At Moneyboat.co.uk we provide our customers with short term loans just like Wonga. Are you looking for a Wonga payday loan? Or perhaps you have heard of Wonga payday loans and are wondering what these products are all about? Let’s take a step back and look at payday loans in general with Moneyboat UK.
‘Just Wonga it,’ is a term that is generally used when someone is in need of money and needs to borrow some as long as he or she can pay it back.
Wonga.com and Moneyboat.co.uk are both authorised by the Financial Conduct Authority (FCA)
as fair-trading companies in the UK. Moneyboat payday loans are unsecured.
This means that you don’t need a guarantor to co-sign on your loan as in the case of other loan financing plans like student loans
How do you get a Payday Loan?
So with all of that being said, how do you get a payday loan?
The process is really simple. MoneyBoat, just like Wonga login site, requires you to offer your basic information and explain why you need the loan. The information you would have to give will include your full name, email address, residential status, date of birth, postal code, your monthly expenditure, employment details, payday details and the loan amount you would like to borrow.
Moneyboat allows you to borrow up to £800 with a flexible payback installment plan. You could be allowed to pay back in up to 6 instalments.
When giving over your information as most of the payday login sites require, make sure the site is safe and secure. By employing SSL encryptions
, these login sites are usually well protected from hackers. With Moneyboat you can rest assured that we have the highest level of security for our customers protection.
It only takes three to four minutes to fill out an online application form. This will be followed by a swift loan decision, and upon approval, the money is then deposited into your bank account.
Is Moneyboat.co.uk a Wonga payday loan Alternative?
Yes, indeed it is. Moneyboat is a direct Wonga loan alternative lender in the UK that is also authorised by the Financial Conduct Authority
. Moneyboat.co.uk is your ultimate partner to calm the storm when the tides come beating.
Now, let’s look at some of the terms offered by Moneyboat.co.uk which are similar to Wonga
• Both Wonga and Moneyboat offer unsecured loans. No guarantor is required.
• Both Wonga and Moneyboat are FCA authorized firms operating in the UK
• Wonga and Moneyboat are both trusted creditors who offer flexible short-term loans.
• You can log in to a Wonga login or Moneyboat login site from any device that has access to the internet.
• For approval, both Wonga and Moneyboat have to verify your income information by assessing your recent pay slips. This pay slips also provide information regarding your true identity.
• After approval, both Wonga and Moneyboat deposit the funds directly in your bank account and automatically collect repayment from the same bank account on loan due date.
• Wonga and Moneyboat don’t offer loans to students as they don’t have a regular income that would cover their loans.
• Wonga and Moneyboat use an automatic checking system when the borrower’s loans are due. They check money directly from their borrower’s bank accounts.
• Wonga and Moneyboat conduct affordability, employment and credit checks on all applicants.
What Makes Moneyboat Different from Wonga?
• Moneyboat’s interest rate is calculated at 939.5 % APR
• Moneyboat’s customer service team is exclusively located in the UK.
• Moneyboat won’t allow you to borrow another loan if you have an outstanding loan balance
• Moneyboat isn’t affiliated with any other companies or websites
What is the minimum requirement to apply for a Wonga payday loan?
Wonga login policies stipulate that every payday loan applicant must be:
• Over 18 years of age.
• An owner of a UK bank account
• Accessible at a work email or phone number
• UK resident
What are the minimum requirements of Wonga loan alternatives?
Moneyboat.co.uk stipulates its minimum requirements as follows:
• The borrower has to have a minimum net pay of £1,000 per month
• The applicant must be employed either full or part-time
• All applicants must be at least 18 years old to qualify
• You have to be a UK bank account or debit card holder
Why is it important to compare different loan providers before taking out a loan?
Please note that the two most important factors to consider before choosing a loan provider are:
1. The amount you would wish to borrow
2. The length of time you need to repay the loan amount
It is important to weigh all your options before making a financial decision. Taking a loan should come as a final alternative after carefully considering other sources of finance. It is recommended to go for a company that has favourable policies for borrowing and repayment if you urgently need a loan.
Wonga alternative companies offer shorter borrowing periods and lower borrowing minimums.
Pay attention to any restrictions which Wonga alternatives may offer. This could be in the form of being put through a more extended payment period than necessary.
Find out more about:
• Hidden fee charges
• Late fee payment charges
• Grace period offered for extending the deadline
Now, let’s look at the minimum and maximum loan amount offered by alternative lenders.
