets the following criteria:

  • You need to be 18 and over
  • Be a UK resident
  • Be employed and have a regular income
  • Have a UK bank account
  • Have a valid linked debit card (the lender does not accept prepaid cards)

Information Borrowers Need to Provide to Get 247Moneybox Loan

In order to access financing on this platform, there are a number of details you will need to provide. These include:

  • Employment details and history
  • Address
  • Financial information
  • Monthly expenses
  • Bank account details

What are 247Moneybox loan borrowing costs?

247moneybox is a costly short-term financier but is very transparent about its rates. Take a look at some of the borrowing costs:

  • Daily interest rate – 0.8%
  • Late payment fees – £15
  • Arrangement fees – nil
  • Early repayment fees – nil
  • Collection fees – vary


  • Borrowed amount – £80
  • Loan term – 29 days
  • Interest rate (fixed) – 292% per annum
  • Total amount payable – £98.56
  • Representative APR – 1,281.8%

247Moneybox Customer Support

If online reviews are anything to go by, 247moneybox support team has a lot of improvements to make. There are lots of accusations about their being rude and unhelpful and also about long delays on hold.

Is it safe to borrow from 247Moneybox?

Yes. There are a number of reasons why it is safe to borrow from this lender. First, it is regulated and authorized by a number of authorities including top-tier financial authority, FCA. This makes it a reliable platform as it has to adhere to the strict requirements for operations set out by the regulator.

A second reason is that the lender consciously strives to practice responsible lending. To illustrate, they do not offer loan extensions, though these are considered almost standard in short-term financing.

However, online reviews about the lender are far from positive. Besides the tons of complaints regarding poor customer service, there are also complaints about approved loans that do not reflect in users’ accounts.

It might be wise to perform extensive research before borrowing a loan from this platform.

247Moneybox Review Verdict

247moneybox is a reliable and reputable online lender with a focus on responsible lending. Unlike many short-term lenders, this one does not offer loan extensions or top-ups, and is also transparent on borrowing costs and fees.

They specialize in providing payday loans and also differ from the majority in that they charge a daily interest rate rather than a monthly one. The lender undertakes a comprehensive assessment of eligibility before approving loans and this may cause delays in the approval and funds transfer process.

On the website, you will find an extensive FAQ section that answers most of the concerns you may have about the service. Being a regulated platform, they operate under the strict regulations of the FCA and other bodies.

However, their reputation according to customer reviews is poor, especially with regards to customer support. They are also relatively costlier than the average short-term lender and have strict eligibility criteria.

Since they carry out credit checks, applying for a loan here can affect your credit score. And your repayment is reported to credit agencies, which can be beneficial or disadvantageous depending on your payment habits.

All in all, it is a reliable choice of platform but should only be considered as a last resort if there are no other options.

Try Our Recommended UK Payday Loan Provider 2020:

  • Get an Instant Quote
  • Apply within 2 Minutes
  • Friendly Support Service
  • FCA Regulated
*Subject to lender requirements and approval.

Glossary of loaning Terms

Loans Glossary
Credit Score

A credit score shows your creditworthiness. It's primarily based on how much money you owe to loan or credit card companies, if you have ever missed payments or if you have ever defaulted on a loan.

Loans Glossary
Guaranteed Approval

Guaranteed Approval is when, no matter how bad, your credit score its, your loan application will not get declined.

Loans Glossary
Credit Limit

A Credit Limit is the highest amont of credit a lender will lend to the borrower.

Loans Glossary

Collateral is when you put up an item against your loan such as your house or car. These can be repossessed if you miss payments.

Loans Glossary
Cash Advance

A Cash Advance is a short-term loan that has steep interest rates and fees.

Loans Glossary
Credit Rating

Your Credit Rating is how likely you are to fulfill your loan payments and how risky you are as a borrower.

Stocks Glossary
Fixed Interest Rate

Fixed Interest Rate is when the interest rate of your loan will not change over the period you are paying off you loan.

Stocks Glossary

The Interest is a percentage based on the amount of your loan that you pay back to the lender for using their money

Loans Glossary

If you default on your loan it means you are unable to keep up with your payments and no longer pay back your loan.

Loans Glossary
Late Fee

If you miss a payment the lender will charge you for being late, this is known as a late fee.

Loans Glossary
Unsecured Personal Loan

An Unsecured Personal Loan is when you have a loan based solely on your creditworthliness without using collateral.

Loans Glossary
Secured Loan

A Secured Loan is when you put collateral such as your house or car up against the amount you're borrowing.

Loans Glossary
Prime Rate

This is the Interest Rate used by banks for borrowers with good credit scores.

Loans Glossary

The Principal amount the borrower owes the lender, not including any interest or fees.

Stocks Glossary
Variable Rate

A Variable Rate is when the interest rate of you loan will change with inflation. Sometimes this will lower your interest rate, but other times it will increase.

Loans Glossary
Installment Loan

An Installment Loan is a loan that is paid back bi-weekly or monthly over the period in which the loan is borrowed for.

Loans Glossary
Bridge Loan

A Bridge Loan is a short term loand that can last from 2 weeks up to 3 years dependant on lender.

Loans Glossary
AAA Credit

Having an AAA Credit Rating is the highest rating you can have.

Loans Glossary

A Guarantor co-signs on a loan stating the borrower is able to make the payments, but if they miss any or default the Guarantor will have to pay.

Stocks Glossary

LIBOR is the London Inter-Bank Offered Rate which is the benchmarker for the interest rates in London. It is an average of the estimates interest rates given by different banks based on what they feel would be the best interest rate for future loans.

Loans Glossary
Home Equity Loans

Home Equity Loans is where you borrow the equity from your property and pay it back with interest and fees over an agreed time period with the lender.

Loans Glossary
Debt Consolidation

Debt Consolidation is when you take out one loans to pay off all others. This leads to one monthly payment, usually with a lower interest rate.

Loans Glossary
Student Loan

If you obtain a Student Loan to pay your way through College then you loan is held with the Department for Education U.K.

Loans Glossary
Student Grants

Financial Aid in the form of grants is funding available to post-secondary education students throughout the United Kingdom and you are not required to pay grant


Can I reapply for a loan in case my application is declined?

Will taking out a loan on this platform affect my credit score?

How can I contact customer service?

How will I receive my loan after approval?

If my partner has taken out a loan, can I apply too?

What other store services does 247moneybox offer?



Nica specializes in financial technology and cryptocurrency. At her young age, she was already able to work with a Y Combinator-backed startup and another startup founded by Harvard graduates.

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