The Money Shop Loans Venture Online with 20% Discount
The Money Shop loans can now be received directly online. The retail giant previously redirected online leads to Payday Express and PaydayUK who are each part of the same group (DFC Global). The significance of this development surrounds the retail dominance that TMS held since they opened up their first store in 1996. A specialised instalment product is now provided between 15 days and 6 months (the shorter term depends on your next pay date). New customers benefit from a 20% discount that is not available through their sister-companies. Once funded the loan can be managed at www.themoneyshop.com. This is the first time that they have offered logins (they have owned a few sites).
It was a surprise to learn of this recent development. In early 2015 it did look like a potential closure was on the cards. The cracks were beginning to show as soon as the FCA cap came into play. When summer arrived, they had closed 240 of their 550 shops leaving many workers out of a job. They now just have 300 outlets and more closures are likely to occur. This is not the only DFC brand to take on significant changes. Both Payday Express and PaydayUK have changed considerably since capping. These firms offered monthly-only loans since back in 2003, but they too have headed down the instalment route. Pricing is now matched there.
The advantage of choosing The Money Shop loans over them is the noted 20% saving. New users can access a £100 30 day loan for £19.20 here rather than paying £24 that is charged by most monthly lenders today as a result of the cap. On visiting www.themoneyshop.com you’ll now see a guarantor loan dedicated page. For this product, they refer applicants on to George Banco. You will see that they now also promote pre-paid cards (from Cashplus). As always, they’ll continue to offer cheque cashing, pawnbroking etc through their shrinking store network. It just remains to be seen now whether a major TV ad push will follow alike PaydayUK’s Mayday campaign.
Update: Since this submission was posted, TMS has made changes to their service. No such monthly term is now available with the new range spanning 3 to 12 months. Check out their profile for more info.