247 Moneybox

Who are 247 Moneybox?

247 Moneybox is the trading name of Active Securities Ltd. They operate the same way as all the other Payday Loan sites do. In other words, quick, low-value, short-term, high-cost loans to any UK resident aged over eighteen with a job, a bank account and a reasonable credit record. Plus stiff penalties for late repayments…

247 Moneybox have been in this sector of the UK lending market since 2006, which is fair period given the economic ups and downs.

The 247 Moneybox Difference

The declared discriminators are easy to understand. 247 Moneybox aims to provide the most convenient and most straightforward service with no exceptions. All hardworking men and women in the UK are welcome in a shake-up of the UK consumer credit market some say it needs. They also reward repeat business by allowing you to borrow more money (the maximum initial loan is £200).

247 Moneybox’s website lists an impressive list of certifications, including the Office of Fair Trading, the Information Commissioner, Companies House and the British Cheque and Credit Association. But why do business with them when there are so many lookalikes around?

For a start, 247 Moneybox promise that “bank managers, rubber pot plants, tasteless coffee, endless hold music are all refreshingly absent” when you do business with them. That’s a good start but what happens next? A few quick clicks could be all that stands between you and quick approval. Sounds like a good start, given that they also promise friendly call-centre support!

247 Moneybox - The Flip Side

The only thing we think is not wholly relevant in their list of accreditations is the British Cheque and Credit Association – they are actually just a trade association for businesses providing unsecured short term loans, such as payday loans, and/or third party cheque cashing services. They are not a required body (unlike the OFT) for lending.  Tumblr asks “whose interests do you think this company …has at heart?” We don’t believe this comment is quite fair.

The Consumer Action Group has the usual gripes from consumers who’ve had the odd bump and grind with 247 Moneybox. The normal complaints are all there from people who like borrowing easy money, but don’t seem to understand that interest rates continue to apply until they pay it back. Our only criticism is that the link to what if I have problems paying is at the bottom of the how it works page.

News Flash

It’s always good to shop around. The new guys on the block call themselves The Lending Well. Why not compare them with the others first? Their service is good, and their terms and conditions are among the best. Why pay more for money on a Payday Loan than you have to? They’re also new enough to be happy even if you just call to find out more – but hurry, they’re getting busier every day!