How can I get a short term loan?

Click on the “Apply Now” button and fill in our free and easy, online application form. We'll then carry out credit and affordability checks. Approval: Sign and send back your loan agreement which will be sent to you via email subject to approval. Funding: Receive your cash directly into your UK bank account

Which short term loan company is best?

This, again, will be a personal choice based on your own requirements and financial situation. If you fulfill all the minimum criteria find yourself with a choice of lenders, look at the following factors to help make you decision about which short term loan company to borrow from: Their interest rates Their reputation (what are their Trustpilot and Google scores?) How much do they lend? How long do you have to repay? Do they charge extra fees? Have they won industry awards? It’s a good idea to look for a trustworthy direct lender. You can recognize a trusted direct lender by the below standards: Is authorized and regulated by the FCA . It offers support from financial advisers by email or phone. Transactions are secure and SSL protected. It’s GDPR compliant It has an ‘Excellent’ Trustpilot score No Fee surprises: no application fees, hidden fees, or charges. It’s won market-related awards.

How to apply for an emergency loan?

We know that when you have an emergency expense, time is of the essence. Follow these steps for fast funding from Moneyboat. Click on the “Apply Now” button and fill in our free and easy, online application form. We'll then carry out our credit and affordability checks. Approval: Sign and send back your loan agreement which will be sent to you via email subject to approval. Funding: Receive your cash directly into your UK bank account

How can I get a same day loan from Moneyboat?

First of all, you can find the right value of loan to apply for using our loan calculator. Then you can refer to the application we’ve provided. From there, you’ll need to ensure you fill in the required fields. This credit application process usually only takes about 10 minutes or so depending on whether or not you have the necessary financial information to hand when you start your application. You’ll also need to meet our eligibility requirements . We ask you about: Age: You must be at least 18 years old in order to qualify for our same day cash loans. Employment: You must have a regular job and proof of employment. Income: Having a regular income and proof of such gives us reassurance you’ll be able to repay the cash loan without placing yourself in further financial trouble. Residence: In order to be eligible, you’re required to have a valid U.K. address. Bank Account: A current U.K. bank account is needed for both deposit of your same day loan and repayment. Unlike other same day lenders, we won’t ask for your bank account information your application has been approved and you’ve been heard our terms. You’ll also need to answer questions regarding your monthly expenses before being approved for a same day loan. Verification of your identity, income and address as well as review of your information usually takes around half an hour. Once you’re approved, the money should reach your bank account very quickly.

How to get a quick loan?

Click on the “Apply Now” button and fill in our free and easy, online application form. Eligibility Check: We’ll then automatically assess your eligibility against our affordability criteria. Approval: Sign and send back your loan agreement which will be sent to you via email subject to approval. Funding: Receive your cash directly into your UK bank account

Moneyboat FAQs

We provide borrowers with loans of between £200 and £1,500, which are repayable in flexible instalments over 2-6 months. Although we only offer one loan product, consumers use lots of different terms when searching for short-term loans. Below is a list of FAQs that addresses some of the key questions people have when looking to borrow with Moneyboat.

Applying for quick cash loans with Moneyboat

Most applications can be completed online without uploading paperwork straight away.

If asked, you’ll typically need to provide:

Your personal details (name, address and contact information)
Details of your income and employment
Information about your regular monthly outgoings
Your UK bank account details

In some cases, we may ask for additional information to verify your identity or confirm your income. This could include photo ID or recent bank statements, depending on your circumstances.

Any checks we carry out are part of our responsible lending and affordability assessment.

If you’re worried about making a repayment, it’s important to contact us as soon as possible.

We’ll work with you to understand your situation and discuss possible options. Missing payments can affect your credit file and may result in additional charges, subject to FCA limits.

Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk.

Yes. You have the right to withdraw from your loan agreement within 14 days of signing.

If you do, you’ll need to repay the amount borrowed plus any interest that accrued while the loan was outstanding.

No lender regulated by the Financial Conduct Authority can guarantee approval. All Moneyboat applications are assessed based on status and affordability to ensure borrowing is suitable.

Yes. A full credit search will be carried out when you apply for a Moneyboat loan, and your repayment history may be reported to credit reference agencies.

Making repayments on time may improve your credit file. Missing payments may negatively affect your credit score.

If you think you might miss a payment, please contact us as soon as you can. We’re here to help.

Missing payments can affect your credit file and may lead to additional charges, subject to FCA limits. The sooner we speak, the sooner we can look at your options together.

Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk.

If you need to change your repayment date, contact our team directly.

You can get in touch by phone or email, and we’ll talk through your options. Changes aren’t guaranteed and are subject to approval, so it’s important to reach out as early as possible.

If you’re worried about making a payment on time, please contact us straight away. Acting early can help avoid additional charges and give us more time to support you.

Yes, you can repay your loan early at any time.

If you do, you’ll only pay interest for the days the loan was outstanding, in line with regulatory rules. There are no early repayment charges.

We’re a direct lender.

You apply directly with us – not through a broker or loan-matching service. We don’t pass your details to other lenders unless you instruct us to, and you won’t be contacted by multiple loan companies as a result of an application with us.

There are several reasons why an application may not be approved, including:

Affordability concerns
Insufficient or irregular income
Existing financial commitments
Incomplete or incorrect information
Credit history factors

If we decline an application, it’s because we believe the loan may not be suitable or affordable based on the information available to us.

Before we approve a loan, we check that the repayments look affordable for you.

We review your income, essential outgoings and any existing commitments. If we don’t think the loan would be manageable, we may decline the application. That’s to help protect you from taking on debt that could cause problems later.

Before you accept a loan, you’ll see the total amount repayable, including all interest. This means there are no hidden costs.

In the UK, interest and charges on loans are capped at 0.8% per day – we only charge 0.79%. You’ll never repay more than 100% of the amount borrowed. That means the total cost is limited and can’t keep increasing.

No. All regulated lenders in the UK must carry out affordability and credit checks before approving a loan.

Once your application has been reviewed and approved, we’ll send the funds to your bank account within 15 minutes*. The exact timing depends on approval and your bank’s processing times.

With Moneyboat, applying is simple.

Choose how much you’d like to borrow and for how long.
Complete the online application with your details.
We’ll carry out affordability and credit checks to assess your application.

If you’re approved, you’ll see exactly how much you’ll repay before you decide whether to go ahead.

All applications are subject to status and affordability checks.

Yes. All regulated short-term lenders run a full hard search credit check before they lend money.

There are various third-party charities and organisations which offer free, independent financial advice. If you’re struggling with your finances, you can always reach out to one of the following:

Repaying responsibly can help your credit rating – but this isn’t guaranteed. Making regular repayments on time can demonstrate that you’re a responsible borrower, which can help boost your credit rating over time.

It’s important to know that any missed payments could harm your credit rating. Always double check that you’ll be able to comfortably meet your repayments before applying for an instalment loan from a direct lender – even if it’s spread over several months.

Eligible customers can receive funds within 15 minutes* of approval for their short-term instalment loan.

To apply for a Moneyboat loan, you must:

Be at least 18 years old
Be in full or part-time employment
Have a minimum net monthly income of £1,000
Have a UK bank account or debit card

If you’re searching for alternatives to payday loans in the UK, there are a few options to consider depending on your situation. These might include personal loans, credit cards, borrowing from friends or family, or speaking to your service providers about payment plans.

At Moneyboat, we offer short-term loans with flexible repayments – helping to ease the pressure of paying everything back in one go. Our loans give you up to 6 months to repay, with no hidden fees and a clear, straightforward process.

Taking out a direct payday loan will almost always have an impact on your credit score. Depending on how a creditor performs their checks, this will often show on your credit report and can affect your credit score.

If you don’t have a credit history, you may struggle to be approved for a payday loan. This doesn't mean you will always have trouble getting credit, you will just need to build a credit record before starting to apply. You can check your credit score through agencies like Experian. For more insights on credit reports and how to boost your score, explore our Experian credit score guide.

It depends on what you’re looking for. Pay day loans are usually repaid in full when you next get paid – which can feel like a quick fix, but it also means your next payday could leave you short again. That’s why many people prefer short-term loans as a more manageable alternative to pay day loans.

At Moneyboat, our short-term loans give you the flexibility to repay over 2 to 6 instalments, helping you manage costs more steadily over time. You can still repay in full early if that works for you – but you’re not tied to doing so all at once.

If you’re unsure, ask yourself:

Can I repay everything on my next payday without falling behind elsewhere?
Would it help to spread repayments over a few months instead?

Remember, short-term loans – like pay day loans – are designed for temporary use. They’re not a long-term solution, and it’s important to only borrow what you can afford to repay.

Short-term borrowing can help in a pinch – but it’s not for everyone. If you’re behind on priority bills like rent, council tax or utilities, borrowing more might make things worse. Always make sure the repayments are affordable and think about alternatives, like:

Speaking with your service providers about payment plans
Asking friends or family for help

Looking into support from organisations such as Citizens Advice or StepChange

We know that sometimes things don’t go to plan. If you think you’ll miss a payment, contact us as early as you can. We’ll always do our best to help, and we may be able to arrange an affordable plan with you. Missing payments can impact your credit score and may lead to extra charges, so it’s important to keep in touch.

Yes – and there are no early repayment charges. If you want to clear your balance before your final instalment, you’ll only pay interest up to the date you repay. That means you could save money by paying your loan off sooner.

We’re upfront about our pricing. Before you apply, you’ll see exactly what the loan will cost – including interest and any fees. We use APR (Annual Percentage Rate) to help you compare the cost of borrowing across different lenders. Remember, the shorter the loan term, the less interest you may pay overall.

Some providers might be advertising payday loans UK no credit check, but all regulated lenders are required to carry out checks to make sure borrowing is affordable. At Moneyboat, we run a credit check as part of our responsible lending process – but we also look at your current financial situation, not just your credit score.

So, even if you’ve had trouble with credit in the past, you may still be eligible for one of our short-term loans.

Yes! It’s possible to get a payday loan with bad credit, though approval will depend on the lender. At Moneyboat, we know that credit scores don’t always tell the full story. That’s why we assess each application individually and focus on affordability first.

Even if your credit history isn’t perfect, you may still be eligible for one of our short-term loans. We’ll just need to see that the repayments are manageable for you.

If you’re looking for a pay day loan direct lender, you might be comparing options to get quick access to cash without going through a broker. At Moneyboat, we’re a direct lender – which means we process your application ourselves and work directly with you from start to finish.

While we don’t offer traditional payday loans, our short-term loans can be used in a similar way. You can pay it off in full when you’re next paid or repay over 2 to 6 instalments – helping you manage an unexpected expense in a way that works best for you.

Speed is one of the main reasons why people look for a payday loan. Once you’ve applied and we’ve completed our checks, Moneyboat’s short-term loans are typically paid within 15 minutes – so you can get the money you need without unnecessary delays.

Funds go straight into your bank account, and you can apply entirely online – no paperwork needed.

Individuals often question whether it could be beneficial to take out a loan for something other than a house or vehicle. The answer to this question is yes. One should never put off undergoing essential dental care, for example, simply because they don’t have the money available to pay for it.

Although the NHS often pays for these costs in some form, individuals must pay for a portion of their fillings, extractions, crowns, dentures and bridges. A quick, flexible loan can help if the person needs this work done but is not able to pay for it. However, it is important to be aware that the amount you borrow will often be more than the cost of the dental work, as most direct lenders in the UK have a minimum borrowing amount.

If you need a vehicle to travel to or from work and the vehicle breaks down, a loan could help you pay for the repairs if there is no other available option. However, you should not borrow money for an unplanned holiday simply because you can get a good deal. As responsible UK direct lenders, we recommend borrowers at least distinguish between the items that they want and items they need and approach a lender or a broker on that basis.

Payday loans continue to receive bad press, yet people often overlook the benefits they provide. See our if our loans suit your needs. We are direct lenders, which means we fund the loans ourselves rather than requiring any third parties for funding.

Many people seek loan debt help in the UK. As with any form of credit, individuals should take care before applying to ensure they can make the repayments. Although a payday loan does come with a higher interest rate than many other loan products on the market, it can be of great help to those who need cash quickly.

Our loans are a great option if you need some quick cash and you know you can pay it back. Then we’re here to help! However we do not recommend using a loan as a solution to a long term financial issue.

We can release funds to our customers every 15 minutes. Our 15-minute funding is super quick but is only available to our customers who have been approved and once all underwriting checks have been completed. You may be asked to provide extra documentation after applying, which could delay your access to cash. However, once approved, you could still receive funding in just 15 minutes. Learn more about our 15 minute funding terms and conditions.

Direct lender loans are not the same as broker loans, as the whole process from application to repayment is handled by the same provider. A direct lender will therefore have all of your information to hand to answer any questions you may have and resolve any issues directly and efficiently.

Direct lenders are also able to offer flexible repayment plans and work with you collaboratively, rather than simply brokering a deal on behalf of an external lender. This means that the application process is faster and you could be approved in a few hours as all decisions are made by one company.

Brokers are reliant on a third party, so the time from your application being approved to the funds being deposited can be considerably longer. It's important to check how the company identifies itself, as brokers can often present themselves as a ‘loan providing service’. Moneyboat customers will always receive a clear repayment schedule and enjoy a transparent and fair lending experience from us, as responsible UK direct lenders.

No, it’s not recommended to take out a loan just to improve your credit score. However, responsible borrowing can have a positive impact over time. Examples of this include:

On-time repayments help build a stronger repayment history
Managing debt responsibly can contribute to a better credit profile
Good financial habits increase lender confidence in the long run

While repaying a loan on time can support credit health, it’s important to borrow only if you genuinely need the funds and can afford the repayments.

If you’re struggling to afford your loan repayments, it’s important to act quickly to avoid additional financial stress. Missing payments can lead to extra charges, negatively impact your credit score, and make it harder to borrow in the future.

At Moneyboat, we encourage customers to contact us as soon as possible if they’re having difficulties. We may be able to offer support, such as:

Flexible repayment options: In some cases, we may be able to adjust your repayment plan to make it more manageable
Further financial support: We can direct you to independent debt advice organisations for free expert support
Preventing further financial strain: Communicating early can help you avoid extra fees or further financial challenges

If you’re experiencing financial difficulties, contact us as soon as possible. We’re here to help and will do our best to find a solution that works for you.

Lenders may decline bad credit applications if they believe repayments could be unaffordable or if there’s a history of missed payments. Each lender has different approval criteria, but the most common reasons for rejection include:

Poor credit history: If you’ve missed payments in the past, your credit score may indicate a higher risk of future missed payments or even defaulting on the loan
Affordability concerns: Lenders assess whether you can realistically afford repayments – if they determine that a loan might put you under financial strain, they may decline the application
Existing debt levels: If you already have multiple outstanding loans or a high level of debt, lenders may see this as a risk factor
Limited credit history: Having little or no credit history can make it harder for lenders to assess your ability to manage repayments

At Moneyboat, we assess every application on its own merit. A lower credit score doesn’t automatically mean a rejection. We may consider additional factors, such as bank statements or payslips, to determine if a loan is manageable for you.

A bad credit score is often caused by missed payments, high debt levels, defaults, or financial difficulties like bankruptcy or repossession.

A credit score reflects your financial history and how reliably you manage debt. Some common causes of a low credit score include:

Late or missed payments: Paying credit cards, loans, or bills late can negatively impact your score
Defaults and debt write-offs: Failing to repay debts can lead to defaults, which lower your credit rating
High credit utilisation: Using too much of your available credit limit may indicate financial strain
Bankruptcy or IVAs: These legal arrangements stay on your record for years and can make borrowing harder
Repossession of assets: Losing a home or car due to non-payment suggests serious financial difficulty

If your credit score is low, improving financial habits – like making payments on time and reducing outstanding debt – can help rebuild your rating over time.

