247Moneybox

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Company Information

  • Company Name:
    247Moneybox
  • Website Address:
  • FCA IP:
    622332
  • Business address:
    20-22 Wenlock Road, London, N1 7GU
  • Phone number:
    020 7183 8078

Established in 2009, 24/7 Moneybox (http://www.247moneybox.com/) is a trading name of Active Securities Ltd., a finance company based in central London. It operates as an online lender, with expansion of its services overseas in 2012. It is a member of trade association BCCA Limited.

APPLICATION REQUIREMENTS:

To get a loan with 24/7 Moneybox, you must be 18 years of age or older, be a resident of the United Kingdom, and employed with a regular source of income. Also, you must have a UK bank account, which is linked to a valid debit card. 24/7 Moneybox does not permit prepaid cards.

LOAN AMOUNT AND CHARGES:

First-time borrowers are permitted to borrow between £10 and £400 in increments of £10. (For instance, £200, £210, £220, etc.) With time, as you establish trust with 24/7 Moneybox and make payments on time, the lender can expand the borrowing range to £80 and £800. 24/7 Moneybox offers two processing options: Fast and Standard. While there is no fee associated with the Standard process, the Fast process service costs £20. Interest on the borrowed money is 1.3 percent, plus Fast Process Fee (if applicable).

PROCESS:

When you apply using the Standard process, your funding information is sent to lender’s bank or payment provider during the late afternoon or evening of the day your application is approved. This process can take up to 3 business days. By comparison, the Fast Process ensures that once your loan application is approved and eligible for funding, the money will be sent to your account within 1 hour.

PAYMENT:

If you fail to make payment on the due date, there will be a failed collection fee of £30 charged at 5 p.m. on that day. Interest will continue to accrue each day for 60 days after the designated repayment date until the payment is honored. There will be a £30 fee if 24/7 Moneybox receives notification from your bank or card issuer that you wish to challenge an investigation charge from the lender. With further delinquency, there can be a debt collection agency fee equivalent to 25 percent of the outstanding balance.

92 Reviews of 247Moneybox have been submitted - read the latest 3 below

I think 24/7 Moneybox need to rethink their policy on charging for a Fast Process because it should be standard with all payday loans that within reason you get your loan money the same day you apply for it. Unless you are applying late on a weekend night you should be able to expect that the money transfer can be done easily and quickly once your credit check and affordability assessment is done. I appreciate 24/7 Moneybox have really good interest rates but for some people like me it's not just about getting the lowest rate only to have it cancelled out by paying extra to get your money quickly.

Review posted by Jamie Burroughs, Croydon

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

If I use 24/7 Moneybox again I won't pay the extra for the Fast Process because it really wasn't worth it and it makes a small payday loan much more expensive than it needs to be. I don't think its fair that 24/7 Moneybox charge this fee so that you can get your money on the same day. Not all the payday lenders charge this fee so if they can do it why can't 24/7Moneybox? Maybe their interest rates are better but I still don't think their good enough for them to be able to justify charging a fee for you to get your money on the same day. I hope they don't mind me saying this but I think they ought to know what their customers think so that they can improve their loan service.

Review posted by Casey Taylor, Dartford

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money

Provided you don't opt for the Fast Process and are happy to wait 2 or 3 days for your cash then I would recommend 24/7 Moneybox especially if you are only borrowing a small amount. If not this payday loan can work out much more expensive than most of the other payday loans that are available currently. Whilst I was quite happy with this loan I am not sure I'd use 24/7 Moneybox again because even if I am just borrowing a small sum of money I would like to have the money available to me the same day without having to pay extra for the Fast Process. I haven't read all the other reviews but I wouldn't be surprised if a lot of them mention this point. Apart from that I don't think 24/7 Moneybox are a bad lender in other ways and will award my stars accordingly.

Review posted by Eddie Dalton, Hounslow

  • Customer Service
  • Flexibility
  • Ease Of Use
  • Value For Money