Easy unsecured loans from Moneyboat

Apply online for unsecured loans of up £1,500 in as little as 15 minutes*

When your boiler breaks or your car won’t start, you might need a little help making ends meet until your next payday. An unsecured loan from a registered direct lender, such as Moneyboat, means you won’t have to spend time finding a guarantor or risk putting up your possessions as collateral.

If your application is approved, we’ll work with you to create a payment plan of between two and six months to help keep you afloat when times are tight.

Apply in minutes for an unsecured personal loan from Moneyboat today. 

Why customers trust Moneyboat for unsecured loans

At Moneyboat, we carry out extensive affordability checks before offering any loan, including reviewing your credit score, income and ability to repay. We will only offer the loan if we’re confident that you will be able to pay it back, so we don’t require you to place your assets against the loan.  This also means you can access funds more quickly, as there is no need for an asset valuation or checks against a guarantor.

We are also FCA-registered and regulated, so our borrowers can breathe easy. Learn how to check the FCA register on our blog.

What is an unsecured personal loan?

An unsecured loan can refer to many different financial products, these include but are not limited to: overdrafts, credit cards, and short-term or  payday loans. What makes the financial product unsecured is that it doesn’t require a guarantor or collateral. Unlike banks and other large lenders, we won’t ask you to provide details of someone who would be able to make the payment for you if you’re not able to pay. You also won’t have to pledge large assets like your car or home as security if you cannot repay your loan.

Unsecured loans are typically used for smaller loan amounts than secured loans and may have a higher interest rate. However, they are a good option if you don’t have a guarantor or collateral available, or don’t want to risk losing your assets.

Even though unsecured direct lender payday loans online don’t require any security from you, the lender has the right to recover the loan in some way if you don’t repay it, such as through charges or interest fees. It’s important to make all your payments on time, or,  if you’re struggling to repay your loan, contact your lender right away.

When can an unsecured loan help me?

The benefits of an unsecured loan are, primarily:

• No collateral is required to take out an unsecured personal loan – don’t risk your home, vehicle or valuables
• You do not need to provide a guarantor
• The application process is fast and straightforward, with funds deposited the same day* once all checks have been completed

Unsecured direct lender loans are a great solution to a temporary problem. If you have a short-term gap in your cash flow or an unexpected expense, you can supplement with an unsecured loan and pay it back on your next payday.

Things to consider before you apply

At Moneyboat, our extensive checks are designed to ensure all borrowers can reasonably pay back their loan on time. However, any borrowing comes with inherent risks, and it’s important to take them into account.

• Unsecured loans have higher interest rates than secured loans
• If you fall behind on payments on your unsecured loan, you could still be expected to pay additional fees or charges
• You can typically borrow less for an unsecured loan than you could for a secured loan
• Missed payments or defaulting on your unsecured loan can damage your credit score

Before applying for an unsecured loan, consider whether you really need the loan, and if you will be able to make the repayments comfortably. Some people may find it easier to borrow from friends or family if possible.

For more information, see our guide on what to know before you borrow online.

How to apply for an unsecured loan with Moneyboat

With our unsecured short-term loan, you can apply to borrow between £200 and £800 as a first-time customer, or up to £1,500 as an existing customer, as long as you’re eligible for the loan. Simply apply online and provide our team with your personal and income details, and they will process and assess your application.

Once we have carried out our affordability checks and an application has been approved, the funds are released to your bank account in 15 minutes*.

You can apply for an unsecured loan if your credit history is less than perfect, although approval for this type of loan might be more difficult. There are several different checks you have to pass before a responsible lender will approve your loan. However, you can still apply for a loan with bad credit with Moneyboat. We check every application on an individual basis to make sure that our product is right for you, and as long as you can reasonably afford the repayments on time, we will be happy to consider you.

Are you eligible for a Moneyboat unsecured loan?

In order to be eligible for a loan, you must meet all of 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, but does not include those on benefits, or those who have had a CCJ or declared bankruptcy in the last three years.
• You 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.

All responsible direct lenders have the same criteria that you need to meet, and we will consider every application equally. You can always speak with our friendly customer service team if you’re unsure whether you meet all of the requirements, or see our guide on how to prepare for a loan application.

Unsecured loans are a serious financial commitment; only ever borrow what you can afford to repay, and if you are having difficulty with repaying, speak to your lender immediately to work out an altered repayment plan.

Why is Moneyboat the best choice for unsecured direct lender loans?

• Trusted direct lender

We directly lend loans to our customers without involving any brokers or middlemen – this allows us to offer our customers total transparency with fewer delays. Learn more about direct lenders vs loan brokers.

• No guarantor or collateral needed

As we provide an affordable loan solution based on your financial requirements, you don't need a guarantor to apply for our loans.

• Transparent pricing and clear upfront costs 

No hidden fees or early-repayment penalties – with Moneyboat, we’ll clearly provide your interest and repayment obligations from the very start, so there are no nasty surprises.

• Supportive and non-judgemental customer service team

Our experienced team is accessible to help you with any questions you may have before, during and after the application process.

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.

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.

Resources to help you manage your budget

Learn more about conscientious lending with our handy guides and insights on the Moneyboat blog, where you’ll find money-saving tips and loan guidance to help keep your head above water.