Yes, most lenders – including Moneyboat – carry out credit checks to ensure responsible lending. Be cautious of ‘no credit check loans’ as they may come with high fees or risks, they’re also a legal requirement. Without proper checks, you could be offered a loan you can’t afford and without proper protections, leading to potential financial difficulty.

At Moneyboat, we prioritise responsible lending, and our approach includes:

Fair assessment: We review applications based on multiple factors, not just credit scores
Affordability checks: We ensure repayments are manageable before approving a loan
Support for past declines: We consider people who may have had multiple credit checks or been declined elsewhere

If you’re concerned about eligibility, we assess each application individually to ensure a loan from us works for your circumstances.

Before applying for a loan, it’s important to assess your financial situation and whether you can afford the repayments. Short-term loans can help in emergencies, but they’re not the right option for everyone – so it’s important to borrow responsibly.

Here are some key things to consider:

Affordability: Can you comfortably make repayments without financial strain?
Loan terms: Understand the repayment schedule and total cost of borrowing
Credit impact: Missing payments could further affect your credit score
Alternatives: Explore other financial options before taking out a loan

At Moneyboat, we assess applications based on our own lending criteria – not just your credit score. Even if you have good credit, approval depends on our affordability checks to ensure responsible borrowing.

Yes, you can apply for a loan even if you have bad credit. Moneyboat looks at multiple factors beyond just your credit score when assessing applications.

Having a low credit score or being declined elsewhere doesn’t automatically mean you won’t qualify for a loan. At Moneyboat, we assess each application on an individual basis, considering affordability and overall financial circumstances.

As a direct lender, we make our own lending decisions – no brokers involved. If approved, funds are often transferred the same day. However, it’s important to ensure that repayments are manageable before applying.

We're sorry, but we can't accept credit cards as a way to repay your loan. This is a rule set by our payments provider, and is designed to prevent one form of credit being used to repay another.

To make a repayment, please use a debit card or direct bank transfer. Please get in touch if you need help adding your debit card or setting up a payment method.

You can reach us on 0203 818 7470 or at thecrew@moneyboat.co.uk. We're open Monday to Friday, 8am to 5pm.

Evergreen Finance London is the company name which will appear on your credit file after taking a loan from Moneyboat. This is because Moneyboat is the trading name of Evergreen Finance London Limited. Rest assured, they’re essentially the same business. You’ll be dealing directly with Moneyboat and its crew for everything regarding your loan.

Loans from Moneyboat will be reported on your credit file as an unsecured loan provided by Evergreen Finance London.

Taking out a direct payday loan will almost always have an impact on your credit score. Depending on how a creditor performs their checks and because we have to run a credit check before we can accept your application for a payday loan, this will show on your credit report and can affect your credit score.

If you don’t have a credit history, you may struggle to be approved for a payday loan. This doesn't mean you will always have trouble getting credit, you will just need to build a credit record before starting to apply. You can check your credit score through agencies like Experian and you can check out our guide on how to build your credit score for more information too.

With our loans, you can choose to repay in two or more instalments over up to six months- you don't have to pay back the whole amount on your next payday. We will take payments from your account automatically or you can also pay off your loan early without any extra charges. We want to help you save money and manage your finances better. If you have trouble making payments, we can work with you to create a plan that fits your needs, but keep in mind that this may cost you more in interest and late payment fees.

If you've been declined for a payday loan online, there may be several reasons for this. Self-employed or unemployed individuals and those with a poor credit rating may not be eligible. Additionally, you may not meet the payday lender's minimum requirements, such as income or age. Before applying for a loan, check the payday loan company’s eligibility criteria to avoid potentially damaging your credit rating with an unsuccessful application.

Moneyboat may consider payday loans for students if they earn at least £1,000 per month and are employed full-time. As a responsible lender, we prioritise our customers' best interests and conduct credit checks before making any decisions. If an applicant has a poor credit rating, they may not qualify for a Moneyboat loan. However, we assess each application individually and may still consider those with less-than-perfect credit scores if they meet our full eligibility criteria.

At Moneyboat, we only allow you to take out one payday loan at a time. While it's possible to take out multiple loans from different lenders, responsible payday loan direct lenders should reject applications from borrowers who may be taking on too much debt. Short-term loans like payday loans aren't meant to be a long-term solution, so it's best to take out only one loan at a time and make sure you can pay it back as agreed. Each lender has its own criteria, but they can use tools like Open Banking to see your income and expenditure. Whilst we also make use of innovative technology, occasionally we may ask to see your payslips or bank statements to verify your income and account details.

To be eligible for a payday loan in the UK, you typically need to meet the following criteria:

You must be at least 18 years old and a resident of the UK.
You need to have a regular source of income to demonstrate that you can repay the loan - this includes full time and part time employment with a steady income, and does not include those on benefits, or those who have had a CCJ or declared bankruptcy in the last three years.
You'll also need to have a UK bank account in your name so that the payday lender can deposit the loan funds and collect repayments.
You must also pass a credit check, which assesses your credit history, searches for a history of CCJs and determines your creditworthiness.

Other payday loan lenders may have even more stringent requirements, such as having never declared bankruptcy or having a good credit score.

To avoid late fees and penalties, make sure you have enough funds for loan payments on the established dates. If you need extra time, contact us to discuss a better repayment plan or check out our guide to repaying Moneyboat loans. If your payday is going to be later than usual, let us know in advance so we can assess your circumstances to see how we can best support you.

When you apply for a loan with Moneyboat, we work to review and accept your application as quickly as possible. If your bank supports Faster Payments, it’s possible that you could receive your cash on the same day. Even if your bank doesn't support Faster Payments, you could still receive your funds on the same day. We could send your money in as little as 15 minutes so you can quickly resolve the emergency that you're facing.

To apply for our same day cash loans, use our loan calculator to find the right value and then fill out our application. The application takes about 10 minutes, and you'll need to meet our eligibility requirements:

Be at least 18 years old.
Have a regular job and proof of employment earning a minimum of £1000 per month.
Have a valid UK address.
Have a current UK bank account.
Have no CCJs or bankruptcies on your record.

You'll also need to answer questions about your monthly expenses. Verification and review usually take around half an hour, and once approved, the money could reach your account in as little as 15 minutes.We take responsible lending seriously and will make sure to consider your situation when reviewing your loan application.

Same day loans may be a quick fix when you're facing a financial emergency, but they come with some downsides to consider:

High interest rates: Short-term credit products have higher interest rates than traditional loans.
Fees and penalties: Missing a payment can result in significant fees and penalties, making it harder to repay the loan.
Risk of debt cycle: Relying too heavily on same day loans could lead to a cycle of debt.
Predatory lending practices: Some lenders engage in predatory lending practices, so it's important to be cautious when selecting a lender and to read their loan terms carefully.

Same day loans offer several advantages over traditional bank loans, such as:

Lower credit requirements: You may still be eligible for a loan even with less-than-perfect credit.
Unsecured credit: No collateral is required to secure the loan.
Shorter repayment terms: Pay back the loan over the course of three pay periods or less.
Smaller loans: Borrow smaller amounts, up to £800 with Moneyboat.
Flexibility: Use the loan for a variety of needs, such as unexpected car repairs or appliance replacement bills.

Some of the expenses that you can cover with a same day loan include:

Car repairs
Medical bills
Home repairs
Emergency travel
Unexpected bills

Remember, same day loans can be a helpful option for covering unexpected expenses, but they should only be used for urgent expenses that you can't afford to pay for with your regular income or savings.

New customers can borrow from £200 to £800. Instant 6 month loans are repayable over a minimum term of two instalments (could be weekly or monthly, depending on the date of the borrower’s payday) and a maximum of six months. This means that if you take out one of our loans, you don’t have to repay the entire balance of your loan on your next payday. The minimum duration for the first instalment is five days. Existing customers can borrow up to £1,500, subject to passing our credit and affordability checks. We do not require full repayment of our loans in 60 days, but customers may pay back their loans early with no penalties or fees. The interest charged on our loans is 0.79% per day (representative APR 1,267.9%) and is only calculated on the outstanding capital balance at any given time.

New customers can borrow from £200 to £800. Instant 3 month loans are repayable over a minimum term of two instalments (could be weekly or monthly, depending on the date of the borrower’s payday) and a maximum of six months. This means that if you take out one of our loans, you don’t have to repay the entire balance of your loan on your next payday. The minimum duration for the first instalment is five days. Existing customers can borrow up to £1,500, subject to passing our credit and affordability checks. We do not require full repayment of our loans in 60 days, but customers may pay back their loans early with no penalties or fees. The interest charged on our loans is 0.79% per day (representative APR 1,267.9%) and is only calculated on the outstanding capital balance at any given time.

New customers can borrow from £200 to £800. Instant 24 hour loans are repayable over a minimum term of two instalments (could be weekly or monthly, depending on the date of the borrower’s payday) and a maximum of six months. This means that if you take out one of our loans, you don’t have to repay the entire balance of your loan on your next payday. The minimum duration for the first instalment is five days. Existing customers can borrow up to £1500, subject to passing our credit and affordability checks. We do not require full repayment of our loans in 60 days, but customers may pay back their loans early with no penalties or fees. The interest charged on our loans is 0.79% per day (representative APR 1,267.9%) and is only calculated on the outstanding capital balance at any given time.

New customers can borrow from £200 to £800. Instant fast loans are repayable over a minimum term of two instalments (could be weekly or monthly, depending on the date of the borrower’s payday) and a maximum of six months. This means that if you take out one of our loans, you don’t have to repay the entire balance of your loan on your next payday. The minimum duration for the first instalment is five days. Existing customers can borrow up to £1500, subject to passing our credit and affordability checks. We do not require full repayment of our loans in 60 days, but customers may pay back their loans early with no penalties or fees. The interest charged on our loans is 0.79% per day (representative APR 1,267.9%) and is only calculated on the outstanding capital balance at any given time.

New customers can borrow from £200 to £800. Instant same day loans are repayable over a minimum term of two instalments (could be weekly or monthly, depending on the date of the borrower’s payday) and a maximum of six months. This means that if you take out one of our loans, you don’t have to repay the entire balance of your loan on your next payday. The minimum duration for the first instalment is five days. Existing customers can borrow up to £1500, subject to passing our credit and affordability checks. We do not require full repayment of our loans in 60 days, but customers may pay back their loans early with no penalties or fees. The interest charged on our loans is 0.79% per day (representative APR 1,267.9%) and is only calculated on the outstanding capital balance at any given time.

New customers can borrow from £200 to £800. Instant wage day advance loans are repayable over a minimum term of two instalments (could be weekly or monthly, depending on the date of the borrower’s payday) and a maximum of six months. This means that if you take out one of our loans, you don’t have to repay the entire balance of your loan on your next payday. The minimum duration for the first instalment is five days. Existing customers can borrow up to £1500, subject to passing our credit and affordability checks. We do not require full repayment of our loans in 60 days, but customers may pay back their loans early with no penalties or fees. The interest charged on our loans is 0.79% per day (representative APR 1,267.9%) and is only calculated on the outstanding capital balance at any given time.

New customers can borrow from £200 to £800. Instant instalment loans are repayable over a minimum term of two instalments (could be weekly or monthly, depending on the date of the borrower’s payday) and a maximum of six months. This means that if you take out one of our loans, you don’t have to repay the entire balance of your loan on your next payday. The minimum duration for the first instalment is five days. Existing customers can borrow up to £1500, subject to passing our credit and affordability checks. We do not require full repayment of our loans in 60 days, but customers may pay back their loans early with no penalties or fees. The interest charged on our loans is 0.79% per day (representative APR 1,267.9%) and is only calculated on the outstanding capital balance at any given time.

New customers can borrow from £200 to £800. Instant no credit check loans are repayable over a minimum term of two instalments (could be weekly or monthly, depending on the date of the borrower’s payday) and a maximum of six months. This means that if you take out one of our loans, you don’t have to repay the entire balance of your loan on your next payday. The minimum duration for the first instalment is five days. Existing customers can borrow up to £1500, subject to passing our credit and affordability checks. We do not require full repayment of our loans in 60 days, but customers may pay back their loans early with no penalties or fees. The interest charged on our loans is 0.79% per day (representative APR 1,267.9%) and is only calculated on the outstanding capital balance at any given time.

New customers can borrow from £200 to £800. Our loans are repayable over a minimum term of two instalments (could be weekly or monthly, depending on the date of the borrower’s payday) and a maximum of six months. This means that if you take out one of our loans, you don’t have to repay the entire balance of your loan on your next payday. The minimum duration for the first instalment is five days. Existing customers can borrow up to £1500, subject to passing our credit and affordability checks. We do not require full repayment of our loans in 60 days, but customers may pay back their loans early with no penalties or fees. The interest charged on our loans is 0.79% per day (representative APR 1,267.9%) and is only calculated on the outstanding capital balance at any given time.

New customers can borrow from £200 to £800. Instant quick loans are repayable over a minimum term of two instalments (could be weekly or monthly, depending on the date of the borrower’s payday) and a maximum of six months. This means that if you take out one of our loans, you don’t have to repay the entire balance of your loan on your next payday. The minimum duration for the first instalment is five days. Existing customers can borrow up to £1500, subject to passing our credit and affordability checks. We do not require full repayment of our loans in 60 days, but customers may pay back their loans early with no penalties or fees. The interest charged on our loans is 0.79% per day (representative APR 1,267.9%) and is only calculated on the outstanding capital balance at any given time.

New customers can borrow from £200 to £800. Instant emergency loans are repayable over a minimum term of two instalments (could be weekly or monthly, depending on the date of the borrower’s payday) and a maximum of six months. This means that if you take out one of our loans, you don’t have to repay the entire balance of your loan on your next payday. The minimum duration for the first instalment is five days. Existing customers can borrow up to £1500, subject to passing our credit and affordability checks. We do not require full repayment of our loans in 60 days, but customers may pay back their loans early with no penalties or fees. The interest charged on our loans is 0.79% per day (representative APR 1,267.9%) and is only calculated on the outstanding capital balance at any given time.

New customers can borrow from £200 to £800. Instant payday loans are repayable over a minimum term of two instalments (could be weekly or monthly, depending on the date of the borrower’s payday) and a maximum of six months. This means that if you take out one of our loans, you don’t have to repay the entire balance of your loan on your next payday. The minimum duration for the first instalment is five days. Existing customers can borrow up to £1500, subject to passing our credit and affordability checks. We do not require full repayment of our loans in 60 days, but customers may pay back their loans early with no penalties or fees. The interest charged on our loans is 0.79% per day (representative APR 1,267.9%) and is only calculated on the outstanding capital balance at any given time.

New customers can borrow from £200 to £800. Instant short term loans are repayable over a minimum term of two instalments (could be weekly or monthly, depending on the date of the borrower’s payday) and a maximum of six months. This means that if you take out one of our loans, you don’t have to repay the entire balance of your loan on your next payday. The minimum duration for the first instalment is five days. Existing customers can borrow up to £1500, subject to passing our credit and affordability checks. We do not require full repayment of our loans in 60 days, but customers may pay back their loans early with no penalties or fees. The interest charged on our loans is 0.79% per day (representative APR 1,267.9%) and is only calculated on the outstanding capital balance at any given time.

We do not sell any personal data to third parties unless we have full customer consent. If we can not fund your loan, we will give you the option to be evaluated by a third party provider who may be able to help.

Yes, in order for us to consider you for a loan, you need to have a regular income of at least £1,000 per month.

