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.
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.
How do The One Stop Money Shop loans compare against other lenders’?
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What's in this review?
- How do The One Stop Money Shop loans compare against other lenders'?
- Key features of a loan from The One Stop Money Shop
- How does a loan from The One Stop Money Shop work?
- How do I pay back my loan?
- What are the eligibility requirements?
- Early repayment options
- Is high-cost, short-term borrowing a good idea?
- Frequently asked questions
Key features of a loan from The One Stop Money Shop
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.
|Product Name||The One Stop Money Shop Short Term Loan|
|Available Amounts||£300 to £1,000|
|New customer maximum||£1,000|
|Loan terms||6 months to 12 months|
|Soft search eligibility check|
|Instant decision in most cases|
|Funding speed||The One Stop Money Shop says that once approved, the money can be in your bank account within 60 minutes.|
|Default repayment method||Direct debit or continuous payment authority|
|Repay early at any point|
|FCA registration number||713424|
How does a loan from The One Stop Money Shop work?
- Use the sliders on the homepage to select the amount you wish to borrow and how long for.
- Fill out the simple application form with your personal, financial and employment details.
- 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:
|Applicant with CCJs||The One Stop Money Shop will consider your application even if you have a CCJ against your name.|
|Additional eligibility notes||You must be aged over 30 and under 65.|
You must have been at your current address for at least 4 years.
You must have been in your current job for at least 3 years.
You must 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.
Early repayment options
|Repay early at any point|
|Repaying early can reduce overall interest|
|Phone number||01924 377771|
Is high-cost, short-term borrowing a good idea?
Short-term or “payday” loans from lenders like The One Stop Money Shop 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.
Frequently asked questions