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 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.

Key features of The Money Shop short-term loans

  • Applications in-store only. You can’t apply online or over the phone, but you can use The Money Shop’s site to find which of its 200+ stores is closest to you.
  • Borrow £50-£2,000. Work out how much you’ll need and how much you can afford to pay back each month.
  • Repay over 1-6 months. Spreading the repayment of your loan will make for smaller, more manageable monthly instalments, but will ultimately cost much more in interest.
  • 30- to 45-minute application. The whole process of passing identity and credit checks and signing the paperwork should take around 30-45 minutes with an in-store advisor.
  • High daily interest charges. Interest is charged daily, but under FCA rules there is a 0.8% cap on daily interest charges. This means short-term lenders can’t charge you more than 80p per £100 for each day you owe money.
  • Early repayments. You can settle the debt in part or in full at any time without being penalised, and save yourself some money in interest by doing so.
  • Family-friendly stores. Some refurbished branches even offer children’s play areas.
  • No penalty fees. The Money Shop does not charge an arrangement fee, and there are no late or early repayment fees.

warning icon Warning: late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk.

warning icon 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.

Are there alternatives?

Table: promoted deals, sorted by total payable

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.

How much money do you need to borrow?


How long do you need to borrow over?


Name Product Available Amounts Monthly repayment Total payable
£50 to £800
Representative example: Borrow £200 for 6 months at a rate of 292% p.a. (fixed). Representative 1,333% APR and total payable £386.61 in 6 monthly payments of £64.44.
£300 to £800
Representative example: Borrow £400 for 4 months at a rate of 255.5% p.a. (fixed). Representative APR 939.5% and total payable: £597.48 in 4 payments of £149.37.
£100 to £1,000
Representative example: Borrow £400 for 6 months at a rate of 229.95% p.a. (fixed). Representative APR 720% and total payable: £707.01 in 6 monthly payments of £117.83.
£50 to £1,000
Representative example: Borrow £250 for 74 days at a rate of 292% p.a. (fixed). Representative APR 1300.5% and total payable: £398.00, in 1 payment of £74.00 and 1 payment of £324.00.
£300 to £1,000
Representative example: Borrow £500 for 5 months at a rate of 292% p.a. (fixed). Representative APR 1,297% and total payable: £867.05 in 5 instalments of £173.41.
£100 to £1,000
Representative example: Borrow £480 for 9 months at a rate of 133.1% p.a. (fixed). Representative 535% APR and total payable £959.04 in 9 monthly payments of £106.56.
£100 to £2,500
Borrow £100 for 8 months at a rate of 204% p.a. (fixed). Representative APR 567% and total payable £199.33 in 8 monthly payments of £19.93. You can repay this loan early.
£250 to £1,000
Representative example: Borrow £500 for 6 weeks at a rate of 255.5% p.a. Representative APR 839.20% and total payable: £647 in 1 payment.

Compare up to 4 providers

Important information: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.

We compare payday/short-term loans from

Lending Stream Instalment Loan
Moneyboat Short Term Loan
Peachy Loan
QuickQuid Short Term Loan
QuidMarket Short Term Loan
Satsuma Short Term Loan
Sunny Loan
The Money Platform Short Term Loan

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:

  • Be over 18 years old and a UK resident
  • Be in employment, receiving a pension or disability or living allowance
  • Receive more than £417 after tax, per month
  • 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

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 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.

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 will run a quick credit check and an affordability assessment.
  3. If you’re approved, the adviser will give you up to six 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 will be automatically taken from your bank account through a continuous payment authority (CPA). This will happen 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 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.

Frequently asked questions

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We exist to help you find better. The offers we've compared on this page are from a range of products whose details we can track; we don't cover every product on the market...yet. Unless we've indicated otherwise, products are shown in no particular order or ranking. The terms "best", "top", "cheap" (and variations of these) aren't product ratings, although 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, it's wise to consider getting independent financial advice. Always consider your own financial circumstances when you compare products so you get what's right for you.

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