Applying for a payday loan online with Moneyboat couldn’t be more straightforward. Our UK-based team processes loan applications during weekday hours and assesses your request against our responsible lending criteria. Just fill in our online loans application form and leave the rest to us. Our team will send you a loan agreement via email following a comprehensive credit check and approval. Once you’ve agreed to our lending terms and the loan has been processed, the funds will be deposited directly into your bank account, often within minutes.
Will I be accepted for a Moneyboat payday loan?
We pride ourselves on our responsible credit practices and lending guidelines and therefore we cannot guarantee that your application will be approved if you have a bad credit record, for example. Each request is assessed by an automated system to determine whether applicants will be able to meet the repayments over the proposed loan term, helping us reach the right decision quickly. It’s worth remembering that becoming clear of existing debt and making repayments on time is a positive way to attempt to repair bad credit ratings.
Credit lending criteria
As an FCA authorised lender, we ensure we lend responsibly from start to finish. To avoid disappointment, take a look at our minimum lending requirements before beginning your online loan application:
How do our payday loan repayments work?
New customers can borrow from ?200 to ?800. Loans are repayable over a minimum term of two instalments (could be weekly or monthly, depending on the date of the borrower’s payday) and a maximum of six months. This means that if you take out one of our loans, you don’t have to repay the entire balance of your loan on your next payday. The minimum duration for the first instalment is five days. Existing customers can borrow up to ?1500, subject to passing our credit and affordability checks. We do not require full repayment of our loans in 60 days, but customers may pay back their loans early with no penalties or fees.
Repay your credit balance at any time
You can repay your loan early at any time with no extra fee or penalty. Paying your loan off early allows you to clear the debt and save the amount you would have had to pay in interest, which may make your month-to-month finances easier to manage.
Things to consider before applying for loans
Before applying for a payday loan online, it is important to read reviews, check the credit term and compare the different credit options available to ensure you’re selecting the right product for you. Payday loans aren’t the cheapest credit options available, but they are helpful when you’re in an emergency cash situation and need installmentloansgroup.com/payday-loans-oh/ funds quickly. They can offer affordable access to cash, providing you stick to the credit terms and clear the debt within the pre-arranged timescale.
When you need fast cash and have a bad credit history, short-term loans may be an attractive option. However, it’s vital that you consider all credit options and loan products available to you, including monthly and weekly instalment loans, overdrafts or personal loans before applying for payday loans, as they may be cheaper.
A sensible borrower comparing direct lenders reviews the APR charges on each lender’s short-term loans. APR, or Annual Percentage Rate, is the cost of the loan over 12 months, including all interest and any money you will be expected to pay in fees. Looking for the APR can help you compare the expenses involved in taking out a short-term loan, offering an easy way to review different direct lenders.