Top 10 Lists + Full Lender Lists (Linked in Brackets)
247Moneybox Loans @ www.247moneybox.com
The 247Moneybox loans hit the market back in 2009. This is the sole operation of Active Securities Ltd. This brand was extended, with sites built for Canada and New Zealand. Each have however now been taken down with just the British market being served via www.247moneybox.com. As suggested by the branding, this is a 24/7 payday lender. The ability to access funding around the clock is however only accessible to existing customers (assuming that a request isn’t flagged up by their system). First time applicants may only see approval during their restricted opening hours of Monday to Friday (8.30am to 6pm). The lure of 24/7 funding is a key feature of this service.
Outside of this, the specs in place don’t differ that much to your average payday lender. Over a single month newcomers can apply for between £80 and £200. For reloans the maximum sum is £800. A fixed 0.8% daily charge is set and so per £100 you simply pay £24. The introduction of price capping by the FCA has made a significant difference to the product value here. To highlight this lender’s historic charges, they charged 1.3% daily on interest (£39 per £100). Fast funding if selected was £15 and this also took on 1.3% that added £5.85 over a full month. Collectively, that’s £59.85 compared to the £24 that is charged now.
Patience is required on that initial loan, but once verified the opportunity to access instant funding through the 247Moneybox login is a feature that has clearly attracted brand loyalty. You get a feel for this from checking out their Facebook page that has 87,000+ followers. We did expect this lender to extend their product to take on instalment terms that has been the case with most of their competitors. This approach makes sense to generate more revenue through longer contracts, but it hasn’t been taken yet. This company that holds BCCA membership hasn’t been a big advertiser, but they are experienced and are one of a select few of providers that deliver instant funding when requested.
£24 /£100 (30)
Data Taken from www.247moneybox.com: January 2017.