You will receive a credit agreement in the form of an e-doc, which needs to be signed and returned on the same day. If it is not returned on the same day, the e-doc is void and a new agreement will be generated for the following date to ensure the interest is accurate for the period.

Our offices are open Monday to Friday 8am to 7pm.

A loan is deemed affordable when the borrower has provided evidence that they can make the repayments they are committing to without it having a negative impact on their ability to cover their other essential costs.

Responsible lending is all about taking steps to make sure applicants can afford repayments before approving them for a loan. We check affordability through credit checks and by asking for details of your income. We follow to the rules laid down by the Financial Conduct Authority, which overseas the short-term consumer lending industry and take extra measures to maximise positive outcomes for our customers.

We will firstly try and contact you in order to understand why payment has been missed.

If your repayment remains unpaid and no alternative suitable arrangement is put in place it is likely that your account will fall into default and we will set out the next steps in order for us to secure and retrieve the outstanding balance.

Customers who believe that they will struggle to make a loan repayment due to the pandemic or any other reason, should contact us as soon as possible to discuss potential options to ease the financial burden.

Yes, you're welcome to repay your loan by making payments directly to our bank account rather than using a debit card. You can make this change at any time by using the following bank account details:

Bank name: Barclays Bank

Account name: Evergreen Finance London Limited

Sort code: 20-79-06

Account number: 9329 0514

Please use your loan reference and surname as a payment reference.

(If you don't have enough space to enter your full surname, just enter as much as you can)

If you're making an international payment, you might also need the following information:

SWIFT Code: BARCGB22

IBAN: GB52 BARC 207906 93290514

If you're currently repaying your loan by debit card, please let us know that you've set up bank payments. This allows us to update your account and helps to reduce the chance that you make a double payment for your next loan instalment. You can let us know by sending us an email or phoning us on 020 3818 7470.

There are several free and impartial financial advice organisations that you can contact below.

Money Advice Service: 0300 500 5000

National Debt Line: 0808 808 4000

Step Change Debt Charity: 0800 138 1111

Full details can be found on our Debt Advice website page.

Our staff are always available to discuss ways in which we can help when things don’t go quite as planned should an alternative repayment plan be required we’ll be happy to assist.

We are always here to listen to our customers who want to discuss their payment options. Please call us or email us to discuss delaying your payments. Remember, if you fail to make a payment on time, you may incur a late payment charge, so always make sure you contact us well in advance of your next payment date.

This is something we hope to be able to offer through the portal in the future, but currently, you need to contact us by email or phone to change the date on which your payments are made.

Yes customers can pay in full through the portal, they can not however, make partial payments.

We understand that our customers like to keep close tabs on the activity on their account. You can do this any time you wish through the Moneyboat Customer Login portal by clicking ‘My Transactions’.

Please contact our portal customer care team at portal@moneyboat.co.uk, or call us on 0203 818 7470. If you include as much detail as possible regarding your specific problems, we should be able to get back to you quickly with some guidance.

If you try to log in without completing the registration process, you’ll receive a message saying ‘wrong data’. If you receive this message, you’ll need to check you’ve completed the registration process and verified your email address.

Click on ‘My Cards’ in the Moneyboat Customer Login platform’s sidebar to view the current payment cards registered to your account. You can add more cards and delete cards here too.

Simply click on the ‘My Loans’ tab on the left hand side bar to see your loan information.

We do not support password changes at the moment, but we are hoping to offer this in the future.

You'll need to use your primary account email address when registering for the Moneyboat Customer Login platform. It’s possible that you may have received your portal invitation to another of your email addresses, but you will need to check what your primary email is in order to register. You can find this email address under ‘My Profile’.

No. Opting into Open Banking won’t impact your credit score at all.

No. Signing up for Open Banking doesn’t have an impact on whether you are accepted for a Moneyboat loan. However, it makes the application process easier and more streamlined, removing some of the obstacles that can lead to delays in an application being approved.

There’s a registered providers page, which you can use to check that a financial services provider is registered for Open Banking and regulated by the FCA.

If you have a bank account with one of the nine largest banks, they must offer Open Banking. Smaller banks can choose whether they wish to offer the service, but this may change in the future as the value of Open Banking is fully understood by consumers.

Yes. We make it easy for you to change your mind and opt-out of Open Banking via your bank.

Yes. It is completely free to opt into Open Banking.

No, you will need to explicitly give your permission through our website.

Moneyboat is happy to offer Open Banking services to our customers. Please visit our Open Banking Resource Page to learn everything you need to know.

You can cancel a pending loan application with us at any time, as long as it hasn't been funded to your bank account yet. The easiest way to do this is by emailing us or phoning us.

If you've already had an application approved and funded, you can still cancel (or 'withdraw from') your loan agreement within 14 days from the date you signed it. The easiest way to this is by emailing or phoning us, but you can also send a cancellation request by post.

If you decide to cancel your loan agreement, you don't need to tell us why. However, you'll need to repay the loan amount that we provided to you within 30 days, along with any interest that's been charged. We'll only charge interest for the period that you actually had the loan for. We'll let you know how much this is once we've received your cancellation request.

Your loan agreement has more information on your rights to cancel. It also has details on the interest that we'll charge for the period you have the loan, and how you can repay it, if you do decide to cancel.

You can repay early at no extra charge or fee. In the event that a payment is made outside of your contractual instalment plan, unless otherwise agreed, the amount paid will be used to clear the accumulated interest balance up till the date of that payment and the remainder of that payment will be reduced from the outstanding loan principle.

Unless otherwise agreed, the remaining loan balance will be re-amortized over the number of contractual repayments remaining as per the Agreement.

Your interest is calculated on a daily basis on the outstanding capital. Should you wish to modify your agreement, you can call or email us in order to make an early payment. If you wish to postpone your payment, i.e. modify your agreement, we will need to run a fresh affordability assessment before setting this up. Again, feel free to give us a ring or send us an email.

Should you wish to make a complaint, please click on our complaints procedure on our website or contact us for further information.

We charge the following:

Interest: 0.79% per day on the capital amount borrowed.

In the event of a missed payment:

Late Payment Fee: £15.00 – non-refundable, one-off. Payable if your repayment remains unpaid three days after the initial due date.

Interest: Interest on all payments at the rate of 0.79% per day subject to the total amount of interest payable under this agreement not exceeding 100% of the amount of credit provided, including all interest, fees and charges.

Court Fees: Only as per Court charges, nothing extra

Enforcement Fees: Only as per Court charges, nothing extra

We may attempt to authorise your debit card before your payment due date to ensure it is active – this is a non-financial transaction and no amount is actually debited from your debit card.

We ensure that a summary of borrowing is available to all customers, which provides an overview of the total cost of your borrowing. The summary is updated and made available to you in the following circumstances: – You settle your loan with us; or

– Three months have passed since you made your last payment to us (only applicable if your account remains open); or

– Your account with us is closed as a result of default or forbearance.

Any summary of borrowing you receive will be issued via email. If you have any further queries regarding the summary, please do not hesitate to contact us, or if you wish to request a summary, please visit our Loan Summary Request Form page.

We offer loans of £200 to £800 for first-time customers. Whatever your loan amount, we charge a competitive rate of 0.79% per day.

The minimum loan duration is up to 2 instalments and the maximum is 6 instalments. The minimum instalment duration for the first instalment is 5 days, the maximum instalment duration is 45 days.

The minimum loan amount is £200 and the maximum is £800. Existing customers can borrow up to £1500.

Yes, we are a direct lender. We are authorised and regulated by the Financial Conduct Authority under registration number 674154.

Yes, as long as your expected income over the next 3 months is at least £1,000 per month, taking into account the reduction.

Unfortunately, we do not offer loans to students and any application from students will be declined.

If you currently have an outstanding loan balance, we will not be able to offer you a “top-up” or second concurrent loan. Once your current loan is repaid you may be eligible to apply for a new loan; but instalment loans are considered an expensive form of borrowing and is not suitable for a long term financial solution. If you are experiencing financial difficulties and would like to set-up a repayment plan please contact us directly.

If our agents have approved your application and we are not waiting for any documents from you, you could have the money in your bank as quickly as 15 minutes after approval. This is because of our ‘15 minute funding’ capability through our issuer, Modulr. Please read our full terms and conditions for more information on 15-minute funding.

Before applying for a 6 month loan from Moneyboat, it’s important to check that you meet our minimum lending requirements. To be eligible for a loan you must:

Hold a UK bank account and debit card
Be in full or part-time employment
Be at least 18 years old
Have a minimum NET pay of £1000 per month.

Application is free and approval is subject to a successful credit and affordability check.

Our 6 month loans are repaid in equal monthly instalments which include a fixed interest rate. The amount you’ll pay back each month depends on your loan and how quickly you repay it. If you miss an instalment or feel like you may struggle to meet the repayments, get in touch with our team to see if we can modify your agreement, subject to a new affordability assessment.

New customers can borrow from £200 to £800. Loans are repayable over a minimum term of two instalments (could be weekly or monthly, depending on the customer’s pay dates) and a maximum of six months, which means you don’t have to repay the entire balance of your loan on your next payday. The minimum duration for the first instalment is five days. Existing customers can borrow up to £1500, subject to passing our credit and affordability checks. We do not require full repayment in 60 days, however, customers may pay back their loans early with no penalties or fees.

The interest charged on our loans is 0.79% per day (maximum APR 1,267.9%) and is only calculated on the outstanding capital balance at any given time.

Before applying for a loan, it’s important to evaluate your financial situation to ensure you can comfortably meet the monthly repayments. Our interest rates are considerably lower than the maximum amount allowed by the FCA and we don’t charge any hidden fees. Throughout the loan period, all you’ll pay is the agreed repayment instalments and a fixed interest rate of 0.79% per day. You can make an early repayment without penalty and call us to postpone a payment if required.

A 6 month loan is often a more manageable alternative to other forms of lending and can help you protect your credit rating from unauthorised overdrafts or outstanding credit card fees. They can be a useful solution for a temporary financial shortfall, or to meet an unexpected expense. Our friendly team are on hand to answer any queries you may have to ensure you’re well informed at all times.

Our simple 6 month loan online application form takes just a few minutes to complete and the funds will usually be provided quickly upon approval. If your application and credit check is successful, you’ll be sent a loan agreement via email. Signing this confirms that you agree to our lending terms and are ready to receive the cash directly into your account.

A 6 month loan is credit provided over a fixed short-term period. They are designed to be repaid in equal monthly instalments, including a fixed interest rate. They are usually for smaller amounts of money than a mortgage or long-term loan, typically between £200 and £800, or £1,500 for returning customers. These loans can be a manageable alternative for those who need to meet an unexpected expense and are looking to spread the cost of borrowing.

Before applying for a 3 month loan from Moneyboat, it’s important to check that you meet our minimum lending requirements. To be eligible for a loan you must:

Hold a UK bank account and debit card
Be in full or part-time employment
Be at least 18 years old
Have a minimum NET pay of £1000 per month.

Application is free and approval is subject to a successful credit and affordability check.

A 3 month loan is often a more manageable alternative to other forms of lending and can help you protect your credit rating from unauthorised overdrafts or outstanding credit card fees. They can be a useful solution for a temporary financial shortfall, or to meet an unexpected expense. Our friendly team are on hand to answer any queries you may have to ensure you’re well informed at all times.

Our simple 3 month loan online application form takes just a few minutes to complete and the funds will usually be provided quickly upon approval. If your application and credit check is successful, you’ll be sent a loan agreement via email. Signing this confirms that you agree to our lending terms and are ready to receive the cash directly into your account.

A 3 month loan is credit provided over a fixed short-term period. They are designed to be repaid in equal monthly instalments, including a fixed interest rate. They are usually for smaller amounts of money than a mortgage or long-term loan, typically between £200 and £800, or £1,500 for returning customers. These loans can be a manageable alternative for those who need to meet an unexpected expense and are looking to spread the cost of borrowing.

For those times when your income refuses to stretch far enough to cover your needs, wage day advance loans can help close the gap and help you should you fall on challenging times. These loans often follow more lax credit requirements than traditional loans, smaller borrowable amounts and shorter repayment terms. This option is available to virtually anyone who meets age, employment and residence requirements.

Instant access to extra funds does come at a bit of a price. Wage day advances tend to carry higher interest rates than some other loans. Most insist the advantages more than make up for the extra cost. Just be sure to exercise good judgement. Be careful to make your payments on time and only use this option on an as-needed basis. Doing this will put you in a good position to reap the benefits without setting yourself up for financial hardship.

If this sounds like the solution you’re looking for, contact MoneyBoat. Fill out our online application and let our lending team get your loan processed today!

Advances are effective tools for those who have occasional unexpected expenses or simply find themselves struggling a bit here and there. They’re not meant to be used as ongoing solutions for long-term financial difficulties. In truth, repeatedly falling back on this type of loan could actually create greater hardships moving forward. Also keep in mind:

Make your payments on time to circumvent late fees. Lenders understand extenuating circumstances are sometimes inevitable, but it will end up costing more, in the long run, to be late with or miss a payment.

The deferral option is available in some cases. However only use it if it’s an absolute necessity, to avoid paying extra in interest.

Never borrow more than you need. If you only need £200, but you know £500 is available, the temptation might speak louder than sound reasoning. Taking the maximum will leave you repaying more in the long run, especially with daily interest figured into the equation.

Weigh your options carefully. Some people have buried themselves hopelessly in debt by abusing loan advances. Borrowing for infrequent emergencies rather than frivolous opportunities is vital if you want to avoid meeting the same fate.

Being responsible is the key to using loan advances to your fullest benefit. Once you establish yourself with us, the option will be at your disposal anytime you need it in the future.

Usually, payment dates are based on your own pay schedule. Your first payment will be due no less than 21 days from the date your loan was taken out regardless of your next payday. When you’re filling out your application, you’ll be given a choice of three different repayment terms:

One Pay Period: You may choose to repay the entire amount of your loan plus interest on your first wage day after receipt once the 21-day minimum grace period has passed.

Two Pay Periods: You may also have the option to pay back your loan over the course of two pay periods. On your first scheduled payment date, you’ll pay the accrued interest up to that point with the original loan amount and further interest due for the following payment.

Three Pay Periods: If you opt for this choice, your first two payments will consist of accrued interest, and the final payment will include the initial loan amount plus additional interest.

A clear summary of your payment dates and amounts should be clear to you before beginning the process. After this, automatic withdrawal of payments from your bank account or prepaid debit card will then begin. If you’re in a position to pay more than the minimum payment, you’re welcome to do so without penalties or additional fees; in fact, doing so will reduce the overall amount of interest you’ll pay.

With a wage day advance short term loan from MoneyBoat, a 0.79% per cent interest rate does apply. Interest is multiplied by the total amount of your loan and accrues daily. Aside from a charge for any late payments, this is the only fee you’ll encounter.

To begin with, you’ll need to fill out an application for your loan online. This leg of the process usually only takes a few minutes to complete. You’ll provide some information about yourself and your circumstances, such as:

Name

Address

Employment status and current mployer

How long you’ve been with your employer

Your average income per pay period

Pay frequency

Desired loan amount (between £200 and £800)

Monthly expenses

Bank account information

All these questions aid lenders in determining affordability. You must be at least 18 years old and currently employed in order to qualify for a wageday advance loan, from Moneyboat. You’ll also need to have a valid U.K. address and bank account. Your income, how often you’re paid, and your monthly expenditure will help us gain insight into your ability to repay and roughly when your payment dates should be.

Once approved, we’ll use the information that you provided to deposit your loan directly into your bank account. Your money should appear quickly depending on whether your bank allows same-day access to deposits. If not, you’ll be able to use the money by the following day.

