The Money Shop is a direct lender which is authorised and regulated by the Financial Conduct Authority (FCA). It offers a range of financial services in-store for people looking to get cash fast – from pawnbroking and cash for gold, to short-term loans. With over 200 stores nationwide, it has operated on UK high streets for more than 18 years.
Warning: Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk.
Please note: High-cost short-term credit is unsuitable for sustained borrowing over long periods and would be expensive as a means of longer-term borrowing.
As well as considering other financial products, such as credit builder credit cards, you’ll want to compare lenders to make sure you’re getting a competitive deal. If you’ve had a quote on a loan from The Money Shop, you can use the table below to get an idea of how much the same loan would cost you with a range of popular short-term lenders.
| Product Name | The Money Shop Short Term Loan |
|---|---|
| Available Amounts | £50 to £5,000 |
| New customer maximum | £2,000 |
| Loan terms | 3 months to 36 months |
| Maximum APR | 1,294% |
| Soft search eligibility check | |
| Repayment period options | Monthly |
| Default repayment method | Continuous payment authority |
| Repay early at any point | |
| Parent company | Instant Cash Loans Limited |
| FCA registration number | 681750 |
If you’ve decided to apply for a loan with The Money Shop, you’ll have to visit one of its high street stores, where you’ll run through the following process with an adviser:
A CPA is a recurring payment in which you give a company permission to withdraw money from your account on a regular basis.
CPA differs from direct debit because it gives the company being paid the ability to withdraw money from your account whenever it wants, and to take payments of different amounts without consulting you. Most payday loan companies will use a CPA to collect your repayments, although you can cancel this at any point by either consulting with your provider or your bank.
You should only apply for a loan from The Money Shop if you can meet the repayment terms. You must also:
| Residency | UK resident |
|---|---|
| Minimum age | 18 |
| Min. income | £417 after tax per month |
| Additional eligibility notes | You must be in employment, receiving a pension or disability benefit/living allowance. You must Hold a bank account with a valid debit card. |
You’ll also need to bring the following to the store when you apply for a loan:
| Repay early at any point | |
|---|---|
| Repaying early can reduce overall interest | |
| Interest is only applied to days where funds are outstanding |
Payday loans and high-cost, short-term credit are a very expensive method of borrowing and should only be considered as a last resort. They won’t solve your money problems long term, and are not a good idea for borrowing over longer periods, or for sustained borrowing.
Before you apply for a payday or short-term loan, make sure you’ve considered other options. Is the expenditure that you’re planning absolutely essential? If you can defer a purchase then you could save yourself money in the long run. If you’re struggling to pay a bill, then why not talk to your electricity, gas, phone or water provider to see if you can work out a payment plan? Read more about alternatives to payday loans at moneyadviceservice.org.uk.
Now in their third year, these awards recognise the credit, loans, mortgage and BNPL providers displaying the best innovations in their field.
The winners of the Finder Lending Innovation Awards 2023 have been announced, find out who won across seven categories here.
Find out the winners and highly commended brands in the Finder Lending Innovation Awards 2023. The best lending innovation in the UK!
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