Moneyboat has quite a favorable policy of a minimum of £200 and a maximum loan amount of £800 for new customers. Frequent customers can borrow up to £1500. A dynamic payday loan company like Cashfloat offers a minimum loan amount of £200 and a maximum loan amount of around £500 for new customers. Existing customers can borrow up to a maximum of £1100.
Is it Possible To Get A Wonga Loan Alternative With Bad Credit?
Having a bad credit score
could happen to anyone as unforeseen circumstances may cause you to make a big withdrawal from your accounts. For example, if your car breaks down you may need to use a lot of money to repair it to get back on the road.
Other reasons for having bad credit may be due to:
• Vehicle or home repossession
• Having your debt forwarded to a debt collection agency
• Failure to repay a loan
• Late repayment of a loan
Many conventional lenders do not offer payday loans to people with bad credit. But don’t panic! Wonga alternative companies allow applicants to borrow money by having a unique alternate for bad credit loans. Other alternative lender’s offer payday loans for people with bad credit directly on their main site.
The lenders may set up strict requirements for the application which include:
• Being at least 18 years of age
• An email address linked to their work
• Having a residential address and work telephone number
• Having a regular income and work full or part time
• Proof of citizenship such as a utility bill
Bad credit loans are usually repaid in instalments over a long period of time rather than paying all at once. Approval is usually after the lender looks into a borrower’s situation and presents them with an offer. If the borrower accepts the offer after carefully reviewing the details, they will use an e-signature to agree to the lender’s terms. The borrowers bank account will receive funds via direct deposit.
Are Wonga alternative payday loans good for you?
A Wonga alternative loan could be what you are looking for, assuming that you can payback on time. A late loan repayment would lead to extra fee charges, and this could affect your credit score.
If you opt for a Wonga alternative company, be sure to check the customer reviews
on the site. Online reviews are a good way of telling if a company is performing as per the required standards. You will also hear other customers’ opinions on their experiences with the company. Moneyboat.co.uk is a good example of a Wonga alternative company that has registered a superb 4.7 stars rating in its review centre reviews. One Moneyboat customer described the services as, “a very fast and excellent service with cheaper interest than others.”
Do Wonga Alternatives provide a summary of borrowing?
Yes, just like Wonga, other payday loan companies provide a detailed summary of your borrowing to help you keep track of your finances. Moneyboat.co.uk ensures that all customers have access to a summary of borrowing. With this document you are able to receive a breakdown of the total borrowing cost.
The company ensures that the summary is updated continuously and made available in the following instances:
• If a borrower settles their loan with them.
• If three months have passed since a borrower made their last repayment to the company. This only applies if the borrower’s account remains open.
• If the borrower’s account in Moneyboat is closed due to default or forbearance.
Moneyboat presents their summary of borrowings via email and has a section in the login site where you could request a summary form.
How can I apply for a Wonga loan alternative?
Moneyboat provides easy steps to apply for a loan once you create an account with them and fill in your basic information, so follow these simple steps when applying for a loan.
1. Drag the sliders from left to right to choose the amount you want to borrow.
2. Choose how long you want your payback period to last.
3. The site will compute the total cost of your loan before you make the decision to apply.
Be sure to remember that the loan offer is for short-term use and you shouldn’t rely on the money to make a long-term financial decision.
A Run Down on the Charges
In the case of Moneyboat.co.uk, the extra charges include:
• 0.7% interest charge per day on the capital amount borrowed.
• £15 late payment fee that is refundable. It is payable if a borrower has an outstanding repayment that has exceeded three days from the initial due date.
• A court fee as per the court charges with no extra costs.
• An enforcement fee as per the court charges with no extra costs.
What happens if you miss a payment?
Just like Wonga login site, Moneyboat and other wonga alternatives have a strict policy for delayed payment. You need to contact them immediately and explain the reason for your financial difficulties. If not, Wonga would report the late payment to credit reference agencies
thereby affecting your credit rating. This means that you would have a hard time getting a loan in the future. Wonga alternative companies like Moneyboat will first try to contact you if miss a payment. If you offer no suitable plan to repay the loan, they will place your account in default, and they would take you to court in an effort to retrieve their money.
The Bottom Line?
Wonga alternative companies are making a consistent effort in improving their services in an effort to attract more customers. Payday loans can be an easy solution to a short-term problem with the help of a good loan service provider.