Simply stated, a wage day advance is a loan designed to help make stretch your income just a little further than it ordinarily would. When used occasionally on a strictly as-needed basis, this type of loan can help float you through small-scale financial hardships. They have a shorter payback term than conventional loans and are typically only available in relatively small sums.

As mentioned, trying to get a loan with no credit check may be opening yourself up to risk. Although there are some charities and Unions that may offer a no credit check, or low credit loan, it is still important to keep safety at the forefront of your decision and carry out essential background research.

Many people are surprised to find out that most of the institutions that offer credit, also report on credit as well. For example, if you borrow money to purchase a car, the lender will let the credit reporting agency know when you took out the loan, how you are managing with your repayments, and how much is due in total. The answers to these questions offer the credit reference agencies the data they require to build a responsive credit score.

A lender can never be absolutely certain that any borrower will be able and willing to repay a loan. Whether because of a lack of financial means or simple irresponsibility, a number of borrowers will default on their obligations.

Short term lenders, just like others, have to be confident of recovering the money they lend out if they wish to stay in business.

If certain borrowers fail to repay their loans, fees and interest paid by others must make up for any associated losses.

If every loan applicant were just as likely as all others to repay, loans could be responsibly approved with no regard to individual circumstances.

Information about financial circumstances and history can help highlight those borrowers who are most likely to repay.

Payday loans with no credit check forgo this important step. As with many other responsible lenders, Moneyboat uses a standard, discreet credit check process to inform loan approval decisions. Our loan underwriters assess credit-related information provided by Call credit before extending any loan offer.

In short, the answer is no.

In the early days of the domestic payday loan industry, regulations were light, leading to problems for some borrowers. This was not helped by lenders who were offering easy payday loans with no credit checks.

Whether a lender decides to lend to the customer after reviewing the credit score is down to each company’s discretion, however, lenders have become much less likely to extend loans to those who cannot repay them.

Those who make informed, appropriate use of payday loans can count on enjoying the same kinds of benefits and security.

As a responsible direct lender with a transparent lending process, Moneyboat regularly helps consumers obtain financing that they can use to overcome occasional, short term financial hurdles, without offering payday loans with no credit check.

Spreading your repayments over a more manageable timeframe means more manageable loan repayment amounts. It also means that you are likely to develop positive financial and spending habits beyond a payday loan, which can help you become accustomed to managing your money more responsibly. Moreover, our repayment plans are designed to be as affordable as possible.

We understand that emergencies happen and sometimes you just need a little extra money to cover expenses that might pop up over the year, and to keep you going until you get back on your feet. This may be due to unexpected bills or those emergencies that crop up from time to time.

Using an alternative to guarantor loans could ease the sometimes substantial burden of numerous financial pressures you may be facing. We always try to respond to customers as soon as possible so that you will never have to wait long for your money when applying for a loan with Moneyboat.

Our short term loans can be an effective and manageable way to structure short term loan repayments, as each month that you hold the credit you will be repaying a portion of your loan and its interest until you clear your debt entirely. Some UK guarantor loan companies may offer weekly repayments, while our instalments are due monthly. Why not use our calculator above to get a quote and compare our loans with other guarantor loans on offer?

Apply online today for a short-term loan of up to £800 over 2 – 6 months.

At Moneyboat, new customers can borrow from £200 to £800 with no guarantor required. Loans are repayable over a minimum term of two instalments and a maximum of six instalments. The minimum instalment duration for the first loan repayment instalment is five days. Existing customers can borrow up to £1500, subject to passing our credit score and affordability checks.

A guarantor loan is tailor-made for individuals who are perhaps unable to take out a loan on their own merits due to their financial position or credit rating. Instead, they need to ask a family member or friend to be a guarantor. This means that if the guarantee defaults on the loan, the guarantor will have to repay the bank or lender.

You should not take out a loan in order to improve your credit rating. By repaying your loan on time and meeting the repayment schedule, you are however demonstrating positive financial and credit behaviour.

Whilst we provide poor credit loans, some lenders offer what are known as ‘no credit check loans.’ These are loans where the lenders do not carry out a hard credit check; a check that leaves a record in your credit history. Rather, they ask sets of questions to qualify the customer for their desired loan. Responsible loan providers however, will very often conduct hard credit checks and these checks are visible to other prospective lenders.

Our bad credit loans however, are designed for those that may have many credit checks on their file and who have been declined in the past. Our loans, simply have fewer eligibility requirements than other loan products, to help you secure the money you need.

You may be finding it hard to get a loan with a bad credit history and we understand that this can be incredibly frustrating and stressful. It is therefore important to understand why it may be the case that you are being refused the loan you need and there are various reasons why this may be the case.

Generally, lenders assess credit scores and credit files to calculate their lending risk. Ultimately, the lender needs to ensure the best chances of timely repayments being made by the borrower. If you have previously undertaken actions which have negatively impacted your credit score, you are a less appealing prospect for lenders as you appear more likely to miss repayments, even default on the loan altogether.

This makes lenders more likely to refuse your application for the loan you need. We however, assess each and every application on its own merit, so as long as you meet our lending criteria, you may be accepted.

As with all other forms of short term credit, before you apply for a poor credit loan online you should consider whether or not this type of loan is for you and whether you are likely to be able to repay on time. Repaying late could further damage your credit rating for the future.

As a direct lender, we have our own lending criteria, which if you meet, you are more likely to be accepted for your loan.

Our loans work via a number of straightforward and efficient steps. Designed to help get you out of a financial rut, they can be funded on the same day, with money being available in your nominated account. Borrowers simply apply for a loan via our website’s application form, submitting the necessary and required details and an instant decision for your loan can be made.

Loans for bad credit are small, unsecured loan amounts specifically for bad credit customers. These loans range in size with from £200 – £1,500 and much-needed funding can be provided swiftly to customers upon acceptance. Furthermore, as a direct lender, Moneyboat make the lending decision, so you will only ever deal with us and no third parties.

There are a number of reasons why someone may have bad credit. Generally, having a bad credit score is due to having been subject to negative credit behaviour and practices that may have harmed and impacted your credit score:

Late Repayments

You may have been late repaying other loans, bills and credit facilities in the past. This could include the likes of credit cards and household bills.

Bankruptcy

If you have ever been declared bankrupt in the past, for example if your business has gone under, this will show up on your credit history and is likely to negatively impact your credit score for the future.

Missed Payments

If you have every defaulted on any payments, from loans, credit cards, bills and even your mortgage, this will likely contribute to your future bad credit score. Missing payments in any form indicates to lenders that you may be susceptible to future missed payments, increasing their risk.

Repossession of Home or Vehicle

If you have ever had your home or vehicle repossessed, this will show up negatively on your credit rating. It may be the case that you missed too many mortgage payments or defaulted on a logbook loan and so your property or vehicle was repossessed.

You repay a bad credit loan in fixed instalments over an agreed term. Each repayment includes part of the loan amount and interest.

At Moneyboat, repayments are spread across manageable instalments rather than being due in one lump sum. This helps reduce financial pressure and makes budgeting easier.

Each repayment contributes toward both the loan amount and interest. As a responsible lender, our daily interest rate is 0.79%, which is below the industry maximum of 0.9%. You can also repay early without penalties.

A loan for bad credit is not for everyone and it is important, to assess your personal and financial circumstances before applying. We try to help find you the loan that can work best for your specific needs and requirements and as a direct lender of bad credit loans, the decision is ours, with no broker to worry about.

Our loans are designed to provide quick cash once approved, often with same-day funding. As long as customers meet our lending criteria, they can apply for a Moneyboat loan to get you back on track for the future. If you have a poor credit history and need some extra money to tide you over, having been refused previously, we may have the perfect loan option for you.

The interest charged on our loans is 0.79% per day (maximum APR 1,267.9%) and is only calculated on the outstanding capital balance at any given time.

24-hour loans may seem like a convenient way to dip into an online piggy bank. However, customers must be aware of the risks involved with these types of loans. As convenient as they are, they are there for immediate unforeseeable expenses. If a customer gets into a dependent cycle of borrowing then the re-payments mount up quicker than you may expect. We recommend our customers borrow sensibly.

Here at Moneyboat we provide short-term loan choices that could see the cash arrive into your account within 24 hours. This may not always be the case. It really depends on the effective collaboration between the lender and the customer. Following an easy online process, you will usually obtain a same-day decision, and once you have signed your loan agreement, the cash will be transferred to your UK bank account ASAP. This process is most often quick and straightforward, allowing you to cover the emergency expenses that require 24-hour loans.

When applying for 24-hour loans, you will normally be asked for some personal information. This is typically your address, income and occupational details. This information enables the lender to run a quick online credit check. A positive credit check result ensures you’re in a position to not only borrow the cash but you’re also able to payback your loan on time. Have you been accepted? A loan decision is most frequently delivered to your inbox quickly and cash is often deposited the exact same day if acceptance is granted.

Whilst most borrowers are responsible and repay their loans promptly, others tend to find themselves borrowing money month after month. This is often just to take care of recurring expenses. We want to help prevent our borrowers falling into a cycle of bad debt and we do this by lending responsibly.

We encourage clients to use our online calculator and to try to develop healthy financial habits to minimise the number of times high-cost payday loans are needed. Saving money is often difficult, but it always pays to develop a habit of putting a percentage of every paycheque into a savings account. We also try to help our borrowers avoid high-cost payday loans by offering an alternative whereby their fast loan is repayable in flexible instalments, rather than all at once on their next payday. This means our loans can sometimes be more affordable to borrowers as they can spread the cost over as many as six months and try to budget accordingly.

There are several agencies available to help anyone experiencing financial difficulties. They help you to develop strategies that will keep debts under control. If you’re in need of financial advice, it pays to take advantage of the UK Financial Ombudsman, StepChange, or The Money Helper.

If you need access to quick cash but have a bad credit record, consider your options carefully. If you apply for one of our loans, we will give your application due consideration, but we cannot always offer money to those with bad credit histories.

This is because a bad credit record suggests previous problems with credit and possible missed repayments. When those with bad credit apply for one of our loans, we do take into account other criteria, such as general financial situation and employment status. However, a credit check must be carried out and quick cash will only be offered to those who we believe can repay the money comfortably.

Applying for fast loans is generally easy. Online applications make it possible for borrowers to obtain a credit decision swiftly, even if they have a bad credit record. If a lender has questions, they can be addressed quickly to make sure the borrower’s needs are met. Once the application is approved, the money is transferred to the client’s account fast – often in just 15 minutes, assuming the bank can accept the credit transfer the same day and that your application has been approved and all checks have been completed. This means you’ll have the money available for spending almost right away.

The online loan application process is, in a way, safer for many borrowers. The credit documentation is there for borrowers to inspect, and there is no lender sitting across a desk pushing for a fast signature.

Taking the time to read the credit agreement is important to ensure you fully understand the details of the fast loan or payday loan. If there are questions about a specific clause as you read, it’s usually easy to get an answer before you apply. Remember, we strive to never lend to borrowers who we feel will struggle to keep to the credit agreement and make the loan repayments on time.

Comparing fast loan UK lenders isn’t always easy, but there are a few initial questions you need to answer to help you find the right quick loan provider:

Do they offer bad credit loans?

How much money can I borrow as a quick loan?

When do I need to repay the money I borrow through the loan?

Can I pay back the cash in instalments?

Would it be easy to apply for a quick loan?

Will they perform a credit check?

Do they consider responsible lending to be important?

What charges and fees do they apply to the loan?

Do I have to pay back the loan on my next payday?

What’s the interest rate charged on the loan?

Would I be able to use a guarantor to secure a quick loan if I have bad credit check results?

Can I apply for a loan online?

What are the eligibility criteria for the loans?

Are they FCA authorised to provide payday loans?

Is there a more suitable alternative source of the cash I need?

Borrowers must be aware that the interest for a payday loans can be very high, when compared with other types of credit that are not available as quickly.

Borrowers sometimes begin to rely on fast loans, and the costs involved can quickly eat up a paycheque, making it even more difficult to pay bills the next month. This results in a never-ending bad cycle of loans and borrowing just to get through the month.

Sometimes a quick loan can come with hidden charges and credit fees and most will charge penalties for non-payment. These charges can add up fast, so make sure you are clear on all your lender’s terms when you sign up for a loan. Here at Moneyboat, we make our charges clear from the outset and encourage borrowers to read our terms thoroughly. We also never charge for early repayment. This is what we consider to be great service.

The interest rates for payday loans can be very high at some lenders, and the maximum loan amounts will vary. Borrowers should check out the lender’s fees before they apply. It’s also important to understand that every lender is required to carry out a credit check prior to providing quick finance or any other type of credit for that matter.

Traditional lenders generally put a great deal of emphasis on your credit score, often denying loans to anyone with a less-than-perfect credit history. Payday lenders, on the other hand, tend to be more understanding. Having said that, they will still check your credit score, so it’s always important to repay loans promptly as missing payments can harm your credit rating.

While payday lenders will loan money to those with lower scores, past repayment histories can play a role in the amount the lender is willing to provide. Repaying a quick loan promptly will, as a rule, make it easier to obtain short term credit and payday loans in the future. This is why it is so important to ensure you can afford the repayments before agreeing to a loan.

The interest charged on our loans is 0.79% per day (maximum APR 1,267.9%) and is only calculated on the outstanding capital balance at any given time.

In the event a borrower finds they don’t have the money to pay back the fast loan as agreed, Moneyboat works with them to find a solution that all parties can agree upon to settle the debt in a timely manner.

First and foremost, it’s important to use same day loans responsibly. If you find yourself turning to this option, when you’re strapped for cash, repeatedly, you may want to consider talking to some debt advice companies. Payday loans were created with the occasional monetary emergency in mind. However we advise using discretion when deciding just what constitutes an emergency and asking, is payday credit really the answer?

Secondly, make your loan payments in a timely manner. Whether your lender is linked to your debit card or withdrawing payments directly from your bank account, be sure the funds are there on established payment dates. If they’re not, you could be facing a late fee and expensive interest as well as penalties from your financial institution. In the event your regularly scheduled payday is going to be later than usual, just let us know in advance so that we can do everything we can to help you to meet your credit obligations.

We understand you may need a little extra time to make a cash payment. However don’t get caught up in interest and late payments alone. Please contact us and let our customer support team guide you through a better repayment plan, as explained above.

Same day loans are products that are designed to help bridge the gap until payday or beyond when your finances fall short, usually when you are experiencing a financial emergency. While they’re immeasurably useful when situations warrant, they do come with a couple of pitfalls. For one, interest rates are quite a bit higher for short term credit products in comparison to conventional loans.

Secondly, a handful of people have inadvertently forced themselves into financial ruin via this route. A few allow themselves to rely too heavily on instant access to extra funds through payday loans. They ultimately end up paying more in interest rates than they’re borrowing, taking a significant chunk out of their income; as such, they land themselves in worse financial shape than before.

If you can't make your loan payment, don't worry. We understand that unexpected circumstances happen. It's always best to call us and explain your situation. If you do miss a payment, there is a one-time late fee of £15. We encourage you to discuss any concerns about repayments with us before taking out a loan. Missing payments can cause financial problems and affect your credit score.

