The One Stop Money Shop short-term loans review

The One Stop Money Shop specialises in short-term loans of £200 to £1,000 for customers with a poor credit rating. You can repay in weekly or monthly instalments in line with your payday over 6, 9 or 12 months.

The One Stop Money Shop will consider your application even if you have a County Court Judgement against your name. However, this lender’s other eligibility requirements for a loan are more stringent than those of many of its competitors. You must be aged over 30 and under 65, have lived in your current home for more than 4 years and have been in your current job for at least 3 years.

Based in Yorkshire, The One Stop Money Shop primarily focuses on local customers in the Wakefield area but you can apply online from anywhere. Once approved, you can expect the money in your bank account within an hour.

The One Stop Money Shop is authorised and regulated by the Financial Conduct Authority.

Key features of a loan from The One Stop Money Shop:

  • Borrow £200 to £1,000. The amount you can borrow will be determined by your credit rating and affordability.
  • Choose how you repay your loan. You can make your repayments weekly or monthly to fit around when you get paid.
  • Fast payment. Once approved, the money can be in your bank account within 60 minutes.
  • Fixed, high interest rates. With high interest rates charged daily, this is realistically an expensive way to borrow money.
  • Poor credit ratings considered. The One Stop Money Shop will consider your application if you have a poor credit rating, even if you have a CCJ against your name.
  • No fees. The One Stop Money Shop does not charge any set-up or late payment fees
  • Early repayment. You can repay your loan in full or in part at any time without being penalised. This is recommended if you can afford to do so as it will save you money in interest.

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 to support sustained borrowing over long periods and would be expensive as a means of longer term borrowing.

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 1333% 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.
£150 to £5,000
Representative Example: Borrow £350 for 6 months at a rate of 220% p.a. (fixed). Representative 651.4% APR and total payable £605.55 in 6 monthly payments of £100.93.
£100 to £1,000
Representative example: Borrow £400 for 6 months at a rate of 259.33% p.a. (fixed). Representative APR 947% and total payable: £750.78 in 6 monthly payments of £125.13.
£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.
£50 to £200
Representative example: Borrow £80 for 29 days at a rate of 292% p.a. (fixed). Representative APR 1281.8% and total payable: £98.56, in 1 payment of £98.56.

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

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

Short-term or “payday” loans offer a fast solution when you get into unexpected difficulties with your finances, but they are a very expensive method of borrowing. Therefore, you should only consider this option as a last resort. Short-term loans are unlikely to solve your money problems in the long term, and are not suitable for borrowing over longer periods, or for people with serious debt problems.

Before you apply for a short-term loan, make sure you have considered all other options carefully. Is the expenditure that you’re planning unavoidable? If you can defer a purchase then you could save yourself money in the long run. If you are struggling to pay a bill, then try talking 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 One Stop Money Shop work?

  1. Use the sliders on the homepage to select the amount you wish to borrow and how long for.
  2. Fill out the simple application form with your personal, financial and employment details.
  3. The One Stop Money Shop will perform a credit check on you. It will then provide you with a decision on a loan and the loan amount.

How do I pay back my loan?

Like most short-term loan providers, The One Stop Money Shop uses a Continuous Payment Authority (CPA) to collect the repayments from your bank account on your chosen dates.

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.

What are the eligibility requirements?

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

  • Be aged over 30 and under 65.
  • Have lived in your current address for at least 4 years.
  • Have been in your current job for at least 3 years.
  • Be in full-time employment.

Did you know?

In 2015 the Financial Conduct authority (FCA) capped interest and fees on all high-cost short-term credit loans at 0.8% per day.

It also capped all default charges at £15 and the total cost (interest, fees) of loans at 100% of the original sum. This means you’ll never have to pay more than double the amount borrowed.

Frequently asked questions

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*Disclaimer: The offers compared on this page are chosen from a range of products whose details Finder has access to track; they don't represent all the products available in the market. Unless indicated otherwise, products are displayed in no particular order or ranking. The terms "best", "top", "cheap" (and variations) are not product ratings and are subject to our terms of use. You should consider seeking independent financial advice and consider your personal financial circumstances when comparing products.

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