The Money Shop short term loans review

If you’re in a financially tough spot, you might be looking to get a loan from a high street lender like The Money Shop. So how does The Money Shop stack up against the competition?

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The Money Shop

The Money Shop is a direct lender 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 over 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.

Key features of The Money Shop short term loans

Product NameThe Money Shop Short Term Loan
Available Amounts£50 to £5,000
Representative APR79%
New customer maximum£2,000
Loan terms3 months to 36 months
Maximum APR1,294%
Soft search eligibility checkcross
Repayment period optionsMonthly
Default repayment methodContinuous payment authority
Repay early at any pointtick
Parent companyInstant Cash Loans Limited
FCA registration number681750

How does a loan from The Money Shop work?

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:

  1. Provide your debit card and the other necessary identity documents described above to one of the customer advisers.
  2. The adviser runs a quick credit check and an affordability assessment.
  3. If you’re approved, the adviser gives you up to 6 different instalment plan options, detailing how much you would ultimately end up paying back for each.
  4. If you’re happy with a deal, sign the loan agreement, and you’ll be given the cash there and then.
  5. Repayments to The Money Shop are automatically taken from your bank account through a continuous payment authority (CPA). This happens on the agreed date of payment.

What is a continuous payment authority (CPA)?

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 use a CPA to collect your repayments, although you can cancel this at any point by either consulting with your bank or provider.

Am I eligible for a loan from The Money Shop?

You should only apply for a loan from The Money Shop if you can meet the repayment terms. You must also:

ResidencyUK resident
Minimum age18
Min. income£417 after tax per month
Additional eligibility notesYou 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:

  • Photo ID
  • Your debit card
  • Proof of income dated within 30 days
  • Proof of address dated from within the last 3 months

Early repayment options

Repay early at any pointtick
Repaying early can reduce overall interesttick
Interest is only applied to days where funds are outstandingtick

Customer support information

You can drop The Money Shop’s customer service team an email at customerservice@themoneyshop.com with any queries you may have.

Customer reviews

The Money Shop has a “Great” rating of 4.1 out of 5 on review platform Trustpilot, based on over 2,900 reviews (updated February 2024). Some customers reported problems with the customer service team.

Is high-cost, short-term borrowing a good idea?

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, 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.

Frequently asked questions

We compare payday/short term loans from

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We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.

Written by

Chris Lilly

Chris Lilly is Head of publishing at finder.com. He's a specialist in personal finance, from day-to-day banking to investing to borrowing, and is passionate about helping UK consumers make informed decisions about their money. In his spare time Chris likes forcing his kids to exercise more. See full profile

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