We’re incredibly proud to announce that Moneyboat has won the accolade of Responsible Lender of the Year at this year’s Credit Awards, hosted by Credit Strategy. In winning this prestigious award, the judging panel recognised our tireless efforts to put responsible lending at the forefront of everything we do here at Moneyboat. 

Responsible lending is at the core of our business values. We believe lenders should be doing more to protect customers and to improve their affordability checks. Our message to our fellow short-term lenders? If you’re not lending responsibly, it’s time to step aside!

When it comes to responsible lending, we go above and beyond

As part of our commitment to our customers, we go above and beyond the Financial Conduct Authority’s requirements for responsible lending whenever possible. We want to offer borrowers access to quick funding when they need it, but only if they can afford to repay and have all the information they need to make an informed decision. 

We don’t take debt lightly. If a borrower doesn’t repay, everyone loses and that customer may find themselves in a damaging spiral of debt. This is why we offer the lowest daily interest rate in the industry and have robust affordability checks to minimise the chances that a borrower will struggle to repay. 

During the pandemic, when many people were suddenly out of work and were struggling financially, we took steps to strengthen our standard affordability checks with a specific Covid Risk Algorithm. We helped those who found themselves struggling with proactive solutions, including the option to split repayments, which again, went beyond FCA requirements and helped to reduce the number of people who missed payments. 

We don’t pull the wool over your eyes

Being a responsible lender is also about making sure things are clear. Whenever we create content for our website, write a customer email or undertake marketing activities, clarity is a priority. From our interest rates to our terms and conditions….everything is there for you to see and questions get answered without confusing jargon. 

We want our customers to have a crystal clear understanding of what taking out a loan entails, how much it will cost and when and how they need to repay. Our Customer Portal helps customers stay informed about their loans, while Open Banking helps us to make fast decisions and fund quicker while protecting vulnerable customers.

Our customers are everything…

We’re a customer-centric lender and we have our borrowers in mind at every step of the lending journey. We have one of the lowest Financial Ombudsman Service upheld complaints levels in the industry and our agents have the authority to take tailored measures to help those customers who are struggling to pay. 

As a result of this care and attention, our customer ratings with Trust Pilot are impressively high, at 4.5, from thousands of reviews. 

We’re here to demonstrate that success and responsible lending are not mutually exclusive. Moneyboat is a living, breathing example of how a short-term, high-cost lender can operate ethically, responsibly and profitably, while maintaining an exemplary reputation among its customers, investors, and peers. Congratulations to all the team at Moneyboat: Responsible Lender of the Year!

Looking for a direct lender loan on a realistic payback schedule?

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

Representative Example: Borrow £400 for 4 months, four monthly repayments of £197.48. Total repayment £597.48, interest rate p.a. (fixed) 255.5%. Representative APR 939.5%. Compare Moneyboat loans.

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