First of all, you can find the right value of loan to apply for using our loan calculator. Then you can refer to the application we’ve provided. From there, you’ll need to ensure you fill in the required fields. This credit application process usually only takes about 10 minutes or so depending on whether or not you have the necessary financial information to hand when you start your application. You’ll also need to meet our eligibility requirements. We ask you about:

Age: You must be at least 18 years old in order to qualify for our same day cash loans.
Employment: You must have a regular job and proof of employment.
Income: Having a regular income and proof of such gives us reassurance you’ll be able to repay the cash loan without placing yourself in further financial trouble.
Residence: In order to be eligible, you’re required to have a valid U.K. address.
Bank Account: A current U.K. bank account is needed for both deposit of your same day loan and repayment. Unlike other same day lenders, we won’t ask for your bank account information your application has been approved and you’ve been heard our terms.

You’ll also need to answer questions regarding your monthly expenses before being approved for a same day loan. Verification of your identity, income and address as well as review of your information usually takes around half an hour. Once you’re approved, the money should reach your bank account very quickly.

Emergency lenders will, as a rule, limit a borrower to one loan at a time. However, once repayment is complete, you may apply again. However, emergency lenders don’t recommend doing so unless it’s absolutely necessary. Rather than getting into a situation when you need money now, it’s far better to stick to a budget rather than taking out credit to take care of normal expenses. If you need to apply for emergency loans on a regular basis, it’s important to take steps to mitigate existing financial problems that are creating ongoing issues. There are numerous agencies who are authorised to assist borrowers in overcoming budgeting issues.

There is an almost immediate transferral of funds after the successful application and loan approval is complete. In cases where Faster Payments support a borrower’s bank, the cash should be credited on the same day. If the bank doesn’t support Faster Payments, the funds could still be available the same day. That means the emergency issue that a borrower is experiencing can be remedied quickly.

For those times when payday is a little farther away than you need it to be, same day loans can help. This particular option gives you readily available cash in small amounts to be paid back more quickly than traditional loans. If you don’t have a perfect past score where credit is concerned, you may still be eligible for a same day loan with bad credit.

When taking out credit with a loan provider, ensure they have explained everything to you and that you have taken advantage of tools like their online calculator to decide the amount of money you can afford to apply for.

The main benefit of a same day loan is speed. Banks and certain other lending companies leave you waiting days or weeks for approval after submitting your application. This means you’ll also have to wait a long time for receipt of the cash you need. Same day loans however, give you that extra money quickly. Some of the other advantages of this particular payday loan option include:

Lower Credit Requirements: In most cases, short term lenders offering loans for less substantial financial amounts allow borrowers a little more leeway where credit is concerned. Having a less-than-perfect credit score won’t necessarily disqualify you from securing a loan with a same day lender.

Unsecured credit: Same day loans are unsecured, which means you don’t have to put up collateral before being granted the cash you need.

Shorter Repayment Terms: Though having to pay back your same day loan over the course of three pay periods or less may sound somewhat overwhelming, many customers say the short term nature of the loan is actually a positive. You know you won’t spend the next several years paying for a single small-scale financial hardship. Also , if you feel you can’t afford to repay the cash on your coming paydays, or whenever the approved repayment dates are, this is a sign you shouldn’t be taking out the loan.

Smaller Paybacks: With Moneyboat you’ll be borrowing no more than £800, or slightly more if you’ve established yourself with us. Therefore you know you won’t be paying back thousands like you could be if you’d taken out a larger loan.

Flexibility: Whether you’re using the money for back-to-school shopping, unexpected car repairs or catching up with appliance replacement bills, you’re free to spend your loan as needed from a list of many options.

Same day loans, sometimes referred to as instant loans provide immediate funding for sudden needs. In the UK, same day loans fall under a category known as short term loan because they are repaid over shorter amounts of time than traditional long term loans. While some direct lenders offer the same day lending options on larger credit sums, this type of advance is typically reserved for relatively small amounts. Online same day loans from Moneyboat are available in amounts of £200 to £800, or £1500 for existing customers, subject to passing our credit and affordability checks. Loans are repayable over a minimum term of 2 instalments and a maximum of six months. The minimum instalment duration for the first instalment is 5 days. Customers may payback their loan early with no money charged in penalties or fees.

The interest charged on our loans is 0.79% per day (maximum APR 1,267.9%) and is only calculated on the outstanding capital balance at any given time.

There are many reasons why you may want to consider taking out a loan and our online instalment loans are no different. Reasons for considering one of our instalment loans include:

Financial emergencies when you need money fast

Increasing the value of your property

Debt consolidation

Dental and Medical Treatment

Emergency Travel Expenses

Unexpected bills

To protect your credit rating

With instalment loans, as with other forms of unsecured personal credit, it is always preferable to clear the loan early and it is crucial you repay your loan on time to avoid incurring penalties and damaging your credit report. We can work with you to determine the best terms for your loan.

You may also wish to borrow money from friends and family before looking to compare instalment loan lenders or similar loan product. However, for many, keeping their friends and family apart from their finances is important, so instalment loans are likely to offer the helping hand you need.

We consider all applications for our instalment loans, so don’t be afraid to provide your details and get a quote. We are direct lenders, which means we can examine your details on their individual merit before making a lending decision. However, there are some criteria that all borrowers should satisfy before applying for a loan. You must:

Be 18 years or older

Be a permanent UK resident

Have a permanent UK address

Be in some form of employment

Hold a UK bank account and debit card

Instalment loans, as a form of unsecured personal finance, can help people in a range of situations. They also provide some clear advantages when you compare them to what other loans can offer:

You Can Spread Your Total Interest: Because each month you pay off a portion of the loan and interest, each month you’ll gradually pay off the total interest on your credit in a series of staggered instalments.

They Allow You to Plan Ahead: By agreeing on both the amount of credit you wish to borrow as well as the repayment dates, you can plan ahead to ensure you clear your instalments in full by the agreed date.

Instalment loan repayments work in a structured and pre-arranged way. Upon applying you will agree the amount of credit you wish to borrow, how many repayments you wish to split the loan over and when your monthly repayment date will be. This means that the loan is structured around your repayments from its outset, allowing you to plan your finances well in advance of clearing the loan.

Our loans are not like many other payday loans as we can offer borrowers the chance to access money quickly, but without having to repay the entire credit amount in one go. Lending more flexibly like this, means our loans could help you to avoid more expensive and risky payday lenders, which may help to protect your credit score.

Furthermore, we can also offer some flexibility over how you repay your loan. We can set up a Continuous Payment Authority (CPA) on a nominated UK bank account, to ensure you never miss a loan repayment. Our secure online platform and friendly customer service team help facilitate both the credit application process as well as your loan repayments. It’s important to remember that lenders tend to charge late payment penalties if you don’t make your payments on the required days and this may also affect your credit score.

Instalment loans work by allowing borrowers to repay their loans over a longer period of time, which can make things more manageable. Staggering the overall cost of the loan over a longer time, means there could be a smaller impact on your monthly or weekly take-home pay, after repaying your monthly debt on the instalment loan.

With instalment loans, you apply for the money you need and agree the amount of time over which you would like to repay the loan. Then, once the loan is approved and the money is transferred by us, you start repaying the loan plus interest on agreed credit repayment dates. The agreed repayment date will usually be around the time you receive your salary from your place of employment, keeping things simple.

By making monthly repayments, you pay off a portion of the loan plus interest. Because the interest on an instalment loan is charged daily, your repayments get smaller and progressively more manageable. This also means that repaying your loan early is potentially achievable too.

There are several alternatives to quick loans. Some of these involve borrowing and some don’t. Always consider the cost of borrowing and whether you can afford repayments before taking out credit of any kind:

Borrow from friends and family

Sell unwanted items to raise emergency cash

Take on extra shifts or overtime

Make savings by cutting back on non-essentials

Overdrafts

Credit cards

Personal loans

Secured loans

Credit union loans

Quick loans are convenient and relatively easy to get. As a result, they are also more expensive than some other types of credit. Interest rates can be high and charges and fees are often added for late payment.

Quick loan lenders also tend to offer smaller loan values than banks and other personal loan providers who allow repayment over a longer period of time. Therefore, quick loans might not be suitable for you if you need to access more than around £1,500.

If you have taken out a quick loan that you can’t afford to repay, you’ll need to notify your lender as soon as possible. Don't worry, our lending and collections teams are friendly and helpful. We are on hand to help create a payment plan that can make repayment more affordable for you.

Applying for a quick loan is quick and easy and can be done online. Once you are approved, you can often have the money in your account within hours or even minutes of approval.

Quick loan repayments can be spread over a number of instalments to suit you, and you can borrow any amount between £200 and £1,500. Another benefit of quick loans from Moneyboat is that we consider lending to people who have been rejected for bank loans and credit cards, provided they meet our lending criteria.

It depends on the details of your credit record. Some people with a less-than-perfect credit record can still get a quick loan through Moneyboat provided they have a steady income and no history of major credit problems.

You will need to have some kind of credit history in order to be approved for one of our quick loans.

We wouldn’t recommend taking out quick loans to build up your credit score.

The best way to maintain a good credit score is to make sure you meet your repayment obligations on any form of credit you take out.

Yes. Any loan that you take out or any form of credit you apply for will usually appear on your credit report.

If your circumstances change, and you can no longer fulfil your repayment obligations, it’s important to contact us as soon as possible. We will work with you to create a repayment plan that works for you.

In order to get out of a quick loan, you will need to repay it. We can help you to repay your loan over a period that is affordable to you if you let us know that you are having issues with making your scheduled repayments.

Yes. You can repay your loan early and we will never charge you early repayment fees.

We don’t offer extensions on our loans.

If you fail to make a scheduled payment, you may incur extra penalty fees and interest charges. If you cannot repay your loan for any reason, please don’t hesitate to call us. We should be able to work out a repayment plan that will help you to get your loan repaid in an affordable way.

Repayment options differ between lenders, but Moneyboat offers flexible repayments spread over up to six months. Once you’ve selected the period over which you’d like to repay, you can either repay manually each month or you can opt into continuous payment authority, which will give Moneyboat authority to take an agreed sum from your account each month.

Using an online calculator, which lenders will usually provide on their websites, can help you to see how much your repayments would be each month. You can select the amount you’d like to borrow, and the number of instalments you’d like to spread your repayments across to work out the best and most affordable option for you.

Use our quick loan calculator to see how much you have to repay.

This is a very important question to ask yourself when you are considering taking out a quick loan. Most lenders will have calculators on their home pages, which should help you to work out the cost of a loan and the repayments that you will be expected to make.

Consider whether you can afford these repayments when you take into account your other financial commitments. Using a budgeting app can be useful when trying to work out how much money you have to spare each month.

Look for a trustworthy quick loans UK direct lender. You can recognize a trusted direct lender by the below standards:

FCA authorisation and registration
Offers support from financial advisers by email or phone.
Secure transactions that are SSL protected.
GDPR compliant: meets the requirements to handle personal data.
An excellent score on Trustpilot.
No fee surprises: no application fees, hidden fees, or charges.
Market-related awards.

Some lenders will have more relaxed lending criteria than others. However, all short term lenders are bound by regulations which means they must check affordability and credit records before lending.

Quick loans and payday loans are just two different terms used to describe the same thing. Both are low-value short term loans that are usually relatable within one to six months.

Traditionally, ‘payday loans’ was a term used for ultra-short-term loans that were repayable on your next payday. These loans still exist but in much lower numbers than a few years back. These days, payday loans are usually more flexible to help borrowers spread the cost of their loans. The cost of a payday loan is capped at 100% of the loan value and interest rates are capped at 0.8% per day, which helps to protect customers.

Bank loans are traditional unsecured personal loans that are usually only available to those with strong credit records. Banks will lend borrowers anywhere from £1,000 to upwards of £50,000 providing they meet the criteria, repayments are usually made monthly over a number of years.

If you have a good credit record and need a large lump sum of cash for something like home improvements, buying a car or building a home office, a bank loan might be a good option as interest rates can be very competitive. Getting a bank loan can be a long process, though with plenty of documentation needed. You may have to wait days or weeks before you receive the money into your account.

Quick loans are usually applied for online and can be in your account within minutes. They can be useful for meeting emergency costs, especially if you don’t qualify for a bank loans. Quick loan lenders often offer loans of between £100 and £2,000, repayable over just a few weeks or several months, depending on how flexible the lender is.

Interest rates for quick loans are comparatively high as lenders are taking on greater levels of risk when they provide quick loans.

Credit cards and quick loans are very different. If you need access to quick cash to cover a one-off emergency expense, a quick loan can help. You borrow once, then repay over a limited number of installments until the loan is cleared. Quick loans are in your bank on the same day that you apply, providing you are approved for the loan, and interest rates are high.

Credit cards work very differently. Most consumers use credit cards as a convenient way to buy large-ticket items or to do their daily shopping. Credit card balances can be cleared each month, which helps to avoid any interest charges, however, you can also opt to repay a minimum charge only, which helps to spread the cost of expensive items, but also means you incur interest charges.

You will usually need a good credit score to be approved for a credit card and interest charges can be high if you don’t clear your balance each month.

Finding the best quick loans in the UK is all about identifying the best loans for your needs and circumstances. When looking to compare quick loans and quick loan providers, it pays to consider the following factors:

How much they lend
The period over which you will need to repay
The interest rate
The extra fees and charges
The lenders’ repudiation with customers
Their minimum lending criteria
They reputation for responsible lending
How quickly they can pay out

If you have been turned down for a quick loan online, it may be because you have significant issues on your credit record, such as CCjs or bankruptcy. If you have a history of defaulting on loans, this may work against you when applying for further credit. Alternatively, you may not meet a lender’s minimum lending criteria.

Providing your application is straightforward, we can approve you in minutes. However, we may need some supporting documents to back-up your applications. If you can provide these quickly, this needn’t hold up approval too long.

Applying and being accepted for a quick loan can be straightforward. Providing you meet our minimum lending criteria, you can simply apply online through our website. We will ask for evidence that you earn at least £1,000 per month, we will carry out a credit check and will also check you can afford the repayment by checking your other financial obligations.

You are unlikely to be able to get a quick loan when on benefits as a monthly NET income of at least £1,000 is one of our minimum lending requirements.

Students don’t usually qualify for our quick loans as you need to have a minimum income of £1,000 per month. If you are a student, but still earn £1,000 per month, and are over the age of 18, you may qualify for one of our quick loans.

Quick loans can be difficult to get if you have a bad credit report or a low credit score. If you’ve struggled to get a quick loan online due to credit problems in the recent past, a quick loan might not be the right solution for you. However, if your monthly income is healthy, you are employed and you have no CCJs or bankruptcies on your credit report, you may be able to get a quick loan.

You must be at least 18 years old
You must be in full or part-time employment
You must receive a minimum NET income of £1,000 per month
You must hold a UK bank account and debit card

Click on the “Apply Now” button and fill in our free and easy, online application form.
Eligibility Check: We’ll then automatically assess your eligibility against our affordability criteria.
Approval: Sign and send back your loan agreement which will be sent to you via email subject to approval.
Funding: Receive your cash directly into your UK bank account

When you’re considering a quick loan, you’ll need to consider the following:

How much do you need to borrow?
How much can you afford to repay?
How quickly do you need the cash?
Can you afford the repayments?
Do you know how much the loan will cost you?
How long do you need to repay the loan?
Do you meet the lending criteria?
What’s your credit score like?

Quick loans are usually available online. Applying for a quick loan online is often much quicker than applying for a traditional bank loan, for example. Online direct lenders specialising in quick loans, will usually be able to process your application and pay out your loan on the same day that you apply.

Click here to find out more about the FCA regulations on the short term loans market

You are very unlikely to end up in court due to failure to repay a quick loan. providing you contact your lender if you are unable to make a payment, they should be able to work out a payment plan that will allow you to meet your obligations. On rare occasions, lenders can take the borrowers to court over continued missed payments.

Yes, quick loans provided by FCA-registered and authorised lenders are absolutely legal.

