Our marketing terminology explained

We want to help our customers to meet emergency costs as quickly as possible, and work with a payment partner to allow us to release funds to approved customers every 15 minutes.

We often use the term ‘15-minute funding’ to reflect this and to promote this useful feature to borrowers.

‘15-minute funding’ means that funds can be deposited into customers’ bank accounts within 15 minutes once all checks have been completed. This doesn’t mean that funds will be available within 15 minutes from the start of the application, or within 15 minutes of signing your loan agreement. There are a number of checks that must be completed first and provided there are no concerns identified by these checks, funds will then be released. We’ll let you know when all required checks have been completed and provided there are no further issues, you should receive funds into your bank account within 15 minutes of final approval.

We are authorised and regulated by the Financial Conduct Authority (or ‘FCA’ for short). This means that we are listed on the FCA’s Financial Services Register, and our register number is 674154. Just so you know, Moneyboat is a trading name of Evergreen Finance London Limited, which is the name you’ll see on the Financial Services Register. You can find out more about the FCA on their website.

Firms that are registered with the FCA must agree to follow a strict set of rules which are laid out in the ‘FCA Handbook’. In the UK, payday loan providers (which are sometimes called ‘high-cost, short-term credit providers) are regulated by the FCA. Before you obtain a loan or other financial service from any provider, you should always make sure that they hold the appropriate permissions on the FCA register, and if you’re in doubt, you can contact the FCA. We know that it can sometimes be tempting to obtain funds from organisations that promise to get you funds very quickly or at very low rates, but if they aren’t registered with the FCA, these providers can often be ‘too good to be true’ and in some cases, can also be dangerous.

Our daily interest rate is 0.79%, which is below the FCA’s cap of 0.8% per day for the high-cost, short-term (or ‘payday’) loan industry. If you want to find out more about how our interest compares, you can visit www.allthelenders.org.

The daily and yearly fixed interest rate

Because payday loans are designed to be used in emergency situations over shorter periods of time, the daily rate can sometimes be a better way to assess what the cost of a loan is likely to be. However, it’s important to fully investigate and understand the costs before you apply for any product, whether it’s with Moneyboat or anyone else. If a lender provides the yearly interest rate (often quoted as being "per annum" or "p.a."), you can work out what the daily interest rate is by dividing the number by 365.

Understanding the representative APR

The APR is a rate used to show how much a loan would cost you if it was taken out on an annual basis. It includes all fees and additional charges and is designed to make it easier to compare the cost of borrowing between different lenders.

When loan providers give their APR, they’ll often also provide a representative example, which shows how much it would cost to borrow a specific amount of money, over a certain period of time. This amount is based on what an "average" customer would have to pay for a specific loan amount, but it's still only an example, so you should always check the exact cost of your loan in the loan agreement that your lender provides to you.