MoneyBoat Loans Review

MoneyBoat is a UK-based money-lending service that deals with short-term loans as well as payday loans. It is one of the short-term lenders that participate in the credit space.

Platforms like MoneyBoat play an important role in a space where there is a definite need. For example, one might be in an urgent need for cash and so money lending services such as MoneyBoat come in handy since they are quick and easy to access, unlike bank loans whose process might be a bit lengthier.

What does MoneyBoat have to offer?

MoneyBoat allows its clients to access loan amounts as little as £200 and the maximum loan amount that the lending platform offers is £1500. It also offers borrowers the flexibility of repaying their loans in multiple repayments, up to 6 months.  The platform is only available to users in its home market which means that it is only available to UK residents.  It also claims to provide transparent and straightforward service with no fees.

Regulatory oversight

MoneyBoat prides itself on a clean operation not only thanks to its commitment towards maintaining a good reputation so that it can attract more customers but also because it is regulated by the Financial Conduct Authority (FCA) which is a regulatory authority in the UK.

The process of securing a MoneyBoat loan

The process of acquiring a MoneyBoat loan starts by visiting the website and clicking on the Apply Now tab. The next step requires the user to provide their personal details including their names, email, phone number, residential status, and loan purpose. There is also a section where one can fill in the amount they wish to borrow and the number installments through which they wish to repay the borrowed amount.

There is also a segment where the applicant will be required to provide details of their monthly expenses such as food expenses, utility bills, number of dependants, loans including credit card obligations and rent or mortgage.

The next segment requires applicants to provide their employment details such as the type of employment, the company or business they work for, their job title, their net pay and the duration that they have been working there. Applicants are also required to provide Payday information for repayment collection purposes and more importantly, their bank details so that the money can be deposited if the loan request goes through. It takes about 15 minutes for one to receive money in their account if they meet the eligibility criteria.

Eligibility criteria for one to secure a MoneyBoat loan

The minimum age requirement for an applicant to secure a MoneyBoat loan is 18 years old. Only applicants who earn a monthly salary of £1,000 or more will be considered as eligible. The platform also requires the applicant to have a part-time or full-time job. A bank account and debit card are also requirements.

Summary

Note that short-term/payday loans provided by lending platforms such as MoneyBoat are easily accessible but they can be quite expensive. They are thus not ideal as regular loans.

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