Once you’ve been approved and all our checks have been completed, our quick loans can be in your bank account in as little as 15 minutes, thanks to our partnership with payment provider Modulr. However, sometimes we may need to request extra documentation from you to help support your application, which could mean payments take a little longer to reach you. For details on how 15 minute funding works, click here.

Quick loans tend to be short term loans repayable over a number of weeks or months. Moneyboat loans are repayable over a maximum of six monthly instalments.

The amount quick loan providers will lend you will depend on a number of factors, such as your income, your other financial commitments and your credit record. Moneyboat provides quick loans of between £200 and £1,500.

As part of our affordability checks, we will need evidence of your employment. However, we will not contact your employer. Sometimes we may need you to contact us from your work email or send us payslips as evidence of your employment.

Our quick loans are repaid in instalments. You can repay over as many as 6 monthly instalments, helping to spread the cost of your loan.

As a direct lender of quick loans, we do need insight into your bank account transactions as part of our affordability checks. We can do this through Open Banking if you opt in, or you can simply provide us with recent bank statements showing your outgoings.

No. Any quick loans you take out will be separate from each other. However, we will check what other loans you have linked to your bank account before we agree to lend you money as part of our responsible lending procedure.

You can sometimes take out more than one quick loan at the same time, particularly if you borrow through several different lenders. However, it’s not wise to build up debt in this way, as taking out more than one loan can make it difficult to meet your repayment responsibilities.

Quick loans aren’t bad, providing you borrow with a responsible lender who will carry out the required checks before offering you a loan. Always consider whether you can afford the repayments you are signing up to and how you will cover the loan repayments and costs if your situation changes.

Quick loans cost different amounts depending on the lender you choose. The most important thing is to make sure you’re borrowing with the provider who is upfront and honest about the cost of borrowing.

In general, you can expect to pay interest on your outstanding balance on a daily basis, together with any further charges or fees explained in your credit agreement. If you miss payments or are late repaying, you may incur further penalties and interest charges.

Quick loans are those that arrive in your bank account soon after you receive notification that you have been approved and after all checks have been completed. We fund our borrowers every 15 minutes, so that they can settle their bill or solve their problem right away. For details on how 15 minute funding works, click here.

Before applying for a loan online, it is important to read reviews, check the credit term and compare the different credit options available to ensure you’re selecting the right product for you. Payday loans aren’t the cheapest credit options available, but they are helpful when you’re in an emergency cash situation and need funds quickly. They can offer affordable access to cash, providing you stick to the credit terms and clear the debt within the pre-arranged timescale.

https://www.fca.org.uk/news/press-releases/fca-confirms-price-cap-rules-payday-lenders

Budgeting is perhaps the best way to try to avoid being caught short in an emergency in the future. We recommend that you:

Save money for emergencies

Build up a good credit score

Only borrow money for essential items

There are several other forms of credit, borrowing or budgeting that might be realistic alternatives to emergency loans. For example:

Borrowing from friends and family

Increasing your income with extra shifts/overtime

Check which benefits you could be claiming

Sell unwanted items online for fast cash

Consider credit cards, overdrafts or a personal loan

Higher interest rates compared to many other forms of borrowing

Easy to get trapped in a debt cycle when you miss a repayment and have to pay late payment fees.

Emergency loans don’t benefit your credit score

Getting out of emergency loans is only possible through repayment of the loan. We may be able to help you repay your loan over a longer period of time if your circumstances change or you’re struggling to repay on time.

Taking on any form of credit comes with risks. You can minimise risks by making sure you can afford repayments through the entire term of your loan before applying. risks include:

High interest rates

You may struggle to repay if your situation changes

Applying and being rejected could hurt your credit score

your credit score will suffer if you don’t meet your repayments

You could be facing higher interest charges and penalties if you struggle to pay.

There are several benefits to taking out an emergency loan if you are in need of cash to cover a cost that just can't wait until payday.

Easy and quick application

Less strict lending criteria compared to other loans

Possible to borrow money even if you’ve struggled to get other forms of credit.

You may receive the cash within just 15 minutes of being approved and all checks being completed. Click [here] for more details on 15 minute funding.

Flexible repayments over 2-6 months, so it’s not a long-term financial commitment.

The best way to minimise the risk of damage to your credit record is to make sure you repay on time and contact us if you are going to struggle to make a repayment.

Yes. all credit you take out will appear on your credit report.

That all depends on the nature of your ‘bad credit’. We make sure to take a human approach to lending decisions and will look at factors like income and outgoings to help us make up our minds, as opposed to just focusing on credit score. However, if you have things like CCJs and bankruptcy on your record, we are unlikely to offer you an emergency loan.

Repaying your emergency loan along the terms of your credit agreement is really important as paying late can result in increased interest charges and financial penalties. Please contact us as soon as possible if you think you may struggle to make a payment.

You can repay your Moneyboat emergency loan over a flexible number of monthly instalments. You have a choice of payment options, including continuous payment authority and making payments manually each month.

Use our calculator to see how much you have to repay.

When looking for the best energy loan providers, think about loan amount and flexibility of repayments. Then consider the cost of the loan and the feedback from other customers via online reviews.

You can recognize a trusted direct lender by the below standards:

Is authorised and regulated by the FCA.

Offers support from financial advisers by email or phone.

Secured transactions that are SSL protected.

GDPR compliant: meets the requirements to handle personal data.

Trustworthy Emergency Loans: choose a direct lender with an excellent score on Trustpilot.

No Fee Surprises: no application fees, hidden fees, or charges.

Won market-related awards.

Direct lenders actually fund loans themselves, whilst brokers will simply find the right loan for you. Brokers can’t provide you with a loan directly, so it might be quicker and easier to apply with a direct lender.

The best emergency loan for one person, may not be the best for another. In other words, it’s vital that you find the right emergency loan for your needs and financial circumstances.

When you’re looking for the right kind of emergency loan for you, consider the following:

How long you need to borrow money for

How much you need to borrow

What your credit rating is

What you can afford to repay

How much income you have

What your outgoings are

How you wish to repay your loan

And when looking for the right lender, consider:

How much do they lend and for how long?

Their reputation (check Trustpilot, Google etc.)

Their interest rates

Their fees and charges

Are they registered with the FCA?

How quickly they pay your money out if you are approved

What’s the application process like?

The best way to maximise your chances of having your loan application approved is to make sure you meet the minimum lending requirements before you apply. You can also check your credit record for free before you start applying for loans and make sure you have all your documentation ready, such as bank statements and payslips.

In an emergency, we know that fast funding is essential. Our minimum lending criteria state that applicants must have an income of at least £1,000 per month to qualify for one of our emergency loans. If you are a student, but have an income of at least this amount, we may be able to consider you for an emergency loan.

We have a minimum set of criteria that each applicant must meet to be considered for a loan. One top of this, we look at credit records and affordability:

You must be at least 18 years old

You must be in full or part-time employment

You must receive a minimum NET pay of £1000 per month

You must be a holder of a UK bank account and debit card

We know that when you have an emergency expense, time is of the essence. Follow these steps for fast funding from Moneyboat.

Click on the “Apply Now” button and fill in our free and easy, online application form.
We'll then carry out our credit and affordability checks.
Approval: Sign and send back your loan agreement which will be sent to you via email subject to approval.
Funding: Receive your cash directly into your UK bank account

If you are considering taking out an emergency loan, There are a number of factor to think about:

How much do you need to borrow?

How much can you afford to repay each month?

Is there any way you can raise the money without borrowing?

Do you understand how much the loan will cost you?

Can you afford the interest and charges?

Do you meet the lending criteria?

Click this link for more details on the regulations the FCA imposed on the short term lending industry, which have boosted responsible lending.

If you take out an emergency loan and fail to repay it, there is a small chance you could end up in court. However, this can easily be avoided by cooperating with your lender and being open and honest. We will always try to work out a payment plan to make repayment more affordable if you are struggling.

Yes. Emergency loan providers must be registered and authorised by the FCA in order to operate and must work within the responsible lending rules the FCA applies.

Depending on the lender you go with, emergency loans can be available almost immediately, or it can take days to receive you cash. Moneyboat works with payment partner Modulr, which enables us to pay out loans every 15 minutes. For more on our 15-minute funding, click here.

You will pay interest on your Moneyboat emergency loan at a rate of 0.79% per day. This is lower than the industry cap of 0.8% per day. We don’t charge hidden fees, but you may incur penalties and extra interest charges if you default on your loan or repay late.

Emergency loans are usually available online from alternative lenders such as Moneyboat. Banks and other traditional lenders tend to have longer, more complicated application processes and may not be able to get you the cash you need quickly enough. Our emergency loans are quick and easy to apply for and can be in your bank on the same day that you are approved.

You can apply for our emergency loans online in just a few minutes. If you meet our lending criteria and are approved for a loan, and once all our checks have been completed, we can pay the money into your bank account within 15 minutes. There’s more on our 15 minute funding here.

You can repay your emergency loan over a number of instalments spread over 2-6 months. Interest is charged at 0.79% per day.

An emergency loan is a relatively low-value loan that can be taken over the short term to pay for an unexpected expense that can’t wait until payday. Many of our customers need cash to pay for essential costs, such as car maintenance, fixing their washing machine or paying dentists bills, for example.

There are many alternatives to payday loans that are worth considering. Here’s a brief list:

Bank account overdrafts

Credit cards

Bank loans

Credit union loans

Guarantor loans

Homeowner loans

Friends and family

Selling your unwanted items

Payday loans are costly in the short term due to high-interest rates.
Missing a repayment can result in late payment fees, and it's easy to get trapped in a debt cycle.
Payday loans will not improve your credit score, no matter how big or small.
You'll need to meet some basic eligibility criteria, such as being over 18 and having a UK bank account.
Direct payday loans are typically not available to the self-employed, unemployed, and students who do not earn £1000 per month.

Easy and quick application.
Payday loans can have fewer eligibility requirements than other loans
It’s possible to borrow money without a perfect credit record.
Direct payday loans are unsecured, which means you don’t need to offer property or valuables to back them up.
If your application is approved, you can access your money quicker than with a standard loan.
There are flexible repayment options to suit your needs.

Here at Moneyboat, we consider more than just your credit history when making lending decisions. However, if your credit record shows things like CCJs or bankruptcy, we are unlikely to offer you a loan. There may be other options for you, from other lenders though. Why not consider a guarantor loan or credit from a credit union? Alternatively, asking for financial help from family or friends can work for some people.

If you don’t have a credit history you will struggle to be approved for a short term loan. This doesn't mean you will always have trouble getting credit, you will just need to build a credit record before starting to apply. You can check your credit score through agencies like Experian.

Payday loans won’t generally help you build up your credit score. If you need to build your credit score, it takes time and credit reference agencies take a great number of factors into consideration. Keeping up with any repayment schedules you have, not over-extending yourself financially and maintaining low credit utilisation levels are the best ways to build up your credit score.

Talking out a short term loan will almost always have an impact on your credit score and it can sometimes be a negative impact, depending on how a creditor performs their checks.

Yes. Payday loans, like all other forms of credit, will be included in your credit report.

The best way to get out of a short term loan is to repay your loan in full. Our collections team are reasonable, friendly people who will be very happy to offer your support in making your repayments if you find yourself struggling to pay.

We are always happy for our customers to repay their loans early. We won't charge you or penalise you for doing so.

When our customers have issues with making payments on time, our agents are on hand to help. We will work with you to put in place a payment plan that suits your needs, which may involve repaying over a longer period of time. However, it’s important to realise that you’ll pay more in interest in this scenario and penalties may also still apply.

If you find yourself in a situation where you are unable to meet your monthly repayment obligations, please contact us as soon as possible. Our collections team will work with you to create a payment plan that works better for your circumstances. If you miss payments or are late making a payment, you will incur a penalty charge and your interest costs will also increase.

Our loans are repayable over a minimum term of two instalments (could be weekly or monthly, depending on the date of the borrower's payday) and a maximum of six months. This means that if you take out one of our loans, you don’t have to repay the entire balance of your loan on your next payday. The minimum duration for the first instalment is five days.

You can opt into a recurring payment authority arrangement with Moneyboat, allowing us to take a recurring payment from your account at a pre-arranged date each month. Or you can make payments yourself by your repayment date.

When you take out a loan it’s important to consider the extra costs involved over and above simply repaying the amount you’re borrowing. Extra costs include interest charges, which are applied daily, at a maximum rate of 0.8% per day, alongside arrangement fees, early repayment charges and penalties for late payments.

Use our calculator to see how much you have to repay.

Borrowing always costs money, so it’s important to avoid taking on debt unless it’s a last resort. If you decide that a short term loan is for you, have a think about your income and outgoings and whether you can afford to make repayments for the entire term of a loan, along with any fees and interest charges. Think about what you would do if you lost your job, or further unexpected expenses came along.

Ultimately, as responsible lenders, we take care not to lend to those who don’t meet our affordability criteria.

Look for a trustworthy direct lender. You can recognize a trusted direct lender by the below standards:

Any lender should be authorized and regulated by the FCA.

They should offer support from financial advisers by email or phone.

Their transactions should be secure and SSL protected.

GDPR compliant: meets the requirements to handle personal data.

Look for a direct payday lender with an excellent score on Trustpilot.

Look for lenders with no application fees, hidden fees, or charges.

Have they won market-related awards.

Each lender has different criteria for approving or rejecting an application. If you’re looking for a short term loan, remember that all legal lenders in the industry are authorised and regulated by the Financial Conduct Authority and have to operate along the FCA’s strict rules on affordability. We are proud responsible lenders, which means we will carry out a range of checks to make sure you can afford to repay your loan, along with the interest charges we apply, before we lend.

We’re always open-minded when it comes to approving applications, and we have a complex and cutting-edge scoring model that helps us to approve as many applications as possible, providing they meet our responsible lending criteria.

Direct lenders actually provide the money for a loan themselves. Brokers simply act as middlemen to match borrowers with lenders. When you’re looking for a loan, a broker will ask you for information such as your employment status, your earnings and may even perform a credit check. Then they will find lenders who will be willing to provide you with the cash you need, but they do not lend directly to consumers.

Lenders usually pay brokers a fee for referring successful applicants to their services.

Short-term loans are payday loans are simply different terms for the same thing. Both terms are used interchangeably to describe smaller loans that are repaid over a short period of time - generally between one and six months.

Payday loans, as a term, is usually the preferred term used for very short-term loans that require you to repay the entire sum you borrowed on your next payday. These, less flexible, short-term loans are what spring to mind when people hear the term payday loans. Moneyboat payday loans, however, are far more flexible, allowing you to repay over as many as six monthly instalments, which helps to spread the cost and the burden on your finances over the medium term.

When we talk about bank loans, we tend to be referring to traditional unsecured loans that high street banks offer their customers. Bank loans can be a good choice for consumers looking to spend big on something like home improvements, an extension or a car. They are repayable over a set number of monthly instalments over a term of several years. Most people borrow somewhere between £2,000 and £25,000 and banks require good credit scores and a relatively high level of income before they’ll consider lending.

Short term loans are different because you can apply quickly and easily online and have the funds in your account very quickly if you are successful. However, the amount you can borrow is usually far lower and repayment terms are shorter, with instalments typically stretched over between one and six months.

Although these types of loans are easier to get for those without a perfect credit score, interest rates are much higher as payday lenders are taking on significantly more risk.

You can use short term loans to cover one-off emergency costs that you can’t afford to cover right away. They are great when you need access to a limited amount of cash quickly and easily, usually through an online direct lender.

