Pay for your MOT with our short-term loans
Cover the cost of your MOT with a short-term loan from Moneyboat, spreading the cost in manageable instalments over 2 to 6 months. Once approved, you could get funds within 15 minutes*.
Representative Example: Borrow £400 for 4 months: 3 monthly repayments of £156.09 followed by a final repayment of £156.07. Total repayment £624.34. Interest rate p.a. (fixed) 288.35%. Representative 1,267.9% APR.
Warning: Late repayments can cause you serious money problems. For help, go to www.moneyhelper.org.uk.
Cover the cost of your MOT with our short-term loans
According to the Driver and Vehicle Standards Agency (DVSA), almost a third of cars failed their initial MOT test in 2024. It can happen to anyone, and often seemingly out of nowhere. If you have an older car, it’s more likely your MOT test might find hidden issues that flag concerns about your car’s roadworthiness.
Car maintenance costs can be unpredictable – sometimes costing more than you first expect. If you’re faced with an urgent MOT bill and you’re feeling the pinch before your next payday, our Moneyboat loans can help pay for your car’s MOT test and get you back on the road.
Many customers use our short-term loans for MOT tests, car insurance, road tax, and emergency servicing costs. You have complete flexibility to spread the cost in instalments or repay your loan in full on your next payday. With no hidden fees or surprises, we won’t charge you for early repayment either.
Moneyboat's service is rated Excellent
How much will it cost?
Our short-term loans can help provide extra breathing room if you’re met with unexpected expenses after your MOT. Our loans offer:
- Flexible borrowing limits: Borrow between £200 and £800 as a new customer – and up to £1,500 for returning customers
- Manageable instalments: Repay your loan in instalments over 2 to 6 months
- Transparent costs: Our daily interest rate is 0.79% – which is applied to your outstanding balance
Representative example
Depending on the size of your loan and how long you wish to pay it off, here’s how much your Moneyboat loan could cost based on the last working day of the month:
Representative Example: Borrow £400 for 4 months: 3 monthly repayments of £156.09 followed by a final repayment of £156.07. Total repayment £624.34. Interest rate p.a. (fixed) 288.35%. Representative 1,267.9% APR.
| Borrow | Payback Period | Monthly Repayments | Total |
|---|---|---|---|
| £400 | 4 months | £156.09 | £624.34 |
Find out more about our financial promotions and Annual Percentage Rates (APR).
Warning: Late repayments can cause you serious money problems. For help, go to MoneyHelper.
How easy is it to apply?
Applying for a Moneyboat loan is simple. You can do it from any device, and our purpose-built technology means we process your application quickly and securely. We just need a few basic details, and many applications are approved automatically.
It’s as easy as three steps:
1. Apply online in minutes
Fill in your personal details and let us know how much you’d like to borrow.
2. eSign your emailed approval
We’ll do our background checks and send you your loan agreement to read and sign online.
3. Funds paid in 15 minutes*
Once everything is complete and approved, we can send your loan directly to your UK bank account within 15 minutes*.
Will I be accepted?
To apply for a Moneyboat loan, you’ll need to meet our minimum eligibility requirements:
- 18+
- Regular income of £1,000
- UK resident with UK bank account
We’ll then assess your application individually, looking beyond just your credit score. Our affordability checks take a number of factors into account – so having a bad credit score doesn’t mean you can’t apply!
Is Moneyboat a credible lender?
Yes, Moneyboat is licensed and regulated by the Financial Conduct Authority (FCA) to provide short-term loans in the UK. We take every step to make sure borrowers can comfortably afford their loan before we approve any funding.
Is an MOT loan right for me?
Our Moneyboat loans can help support MOT costs if you need an urgent safety net. If you’re comfortable with paying the added cost of interest to help spread the cost of your expenses, this could be a helpful solution to help tide you over in a hurry.
We always recommend that you assess your budget before committing to any loan or credit agreement. As part of our responsible lending practices, we complete thorough affordability and eligibility checks to make sure you can comfortably meet the repayments.
Short-term loans are considered an expensive form of borrowing, and should not be used for long-term financial solutions. If you’re struggling to keep up with existing bills and credit repayments, borrowing more might not be the right option for you for the time being.
Getting independent financial advice can help you decide the best course of action. Free financial support is available from trusted organisations such as StepChange, MoneyHelper, and the National Debtline.
Short-term loans for MOTs: FAQs
Can I use a loan for failures and tyres?
Our fast and fair short-term loans can help offer alternative financing options to cover unexpected MOT failures, tyre repairs, car servicing costs and more. If your budget needs a temporary boost, our loans could provide an extra buffer until payday.
What if my repair cost changes after I apply?
Don’t worry, if your car repair costs change after you apply, you can cancel pending loan applications so long as you haven’t received funds yet. If your application is approved and funded, you’ll have a 14-day cooling-off period from the day you signed the agreement to cancel your loan. Unfortunately, we can’t top up existing loan balances. For more assistance, contact us via telephone or email to discuss your options.
Will the garage be paid directly?
As a responsible direct lender, we’re proud to offer flexible loans quickly and directly to our customers. If you’re looking for a quick loan to pay for an urgent MOT failure or car repair, we can’t pay the garage. We can only send funds to your UK bank account. Once we complete our final checks and you sign the agreement, you could get paid within 15 minutes*.
What happens if I miss a payment?
We understand how complicated finances can be. If you’re worried about missing a repayment on your Moneyboat loan, contact us as soon as possible. We’ll listen to your concerns and do our best to find a manageable solution. Missed repayments can lead to added fees, and negatively impact your credit score for up to six years. Learn more about the risks in our guide to missed repayments.
Where can I get free money advice?
Money worries are one of the leading causes of stress in the UK. If you’re concerned about meeting your priority bills and financial obligations, there are many free, independent organisations that offer impartial help and support. Reach out to StepChange, MoneyHelper, Citizens Advice and the National Debtline for free advice today.
Resources to help manage MOT and car servicing costs
We’ve got a range of articles and resources which can help you stay on top of your car costs. From planning ahead for your next MOT to negotiating a better car insurance deal, you’ll find everything you need on the Moneyboat blog.
We’ve hand-picked some topics for you below:
Latest blog posts
Using a payday loan for car repairs
Car breakdown? We walk you through using a payday loan for repairs, what to consider first, and smart alternatives. Know your options and get back on the road.
Funding help with car repairs: Getting back on the road
How can you get help with car repairs when you have no cash? We’ve pulled together insights on how to get your car fixed, even when you’re in a financial fix.
Tips for avoiding winter car repairs
When it comes to financial planning, something many people don’t consider is taking steps to prevent emergency costs from occurring. As short-term lenders, we are used to borrowers coming to us to meet unexpected costs that can’t wait until payday. One of the most common is car repair expenses.
What is a logbook loan?
What is a logbook loan? Is offering your vehicle as security on a loan a good idea? Find out what the risks are and how much a logbook loan costs in our guide!
*Learn more about our 15-minute funding terms and conditions.