247 Moneybox was a payday lender that offered short-term loans to UK borrowers. It was placed into administration in November 2019 after being hit by mis-selling claims.
The loans offered by 247 Moneybox typically had APRs of between 12.9% and 1625.5%. This means that borrowers could end up paying back much more than they borrowed, especially if they were unable to repay the loan on time.
Review
The loans offered by 247 Moneybox typically had APRs of between 12.9% and 1625.5%. This means that borrowers could end up paying back much more than they borrowed, especially if they were unable to repay the loan on time.
The company was founded in 2009 and was based in Eccles, England. It was acquired by Moneybox in 2018.
247 Moneybox was not a well-regarded company. It had a poor reputation for customer service and its loans were often seen as being predatory.
The company was also criticized for its high APRs. The Financial Conduct Authority (FCA) has said that APRs of over 100% should be considered “very high” and should only be used as a last resort.
Redress Update
In April 2022, it was announced that affected borrowers would receive a redress payment of 9.35p per £1 of interest, fees, and charges paid on their mis-sold loans (plus 8% statutory interest). The redress payments began to be made in April 2022.
If you took out a loan from 247 Moneybox and believe that you were mis-sold the loan, you can still claim redress. You can do this by contacting the Financial Conduct Authority (FCA).
As of today, 247 Moneybox is no longer operating. The loan book has been sold to Lantern Debt Recovery Services Limited. If you have a loan from 247 Moneybox, you should continue to repay the loan as agreed. The repayment details will not change.
247 moneybox Alternatives
Here are some alternatives to 247 Moneybox:
- Loan247 is a short-term loan provider that offers loans of up to £1,000. The APR is typically around 49.9%.
- Cashfloat is another short-term loan provider that offers loans of up to £1,500. The APR is typically around 49.9%.
- The Money Shop is a high-street lender that offers loans of up to £5,000. The APR is typically around 49.9%.
247 moneybox Login
You cannot log into 247 Moneybox because it is no longer operating. The payday lender was placed into administration in November 2019 and the loan book has been sold to Lantern Debt Recovery Services Limited.
If you have a loan from 247 Moneybox, you should continue to repay the loan as agreed. The repayment details will not change. You can contact Lantern Debt Recovery Services Limited for more information.
Customer Service
The payday lender 247 Moneybox is no longer operating. The loan book has been sold to Lantern Debt Recovery Services Limited. You can contact Lantern Debt Recovery Services Limited for customer service at 0800 030 1212