Credit cards, on the other hand, are more useful for covering day-to-day spending or large purchases. You can buy items with your credit card and you will be charged interest on the credit balance you build up. You can repay this balance in full each month, to keep interest to a minimum. Alternatively, you have the option just to pay the minimum payment that your credit card provider requires, but that will mean your balance grows along with your interest charges.

Credit card providers tend to have quite strict lending criteria, whereas you may be able to get a payday loan even with a less-than-perfect credit rating. Credit cards will take a few days to arrive after you’ve been approved, so the money won’t be available as quickly as with a short term loan, which is usually in your bank account on the same day that you apply. The cost of borrowing, meanwhile, varies from lender to lender and between credit card providers. Your credit record will also have a bearing on your interest rates, along with the amount you borrow.

When it comes to short term loans, there’s no ‘best’ loan - just the right loan for your requirements and circumstances. When considering which loan to apply for, consider the following factors:

How much you need to borrow

How long you will need to pay the loan back

How much you can afford to repay each month

Whether you meet the lending criteria for the loan

How much the loan will cost in charges, fees and interest

What happens if you can’t afford to repay the loan

If you have been turned down for short term loan, this may be due to a number of reasons. For example, self-employed people, unemployed people and those with bad credit ratings are not usually eligible Alternatively, your earnings may be too low, or you may be too young. Take a look at your lender’s criteria before applying to make sure your unsuccessful application aren't further damaging your credit rating.

Being accepted for a short term loan is all about meeting a lender’s criteria. If your credit record is solid, you earn at least £1,000 a month, are employed and meet the minimum FCA requirements, you may be eligible for one of our loans. However, if you do not meet all of these criteria, you may need to consider some alternatives to payday loans.

Some lenders may consider short term loans for students, but Moneyboat requires that applicants earn a minimum of £1,000 per month and are employed either part-time or full-time. If a student can demonstrate that they meet these criteria we may consider them for a loan.

As a proud winner of the Responsible Lender of the Year award at the Credit Awards, looking after our customers’ best interests is incredibly important to us. Therefore, we do carry out credit checks and affordability tests when applications are made and before we move an application onto the next stage of the decision-making process. If an applicant has a very poor credit rating they may not be approved for a Moneyboat loan. Having said that, we look at each case individually and consider those with less-than-perfect credit scores if they meet other criteria, such as employment and affordability tests.

Again, this is something that varies from lender to lender, although some of the criteria are set out by the FCA. Here at Moneyboat, our criteria are as follows:

You must be at least 18 years old

You must be in full or part-time employment

You must receive a minimum NET pay of £1,000 per month

You must be a holder of a UK bank account and debit card

It’s simple to apply online in just a few steps:

Tell us how much you’d like to borrow: Between £200 and £800 for new customers, or up to £1,500 for returning ones.
Choose your repayment term: From 2 to 6 instalments, you can then repay in full when you’re next paid, with no early repayment fees!
Fill in your details:We’ll ask a few questions to check if the loan is right for you.
We’ll run some checks: Including a credit check and our lending criteria, helping us ensure we lend responsibly.
Get a quick decision: And if approved, you could have the money in your bank within 15 minutes.

Short term enders can take a case to the courts if they are unable to come up with a payment solution that works for all parties involved. However, this is always a last resort for Moneyboat and we have lots of options that involve working collaboratively and supportively with borrowers who are struggling to meet their payment obligations.

Yes. The Financial Conduct Authority (FCA) regulates the high-cost short-term credit (HCSTC) industry and has a strict set of criteria that lenders need to adhere to in order to retain their FCA authorisation. Some unscrupulous lenders, such as loan sharks, for example, operate without FCA authorisation, which is illegal.

Moneyboat loans are a way to get your hands on much-needed cash quickly. With Moneyboat this means that you could receive your loan in your bank account within 15 minutes of being approved, provided all our underwriting checks have been completed. Learn more about our 15-minute funding. Other payday loan companies may make their payments less often and you may wait hours or days for your loan to arrive.

Loan terms vary from lender to lender. Here at Moneyboat, our longest term is six months. Others may offer repayments over much shorter or slightly longer periods of time, but these types of loans are usually repayable within a few months, rather than years.

We won’t contact your employer directly, but we do require proof of income and employment, which may require us to contact you at work and/or view a recent payslip from your employer.

If you sign up to Open Banking with a lender, they will have access to your bank statement with your income and outgoings. However, if you do not opt into Open Banking, we will rarely ask to see your bank statements and this will usually simply be to check your bank account details.

No. Each lender works independently from the other and has its own terms and criteria for lending. However, tools like Open Banking help lenders to see what other debt an applicant has and who they owe money to. If a borrower has several loans and debts that they cannot afford to repay, a lender should not approve their application for a further loan.

In theory, you could take out several loans with several different lenders. However, responsible lenders should be able to identify borrowers who are overly stretched when it comes to debt and protect them by rejecting their applications for another loan.

As short term loans should never be used as a long-term solution to money problems or to cover day-to-day costs, it’s sensible to take out just one loan at a time and ensure you make the repayments you have agreed to make.

Our loans offer quick access to cash in an emergency but all lenders should lend responsibly, only to those who can afford the repayments. We are uncompromising when it comes to responsible lending and we believe all short-term lenders should have the same high standards. However, some are more willing to lend to vulnerable people who can fall into an unhealthy debt spiral if not supported.

Before taking out a payday loan, it's important to know about the costs and fees involved. Different payday loan lenders and products can have different charges. Make sure to check things like daily interest rates, APRs, arrangement fees, and late payment charges before choosing a lender.

It's essential to understand the total cost of borrowing, so you can make the best decision for your situation.

A payday loa n is a small cash allowance designed to tide you over until your next payday. These cash loans are typically approved on the day that you apply and are repaid in manageable instalments with fixed interest rates, which are usually relatively high.

High cost short term loans like payday loans, often offer credit in small amounts up to £1,500 and are best used to meet a one-off unexpected expense or rectify a temporary financial shortfall before payday comes. For example, what would happen if your car broke down and you needed it for work, but couldn’t cover the repair bill right away? Dental work, school trips, and broken-down household appliances are all among the other common uses for these types of loans. They can be a financial lifesaver when you’re caught short.

We started offering short term loans to provide access to a quick solution for those who need emergency cash. Our loans are easy and quick to apply for online and we’ll even consider approving you for one of our flexible loans if you’re credit record isn’t perfect.

Please take a look at our Complaints Procedure page or contact our friendly customer support by mail or phone.

If you are struggling with your finances or not sure where to start, there are many options offering free advice. Below companies are authorised by the FCA and offer free financial advice:

MoneyHelper: Government service offering free financial advice by chat, WhatsApp or phone

National Debtline: Free and independent debt advice by phone or chat

FinancialAdvice.co.uk: Free debt advice by phone

StepChange: Free debt advice by app or phone

Shelter: Free advice on debt, housing and healthcare by phone and chat

Other resources for help with debt:

Citizensadvice.org.uk

No. Short term lenders tend to look at your bank statements and/or Open Banking to gain an insight into your current level of debt when you apply for a loan. Lenders can see that you have other repayments to make to other lnder, but the debts themselves are not connected if they are taken out with different lenders.

Your bank can offer you information and support, but financial organisations aren’t always objective in their opinions. For financial advice, it’s better to consult an independent charity or organisation, such as those listed below.

There are a huge number of myths about debt out there. Remember - if you need the facts about debt, refer to one of the organisations listed at the end of this page.

As well as seeking advice and guidance from the various UK based debt charities out there, the best approach is to be open and honest with your creditors. Many of our customers find they feel a huge weight is off their shoulders once they admit they are struggling. Our collections team are a friendly bunch who are there to help you make payments that are affordable to you.

We don’t negotiate on the amount of money consumers owe us but we can help to make payments more manageable through a payment plan.

Defaulting on consumer debt won’t land you in prison. However, a jail term is a possibility for people who owe either child maintenance payments or tax.

Debt can only usually be written off for consumers if they can prove they do not have any spare money available to make payments. By working with a debt advisor, you may be able to apply for a Debt Relief Order.

Alternatives to short term loans include the following:

Bank account overdrafts

Credit cards

Bank loans

Credit union loans

Guarantor loans

Homeowner loans

Borrowing from friends and family

Selling your unwanted items

Short term loans are costly, so it’s best to try to manage your money and avoid having to take out debt in the future. Our blog is full of useful articles about money management, which could help you to improve your financial health. We advise consumers to consider the following when looking to avoid taking out further short-term loans:

Creating a budget and sticking to it

Using spending apps to track where your money goes

Considering selling unwanted items instead of borrowing

Looking into cutting back where possible

Asking family or friends to help out

Researching alternative forms of borrowing to short term loans

Everyone will have their own personal approach to paying off debt, but a general rule applies: Paying off high-interest debt first will save you more money. The interest you are paying on a loan may increase after you miss a payment, so it is often wise to prioritise paying off loans that have an impending scheduled repayment. This can help you to avoid late payment penalties and other such charges.

Not necessarily. Although it can be good to clear a debt from a psychological perspective, if you have a more expensive debt to clear, or debts that are higher priority, it may be worth paying them off first. However, always make sure you are aware of any early repayment charges.

It’s generally accepted that paying off your priority debts first is sensible. This means that you should prioritise your mortgage, your utility bills and other essentials. Then start with your most expensive debts first.

As with any form of borrowing, there are disadvantages, depending on your situation. Firstly, you can usually only borrow a limited amount of money through short term loan. So if you need to get your hands on more than around £1,500, you may need to look at another form of borrowing.

Short-term lenders are flexible with their criteria, but you will need to have a steady income and hold a UK bank account to be considered. Interest rates are high when compared with many other forms of borrowing, but the FCA has introduced caps to limit the amount of debt borrowers can build up through short-term loans.

Imagine you’re off to work and your car won’t start. It’s only half way through the month and the bill to get it fixed is £500. You don’t have savings or that level of spare cash just hanging around. Your credit record is OK, but you’ve got no buffer like an overdraft or a credit card. What do you do?

You can ask family or friends for a loan, which can be a lifesaver in these kinds of situations. You can take on more shifts, but that will be difficult without your car. And you’ve got nothing of value to sell. A short-term loan can help in this kind of scenario and applying online is easy and takes a matter of minutes. If you’re approved, the money for the car repairs can be with you right away, so you’re bank on the road in no time.

Repaying short-term loans has become more flexible as well. Gone are the days when there were no options other than repaying the full loan in one lump sum on your next payday. These days, lenders like us help you spread the cost of the loan over several months so you don’t leave yourself short when repaying.

It all depends on how bad it is. We tend to always reject applications from those who have serious debt problems on their credit files, such as CCJs and bankruptcies. However, if your score is just OK, we’ll look at other factors, such as your income and outgoings, to assess whether you can afford to take one of our short-term loans.

If you have no credit history, you’ll not be approved for a short term loan. Lenders want to see evidence that you can handle your finances responsibly and a credit record helps to establish this.

Taking out a short term loan won’t, in itself, help to rebuild your credit record. However, there are a few things you can do to help build a more positive credit score, including:

Maintaining a low credit utilization level

Repaying on time every time

Only applying when you are confident you will be approved

Short term loans can appear on your credit score as an advance against wages, which can be viewed negatively.

Yes. Any credit that you take out, including short term loans, will appear on your credit record.

The best way to ensure that you get out of your short term loan is to repay the whole loan, plus interest, on time. If your situation has changed to the point that you simply don't have spare money to repay the loan, then a debt relief order may be a possibility. DROs can only be put in place through an authorised debt advisor. This source is a great place to start looking for a debt advisor who may be able to help you with your DRO.

Yes. If you can afford to repay your short term loan early, that’s great! You’ll save yourself money in interest charges. We won’t ever charge penalties for repaying early.

No. We don’t provide extensions to short-term loans as we do not consider this a responsible way to operate.

If you expect to struggle to make one of your repayments, contacting us straight away is the absolute best that you can do. We’ll set to work creating a payment schedule that will work for you, so that you can clear your debt without leaving you short of cash for your other essential spending.

If one of our borrowers continues to miss repayments, we may need to escalate a collections case, with the courts being the past resort for us. We want to support our customers and we’ll never judge you for struggling to repay. However, it’s important that borrowers in arrears cooperate with any new payment plans, as they are put in place to help people to avoid extra penalties and charges that come about when they miss payments.

The FCA introduced caps on the cost of borrowing short term loans. This means that you’ll never pay more than 100% of your loan amount in fees, interest and penalties - even if you end up in the courts over your unpaid short term loan.

With Moneyboat, you can repay your balance at any time, in part, or in full, without incurring any extra charges or penalties. Some lenders will apply early payment penalties to protect themselves against the interest they will lose out on if a borrower repays early. However, we believe that borrowers should repay as early as possible to reduce the cost of borrowing and minimise the impact on their personal financial situation.

Repaying your short term loan is all about ensuring that you have enough money in your bank in advance of the day your payment is due each month. You can make a payment yourself, or you can give a lender continuous payment authority, which means they can take the money from your bank account automatically until the loan is paid off.

Most short term loan providers have calculators on their websites to help borrowers assess how much a loan would cost them. They can adjust the amount they want to borrow and select the number of instalments they would like to repay the balance across. Then the calculator will tell them the total cost of their loan, including the interest that will be applied over the entire term of the short term loan.

All responsible lenders should be open and honest about the cost of borrowing. Our customers are able to see the cost of their loan upfront, before they apply. We are also honest and open about the fact that late payment or defaulting on your loan could mean extra interest charges and penalties. Use our calculator to see how much you have to repay.

This is a very important question to ask yourself before you consider applying for a short term loan. If you are short of cash but have an urgent expense that can;t wait until your next payday, a short term loan could help you. But only if:

Your income can cover you essential outgoing, plus the repayments and interest

Your don’t have a history of getting into unmanageable debt

You don’t intend to take out further or additional payday loans or short term loans

Bank loans, or personal loans, as they’re also known, are loans that you take out through your bank. Some people borrow with their regular, while others will seek out a different bank specifically for their personal loans if they offer lower interest rates. Bank loans can be one of the cheaper ways to take out unsecured finance, but banks will always look for an impeccable credit record.

Alternative lenders, such as short-term lenders, can be more flexible with their lending criteria and even loan money to those with less-than perfect credit ratings. However, short term loans have higher interest rates - usually around 0.8% per day, which is the cap that the Financial Conduct Authority imposed on the industry.

You can take out a bank loan for any purpose, but many borrowers use them to cover things like house renovations, consolidating existing debt, or to buy new cars. Personal loans can help people to spread the cost of these large expenses or pay for something up front without having to save first - providing they can afford to make the repayments each month.

Most bank loan customers borrow between £2,000 and £25,000 and their loans over the course of a few years. Short term loans, by their nature, are much smaller, and are repaid over just a few months.

This, again, will be a personal choice based on your own requirements and financial situation. If you fulfill all the minimum criteria find yourself with a choice of lenders, look at the following factors to help make you decision about which short term loan company to borrow from:

Their interest rates

Their reputation (what are their Trustpilot and Google scores?)

How much do they lend?

How long do you have to repay?

Do they charge extra fees?

Have they won industry awards?

It’s a good idea to look for a trustworthy direct lender. You can recognize a trusted direct lender by the below standards:

Is authorized and regulated by the FCA.

It offers support from financial advisers by email or phone.

Transactions are secure and SSL protected.

It’s GDPR compliant

It has an ‘Excellent’ Trustpilot score

No Fee surprises: no application fees, hidden fees, or charges.

It’s won market-related awards.

Credit cards are generally used differently than short term loans. Short term loans are specifically designed to cover a one-off emergency expense. Borrowers tend to take out a short term loan for a specific purpose, such as to cover a dental bill, or pay for their car to get fixed so they can drive to work. They then repay the loan in full over a short period of time, up to around 6 months.

