24/7 Moneybox Loans Review

24/7 Moneybox is a finance company based in London and offers loans to borrowers depending on the amount needed and a flexible payment plan that is suitable for all. They offer these services online which means that their services are available to all anytime any day as long as you meet the requirements they have in place. They, however, halted all lending activities as per 29 November 2019 but customers with outstanding loans are required to continue making payments as usual. These services were quite beneficial to those with urgent needs and need quick payday loans to meet these needs.

Application requirements

24/7 Moneybox strictly adheres to their requirements. The following are the application requirements for anyone who was looking to secure a loan from them.

  • Be 18 years of age and above.
  • Be a resident of the UK
  • Employed with a steady and reliable income source
  • Have a UK bank account linked to a debit card. Prepaid cards are not accepted.

Application process

Applying for a loan with 24/7 Moneybox is done online from their website. You need to create an account with them and provide all the required information correctly. They have an online tool that allows you to estimate the cost of your loan before you begin your online application by providing your personal information. The next thing is to fill in your work detail including employment history and then select the loan that you want.

At this point, the fate of the loan is dependent on the lender as they check the application to decline or approve.

Loan amount offered and the charges involved

24/7 Moneybox offer loans of up to £800. First-time borrowers have a very low beginner amount based on the type of job you have and the amount that you earn from it. You can borrow between the range of £10 to £400 with an increment of £10 with every successful payment you make. As you grow your trust with 24/7 Moneybox by making payment on time, they can expand your range to between £80 and £800 which is the largest amount that you can borrow.

There are two processing options available, Fast process and the Standard process. The Standard process is free of charge but the Fast process attracts a service cost of £20 which as the name suggests, is for those who would like an approval for the loan as soonest possible depending on the need. There is also an interest rate of 1.3 percent for both the Standard process and the Fast process.

Loan processing

Upon application, via the standard process, 24/7 Moneybox sends your funding details to their bank or the payment provider either in the afternoon or the evening of the day they approve your application having confirmed that you have met all the necessary above-mentioned requirements. Patience is a virtue you will need to develop as the standard process can take up to three business days.

Those who apply using the Fast process get the loan within one hour upon loan approval.

Loan repayment

The loan repayment deadlines are very clear and failure to beat these deadlines attracts a fine or extra charge. When you fail to repay the loan before or on the due date, at 5 pm of that day, a failed collection fee of £30 is charged. In addition to this, the interest will keep on accruing each day for 60 days from the due date of payment till the day you make the payment.

This goes without saying that making payment on time will save you a lot of money on collection fees and interest amounts that build up. If you surpass all these timelines, you pay an equivalent of 25 percent of the remaining balance for the debt collection agency contracted.

If you wish to challenge an investigation charge from 24/7 Moneybox, you will have to part with an extra £30 once they get this notification from your bank.

Frequently Asked Questions

 When filling in your details online, you are required to provide 24/7 Moneybox with your contact information i.e. phone number, email address, and your home address. Once you make the application, representatives from 24/7 Moneybox will contact you either via a call, SMS, or via email informing you of your loan application status.

 If you need further assistance, if you are dissatisfied with their services, you should contact them via 020 7183 8078 which is their direct line or send an email to [email protected]/7 Moneybox.com.

Once you login to their website to make an application, you are required to provide information on your employment history, your address, your bank account information, financial status, and monthly expenses. The contact information is captured when you are signing in to their website or creating an account with them.

Upon application, 24/7 Moneybox will verify the information you have provided and establish if you are eligible for a loan. If the application is approved, you will receive the money in one hour or three business days depending on the application process you chose.

If your application is declined, you can try making another application anytime but this is not bound to change if the circumstances do not change. These circumstances may include;

  • Your credit scores
  • Employment history
  • If you use a prepaid card instead of a debit card
  • The bank you use
  • The country you live
  • Financial status from the bank information provided.