Moneyboat is a direct lender offering short-term payday loans, with most users able to access at least £200 when approved.
Unlike brokers, direct lending platforms are known for their quick decisions and fast payouts, making them good options when needing short-term loans.
They offer flexibility, with most of them charging daily interest. This means that you will save a lot when you repay within a few days.
Moneyboat
Max. Amount
£1,500
Credit Check
Yes
Type
Loan
Tip: It allows you to borrow between £200 and £800 as a first-time user, with existing accounts able to access up to £1,500.
Moneyboat is popular for its payday loans, allowing you to borrow funds that can be repaid in 2 to 6 months.
Operating through its website, you can submit an application with a good chance of approval if your monthly earnings are at least £1,000 and you have a verifiable source of income.
Moneyboat conducts a credit inquiry as part of its eligibility process, and this can have a temporary impact on your credit score, as it will be visible to other lenders who may be reviewing your profile.
Its loans target users with active employment, and depending on the result of its check, you can be offered between £200 and £800 if it is your first on the platform.
For existing users with good histories of repayments, Moneyboat has up to £1,500 that can be borrowed for short-term use.
It works similarly to Drafty in terms of interest but has higher per-day charges. Its rate is at 0.79%, meaning that you will have to pay an estimate of 23.7% if taken for just a month.
How Moneyboat Works
Moneyboat is a direct lender. You can start the process by visiting its website and clicking the ‘Apply now’ button, which will take you to the data collection form.
You are required to provide your personal and employment information through which the platform will conduct an inquiry to determine your eligibility.
Depending on how healthy your records are, you may be approved. If you are eligible, Moneyboat will send you an agreement covering the terms.
The platform will make payment directly to your bank account specified during the application stage once you have signed and agreed with its terms.
Requirements for Moneyboat Loans
To qualify for a payday cash loan with Moneyboat, you must meet the following criteria:
- You must be at least 18 years old
- You need to have a regular job and provide proof of employment
- A consistent income, with proof, is required to ensure you can repay the loan responsibly
- You must have a valid address in the UK
- A current UK bank account is needed for depositing the loan and making repayments. Bank account details are only requested after your application is approved and terms are agreed upon
You will also be asked about your monthly expenses to confirm your financial ability to repay the loan without causing undue financial strain.
Features of the Moneyboat Payday Loan
Below are some of the features to know before using the Moneyboat service:
Up to £1,500 in Loans
The platform offers up to £1,500 in loanable funds, but you will need to be an existing user to access that much.
As a new user, Moneyboat has a limit of £800, but there is a minimum of £200 that applies to all approved applications.
Credit Check
Moneyboat will conduct a financial inquiry to understand if you are eligible for its loan.
Unlike those offered by some of the buy now, pay later services and other credit providers, it uses a hard inquiry.
This kind of check will be visible to other lenders. Hence, it will impact your credit score temporarily.
Direct Payment to Bank Account
Moneyboat operates as a direct lender and does not maintain a wallet. Hence, your approved loan will be paid to your preferred bank account.
The details are collected at the point of application, and since it is not a credit line provider or a pay-in-3 option, it will send approved funds to you.
This means that you will need to complete repayments to be eligible for a new payday loan, and every time you require funding, an application is required.
2 – 6 Months Duration
With Moneyboat, you can choose a loan duration between 2 and 6 months. This flexibility allows you to tailor the repayment period to suit your financial situation.
Whether you prefer to pay off the loan quickly or spread the payments over several months, you can select an option that works best for you.
Each installment will include the amount borrowed and the interest, giving you a clear and straightforward repayment plan.
Interest Rate
The platform applies an interest rate of 0.79% per day to your loan. This daily rate means that the cost of borrowing is calculated based on the outstanding balance each day.
It is important to consider this when deciding how long to take to repay your loan, as a shorter repayment period can help reduce the overall cost of borrowing.
Late Fees
If you miss a repayment with Moneyboat, a late fee of £15 will be applied.
This fee is charged in addition to the daily interest, so it is important to ensure that payments are made on time to avoid additional costs.
Keeping up with your repayment schedule will help you manage your loan effectively and minimize extra charges.
A Direct Lender
It is a direct lender, which means you borrow directly from them without involving any third-party brokers.
This ensures a straightforward process with clear communication and no additional fees that brokers might charge.
Working directly with the lender gives you greater transparency and control over your loan application and repayments.
Legit with FCA Approval
Moneyboat is a legitimate and trustworthy lender, authorized and regulated by the Financial Conduct Authority (FCA) as Evergreen Finance London Limited with reference number 674154.
This regulation ensures that the company adheres to strict standards, prioritizing transparency, fairness, and responsible lending.
Choosing an FCA-approved lender like Moneyboat gives you the confidence that your borrowing experience is secure and compliant with UK financial regulations.
With features like a daily interest rate, manageable repayment options, and no hidden fees, Moneyboat is designed to help you access funds when you need them while maintaining control over your finances.
However, it is important to note that late payments can result in additional fees and may negatively impact your credit score, so staying on top of your repayment schedule is essential.
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