Consumers in the United Kingdom who find they are short on cash and need funds quickly often turn to payday loans for assistance. However, many individuals find that obtaining a payday loan has actually led to a whole new set of problems. Thankfully, MoneyBoat offers another option in the form of short term loans. These loans allow for more time to pay back the funds, easing some of the financial pressure the borrower is experiencing and making them more affordable. What do consumers need to know about this funding option offered by MoneyBoat before deciding if a short term loan is right for their needs?
Why A Short Term Loan?
Individuals find they are able to apply for the funds they need in a short period of time, as MoneyBoat uses an online application process. New customers may obtain up to £800 while those who have used our services before can request up to £1500. Where this type of loan differs from the conventional payday loan is payments are made in a series of instalments. This ensures the borrower does not create new problems by obtaining the funds they require, and loans run anywhere from one to six months in terms of repayments. Why are many consumers finding this option to be the better choice?
The Advantages Of A Short Term Loan Over A Payday Loan
When a person takes out a payday loan, they only have one or two paychecks to pay the funds back. This leads to additional stress on the individual, as they not only have to meet their regular bills, they also have this new financial burden. We understand how difficult meeting all of these obligations can be for a person and have come up with the short term loan as an alternative.
Not only is a short term loan quick and convenient, the terms are flexible. Furthermore, customers never need to worry about early payment fees and penalties, as MoneyBoat’s goal is to encourage responsible borrowing. Paying off the loan early is a sign the borrower hasn’t taken on more than he or she can truly afford.
MoneyBoat Short Term Loans
- New clients can access anywhere from £200 to £800
- Returning customers may obtain up to £1500
- Loan repayment terms up to six months
- Less risk of getting behind on other financial obligations
- Online application process via mobile device or computer
- Approval within minutes or hours
- Money delivered same day
- Business hours Monday through Friday 8am to 5:30pm
- Representative 939.5% APR
- Flat interest rate of 0.7 percent per day
- Professional, friendly and discreet staff
- No penalties or fees for early repayment
Why Short Term Loans Are Helpful
Unexpected expenses may arise at any time. Purchase a new washing machine to replace one that is old and breaks down frequently, and the oven seems to break down the next week. The oven is essential to provide healthy meals, however, and funds from MoneyBoat allow a person to purchase a new appliance with ease. This is only one example of how the money may be used, with others being for car repairs, medical expenses, and numerous other things. Customers aren’t required to share with us what they plan to do with the money, but we do encourage them to only borrow for essentials. A last minute trip isn’t a necessity, thus we recommend borrowers look for other ways to obtain funds for purchases such as this.
Borrowers may find they benefit by converting existing payday loans into a short term loan. By obtaining the funds needed to pay off the payday loans, they earn more time to pay the money off without overextending their budget. This is one situation where a person is borrowing responsibly, making plans for a better financial future and getting their life back on track. The borrower should not take out another payday loan until the short term loan has been paid in full, however, to avoid difficulties of this type.
Our aim is to ensure borrowers don’t take out more than they can afford to repay without adding additional financial stress to their budget. The same cannot be said for payday loans that must be repaid in only one or two paychecks, as most individuals find they cannot meet their obligations and repay the loan with ease. MoneyBoat wants clients to be satisfied with our services, thus we go the extra step to ensure this is the case.
- Borrower must be 18 years of age
- Individual needs to be a United Kingdom resident and have stable employment
- The borrower must possess a United Kingdom bank account along with an active debit card
- Loan applicants must pass the affordability and credit checks
Borrowers often wonder why these criteria are required. Where MoneyBoat differs from many lenders is the company believes in responsible lending. If we feel a borrower will struggle to make the payments as required, we offer alternative solutions. This is one reason why consumers know they can count on us and why we maintain a 4.6 star rating at reviewcentre.co.uk based on almost 300 reviews submitted.
For those individuals who have already taken out more payday loans than they can afford to pay, MoneyBoat recommends visiting moneyadviceservice.org.uk. For those in need of help now with existing debt before taking on more, this site can be of great help. Individuals who aren’t struggling yet, but worry they may be in the near future, may wish to turn to us. Late or missed payments often bring on additional financial problems, and MoneyBoat tries to avert this by offering more time to pay.
MoneyBoat works with clients to find a solution that works for them. The key is to consider the borrower’s ability to repay the funds they borrow, which is why an affordability and credit check will be conducted on clients. We want to see our clients succeed, as their success is our success. Contact us today to discuss your borrowing needs, so we can begin to help you get your finances back on track. MoneyBoat understands that anyone can run into financial problems, as life is known to throw curves when they are least expected. We provide the funds to move past this challenge and ahead with life in the shortest time possible.
The Money Boat underwriters are friendly and professional. You will usually receive a final decision within anywhere from a few minutes to just a few hours, with all loans being paid out on the same day for no extra charge. Our business hours are Monday to Friday 8am to 5:30pm.
You can apply for a short term loan with us by clicking here: www.moneyboat.co.uk/apply-now.