How it works!

How it works

 

Your MobyLoan is a short term loan to help improve your finances until your next payday. It is repayable in full at your next payday. To apply for a loan you must be in full time employment. You can repay the loan before the agreed repayment date if you prefer.

Additional Information

  • Applying Applying

    Our state of the art automated website makes the process from applying for the loan to receiving the loan effortless. There is no paperwork to produce or call centres to talk to, just a short online application form and the loan decision is delivered to you at your desktop in minutes. Successful loans are paid out typically within minutes of approval. The cash is available to you to spend usually within a couple of hours depending on the time of day and which bank you are with.
  • Paying back your MobyLoan Pay your money back

    No hassle paying back your MobyLoan. On the agreed date we collect a single payment by direct debit or from your debit card.

     

     
  • Need extra time? Need extra time?

    If you can't repay the loan on the due date then don't worry. At MobyLoan we understand things go off track sometimes. Simply contact our friendly staff or log into your member's area and let us know that you won't be making your full repayment. We can adapt your loan repayments to suit you.

    We always recommend paying off the loan as soon as you can as MobyLoan's are intended to help you out in a hurry for a short time only. They are not designed to be long term loans. If you have any worries about being able to pay back the loan by the term date, then maybe a MobyLoan isn't for you. As responsible lenders we want to help you make the right decision the first time.
  • Failure to pay Failure to pay

    If you fail to honour your financial commitment to MobyLoan and have not given us prior warning as to why, we will regrettably have to add additional fees and default interest to the original amount due. These fees and charges will continue to be added till the debt is settled.

    Our advice to you is if you can see problems ahead with your MobyLoan repayment get in touch with us at the first opportunity to discuss your options. We will pass uncollected debts to professional debt collection agencies who may add additional fees. Failure to repay a MobyLoan will lead to a black mark against your name on your repayment record with us and potential legal action.

    A MobyLoan is to help you with financial emergencies. The application is fast and the money could be in your account within the hour depending on your bank. If you feel the repayment period of a payday loan is too short to meet your financial circumstances then you should consider an instalment loan, where the APR is lower and the term (length) of the loan is over a longer period of time.
  • Loyalty Club Loyalty Club

    If you pay your first MobyLoan back in good order and this earns you membership of the MobyLoan loyalty club. The next time you want to borrow we can offer you more up to a maximum of £750, and you gain access to preferential rates and other membership benefits. The more MobyLoans you take out and repay on time the more benefits you gain access to.

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