Credit cards work differently. When you have a credit card you may use it to make large purchases and spread the cost over a number of months. Or you may use your credit card to cover everyday expenses, repaying in full each month. It’s up to you how you choose to spend on your credit card, but you will be charged interest on your balance each month, so charges can quickly build up if you’re not clearing your debt each month.

Credit card interest rates vary hugely depending on your provider and your credit rating. You need a good credit rating to be approved for a credit card, while short-term loan providers can be more flexible. For example we’ll look at your credit rating alongside your income and outgoings to make our lending decisions. Credit card providers are often large financial institutions with little flexibility in their lending criteria

Short term loans are all loans that you take out over a short period of time - usually for a period of between a month and 12 months. Our loans are repayable over 1-6 months, which is quite typical of instalment loans, which is one type of short term loan. Some short term loans are repayable in a single instalment on your next payday. These are the loans that people often think of when they see the term ‘payday loans’.

It’s impossible to say what the ‘best’ short term loan is. Instead you need to consider what’s best for your requirements and circumstances. Have a think about how much you need to borrow, what you can afford and how long you need to repay the loan. This will help you to decide what the best short term loan is for you.

If you’ve found it difficult to get a short term loan from Moneyboat or any other short term lender, consider the following:

Is your credit record up to scratch? You can check it for free with companies like Experian)

Do you earn at least £1,000 a month?

Do you have a full-time or part-time employment contract?

Do you have other debts that you are struggling to repay?

If any of these factors are an issue for you, you may struggle to be accepted for a short-term loan under the FCA’s responsible lending regulations.

The best way to maximise your chances of being accepted for a short-term loan is to make sure you have all your finances in order. Gather together the documents you may need to demonstrate affordability, such as your bank statements and payslips, and be prepared to answer questions openly and honestly.

Applying for a short term loan through Moneyboat really is a simple process so there’s no need to worry. We’ll make sure the process is quick and simple for you and, if you’re accepted and once all our checks have been completed, you could have the money in your account within 15 minutes. Click [here] for more on how 15 minute funding works.

Full time students who are not employed are not eligible for Moneyboat loans. This is because we ask that you have a minimum monthly income of £1,000 to qualify for one of our short term loans. If, however, you do still bring in £1,000 from a part-time job, for example, then we may consider your application.

If you have a poor credit rating, you may struggle to get a short term loan. This is because responsible short term lenders need to make sure borrowers are able to repay their loans in full, within the loan term, before approving an application. You wouldn’t want to join those who were missold short-term loans in the past and who built up piles of debt they couldn’t afford to repay.

The industry has changed for the better, but we are still more flexible with our criteria than more traditional lenders like banks. We might consider offering you a loan even if you have a less-than-perfect credit record, providing we can see evidence that you have a steady, healthy income and manageable outgoing, for example.

You must be at least 18 years old

You must be in full or part-time employment

You must receive a minimum NET pay of £1,000 per month

You must be a holder of a UK bank account and debit card

Click on the “Apply Now” button and fill in our free and easy, online application form.
We'll then carry out credit and affordability checks.
Approval: Sign and send back your loan agreement which will be sent to you via email subject to approval.
Funding: Receive your cash directly into your UK bank account

Before applying for any form of credit, it’s sensible to consider the following:

Do I really need the money?

Is there any other way I can get the money without borrowing?

Do I understand how much this is going to cost me?

Is the lender trustworthy?

Can I afford the repayments?

Is my income stable?

Do I fulfill the criteria?

How’s my credit score?

Here’s a great guide to the current rules and regulations governing the short term lending market:

https://www.fca.org.uk/news/press-releases/fca-confirms-price-cap-rules-payday-lenders

If you’re having trouble making repayments to your short term loan account, the most important thing to do is to be open and honest with us. Our brilliant collections team are on hand to help you and we’ll work together to set up a payment plan that works for you.

Every now and again, borrowers can end up in court if they’ve failed to keep to the terms of their repayment plan and fail to prioritse their repayments.

Yes, short term loans are absolutely legal, providing they are being offered by a lender who is registered with, and authorised by, the Financial Conduct Authority (FCA).

APR means Annual Percentage Rate and measures the cost of a loan over an entire year. As most short term loans are only taken out for a few months, APRs aren’t the best way to compare short term loans. However, daily interest rates are capped by the FCA, at 0.8% per day. Many short-term lenders charge interest at exactly 0.8% per day, which means you’ll be charged interest amounting to 0.8% of your loan amount each day of your loan term. We charge daily interest at just 0.79%, which is less than a number of our competitors. See how we compare to other short term lenders.

Yes. In order to responsibly lend a short-term loan, lenders need to ask for your bank statements or you can choose to opt into open Banking which will enable your lender to view your bank account live.

Short term loans are an expensive way to borrow money. However, providing you borrow with a responsible lender, they can offer a solution to financial difficulties for those who can afford to make repayments on time.

With any credit, missing payments and paying late will almost always mean higher interest and penalty charges, so affordability is everything. Luckily here at Moneyboat, we make affordability our absolute priority when looking at your applications, protecting vulnerable borrowers from the debt spirals that are sometimes associated with short-term borrowing.

Every short term loan provider has their own criteria for lending. Although all are regulated by the FCA, some will have higher or lower minimum income criteria for their borrowers, for example. While others may only lend to those over 21.

If you’re struggling to be accepted for a short term loan, it may be a good idea to consider alternatives, like budgeting, selling personal items to raise some cash or asking your family or friends to help out. The short term loans industry is heavily regulated by the Financial Conduct Authority (FCA), which means that all lenders must check credit records and affordability before approving loans.

Short term loans and payday loans are different terms for the same type of credit. Both these terms are used to describe smaller loans taken out over a shorter term. These loans are generally used to cover emergency costs and are not suitable for long-term or repetitive use.

It’s recommended that you only take out one short-term loan at a time. If you take out more than one short-term loan simultaneously, your debt can get out of control. It’s vital to make sure you can afford to repay your existing loan before applying for an additional loan.

Costs and fees associated with short term loans vary between providers. Some lenders will try to apply extra charges for arrangement or early repayment, for example. However, here at Moneyboat, we’re proud to be responsible lenders and all our fees and charges are presented upfront, so nothing is hidden.

With our loans, you can repay early at any time with no extra charges applied. You won't pay arrangement fees, but there may be a penalty if you pay late or miss payments. Interest rates are also displayed on our website and you may incur higher interest charges if you default on your loan or repay late.

That all depends on the lender. Each lender has different terms for their short term loans. We provide loans over a maximum of six monthly instalments.

A short term loan is a small cash loan that you can access quickly to cover emergency costs. They can be useful if you’re caught short before your next paycheque comes in and are repayable over a short period of between 1-6 months.

Most people who take out short term loans use them to cover costs like car repairs, unexpected costs like school trips and uniforms, or replacing essential household appliances. Imagine being stuck without a washing machine for weeks, or struggling to get to work without your car because you don’t have enough in your account to cover the repairs. This is where short-term loans can be useful.

As well as being very convenient, short term loans can also be expensive, with higher interest rates than some other forms of credit.

If your requirement for cash is not urgent, a loan from a traditional lender may be an option to consider. If you need cash immediately, it may be time to compare other credit solutions, including payday loans and short-term loans. There are also other credit alternatives to consider, including credit cards and overdrafts, for example.

In many cases, applying for an emergency loan is a viable solution to the need for quick cash when you need money. While the costs involved will be somewhat higher than some other lenders, the ability to get a loan decision virtually immediately outweighs the costs. Emergency loans are also known as payday loans which are set up on a fixed repayment schedule specific for each customer.

Emergency loans are specifically that – they’re designed to meet occasional, unexpected, emergency costs when a person literally feels they need money right now. Lenders suggest borrowers minimise the use of payday loans to keep overall costs low. However, there are times when the use of an emergency loan can be practical. In these situations, borrowers should never be afraid to take the steps needed to cover emergency expenses. Although the costs are higher than traditional loans, having ready access to cash on the same day that it’s needed can prevent other costly events from occurring, such as default penalties or loss of earnings.

The average maximum loan is around £800, but additional funding of up to £1500 could be available to established customers. Smaller amounts are easily selected during the application process, making it simple for borrowers to get the exact amount of money they require.

That depends on the amount borrowed and the borrower’s repayment plan. Usually, payments are spread over a number of scheduled instalments. Discussing your specific needs with online emergency loan experts like Moneyboat is the best way to determine the best repayment schedule.

Although emergency lenders, including online direct lenders in the UK, don’t place as much emphasis on credit checks as traditional lenders do, a borrower’s credit score will be a factor in the lending decision. Emergency lenders providing payday loans, understand borrowers may have had difficulties in the past and will work with them to overcome those past credit problems whenever possible. Emergency lenders evaluate each client individually and take a number of factors into consideration when deciding whether to offer payday loans to applicants.

It’s always important to protect your credit rating as much as possible. That means it may make sense to take a short-term emergency loan to cover a bill that will leave you with a bad credit score if it remains unpaid. Tight financial situations have their way of catching up with everyone at some point. If a short-term loan could protect your credit score from damage, it may be worth considering applying for emergency cash.

As with any other lender, emergency loan guidelines and restrictions are relevant to all applicants. However, you will notice that the standards for a payday loan are not as stringent as they might be with some more traditional lenders, if you compare. Bad credit doesn’t mean you can’t apply for payday loans, for example. This is especially the case if you are otherwise financially stable, with a solid cash flow and employment. Emergency loan providers will perform a credit check when you apply to check for a bad credit report. However, they will be more likely to lend to those with bad credit than traditional loan providers like banks, for example.

Once we’ve approved your application and completed all our underwriting checks, we can pay funds into your bank account in as little as 15 minutes. Click here for more on how this works. Some other lenders may take hours or days to pay out after you apply.

Payday loan companies will consider a few things before they offer you a loan and each of these could determine the amount you can borrow:

Your income
Your outgoings
Your employment status
Your credit record

When borrowing from a direct payday loan lender, the amount you can borrow depends on how much you need and the payday loan lender's loan options. It's best to avoid borrowing more than necessary, and our online payday loans range from £200 to £800 for new customers and up to £1,500 for returning customers.

Short-term lenders may need to ask you for proof of employment, usually in the form of payslips. They may also contact you at work to make sure you’re employed. However, Moneyboat won’t contact your employer directly.

Short-term loans are repaid either in one lump sum or in instalments, depending on the type of loan you take out and the lender you are borrowing from.

Emergency lenders, such as payday loan providers, will usually limit a borrower to one of their emergency cash loans at a time. However, once repayment is complete, you may apply again for a second loan. Emergency lenders don’t recommend doing this unless it’s absolutely necessary. Rather than getting into a situation when you need money now, it’s far better to budget your cash rather than taking on payday loans to take care of normal spending, as this can lead to bad credit situations. If you need emergency loans on a regular basis, it’s important to take steps to control spending and deal with your ongoing credit issues. There are numerous agencies available to assist borrowers overcome budgeting issues and reduce their reliance on loans.

You’ll ideally repay your loan according to the agreed-upon schedule. However, online emergency credit providers understand sometimes extenuating issues arise that impact repayment. The important thing here is to notify the lender as soon as an issue develops to avoid any further ramifications. Burying your head in the sand when you can’t repay your loans will leave you with a bad credit record, making borrowing cash from online payday lenders almost impossible in the future. Here at Moneyboat, we believe that responsible lending is the key to providing a good service to our borrowers. If you need emergency cash to tide you over until payday, instead of paying over the odds for payday loans that need to be repaid in a lump sum, we offer flexible credit repayment plans. Rather than paying the entire value of their loan back on your payday, our borrowers can repay in instalments over as many as six months, depending on their circumstances. We believe that this type of borrowing can help prevent borrowers missing payments and creating bad credit situations for themselves.

There is often an almost immediate transferral of funds after the loan approval is complete. In cases where Faster Payments support a borrower’s bank, the funds should be available on the same day. If the bank doesn’t support Faster Payments, the emergency loan could still be available the same day.

After receiving the required information, the actual emergency loan decision will be provided quickly. When you need cash quickly, getting a rapid decision is important. Your emergency loan provider could generally be able to provide a decision in as little as half an hour. That’s far faster than traditional lenders, meaning borrowers could have their funds fairly quickly without having to wait until their next payday.

All our employees are working remotely and we have successfully implemented our disaster recovery plan to enable a timely response to any complaints.

We have a minimum net pay threshold of £1,000 per month.

Yes, as long as your expected income over the next 3 months is at least £1,000 per month, taking into account you working from home. If you have however been put on unpaid leave we'll be unable to assist you at this time.

Please click here for more information about how we can help our customers who are experiencing financial difficulty because of Covid-19. Alternatively, contact us as soon as possible to discuss your circumstances.

No. Opting into Open Banking won’t impact your credit score at all.

No. Signing up to Open Banking doesn’t have an impact on whether you are accepted for a Moneyboat loan. However, it makes the application process easier and more streamlined, removing some of the obstacles that can lead to delays in an application being approved.

There’s a registered providers page, which you can use to check that a financial services provider is registered for Open Banking and regulated by the FCA.

Yes. We make it easy for you to change your mind and opt-out of Open Banking via your bank.

Absolutely. Apps and providers using Open Banking must comply with strict regulations. They will never ask you for your passwords or online banking login details and cannot misuse your data, in accordance with strict FCA regulations.

Please note, this service is fully secured and encrypted by a third party Open Banking system. Moneyboat.co.uk will never have access to your personal sign-in data, passwords or credit card information. Let's get started!

Step1.

After applying for a Moneyboat loan, you will receive an email confirming your application has been received. This email has a link to click to opt into Open Banking. Click this link.

Step 2.

Once you’ve clicked the link in the email, you will be directed to the Moneyboat website and a page inviting you to ‘connect to Open Banking.’ Click the tab.

Step 3.

You will now be redirected to BUD, our Open Banking partner, where you will receive some more information about Open Banking and security. If you’re happy to continue, click ‘I Agree’.

Step 4.

From here, you can select your own bank and log into your online banking. Simply select the accounts you’d like Open Banking to access. And it’s done!

Open Banking is a relatively new initiative launched in the UK to help consumers access better financial products. It complements our 15-minutes funding capability, helping you to access cash quickly and easily, providing you meet our criteria. You can also share this information with service providers, like us here at Moneyboat. This banking transaction information is used help enhance the service we provide you, but only with your full consent.

Signing up to Open Banking means:

You won’t have to send in documents like payslips and confirmation letters
The entire application process will be streamlined and simplified
No waiting around for direct debit payments. Transactions between you and Moneyboat will be instantaneous

Financial services companies can register to Open Banking and will be featured on the Open Banking Directory. They will be regulated by the Financial Conduct Authority and they will never have access to your transaction details unless you explicitly give your consent. At no point will you be asked to share log-ins or passwords with anyone and you can opt-out at any time.

If you opt in to Open Banking and are happy for us to access your transaction information, we can use it in a number of different ways.

It can help us to make more accurate lending decisions, based on your actual banking and financial activity. This means we’re not just relying on credit scores and employment status, for example.
We can gain a better understanding of your financial situation really quickly and without ever having to meet you in person or ask for masses of documentation.
Our agents can offer you tailored solutions based on your specific requirements.

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Repaying Moneyboat emergency loans

Most applications can be completed online without uploading paperwork straight away.

If asked, you’ll typically need to provide:

Your personal details (name, address and contact information)
Details of your income and employment
Information about your regular monthly outgoings
Your UK bank account details