The Money Shop Review | www.themoneyshop.com
Address: PO BOX 255, Bicester, Oxon, OX26 4ZY.
Branding: The Money Shop. AKA: TheMoneyShop.
FCA Licence: 681750.
From: Instant Cash Loans Ltd (part of DFC Global Corp).
Related: Payday Express, PaydayUK, TMS (Store).
Bad Credit The Money Shop Loans Available?: Yes.
Manage: Money Shop login provided via www.themoneyshop.com.
Offers: Instalment and personal loans.
Opening Hours: Monday to Friday (8am/7pm), Saturday (9am/4pm).
Secure (SSL): Yes.
Sums: £100 to £2000 (new and returning).
Sums: £2010 to £5000 (new and returning) (in-store).
Terms: 3 to 12 months | 1 to 3 years (in-store).
£110.97 /£300 (3) <0.411%>
£143.04 /£300 (6) <0.265%>
£807.56 /£1000 (12) <0.221%>
Notes: This product is available both online or through their 300 stores. First time users must get approved before 3pm for same day transfers (during business hours). It is stated that deposit times run 4am to Midnight, on the hour (everyday). We haven’t added the pricing above for their personal loan since there is no breakdown charge (just an APR of 84.9%). The starting sum for this is not stated, but it is likely a year.
– Amounts: TMS offers all customers up to £2000. The term for this amount would need to be between 5 and 12 months.
– Branches: Has held the title as the market leading high street payday loan chain for most of their history. Controlled around 550 retail stores at their peak. However, industry capping has forced many closures. There has been a cull of around 250 shops and so the current count as of late 2016 would sit close to 300. This is still an impressive tally, but they won’t be the dominant force that they were once were. Through retail they are very much a one-stop financial hub offering everything from cheque cashing to pawnbroking. They have recently expanded to offer prepaid cards (through Cashplus) and guarantor loans (through George Banco). As an update, personal loans were made available at 17 of their stores. This tally has since expanded to 51.
– Experience: Opened their first store in Nottingham in the year 1996. DFC Global (as Dollar Financial) later acquired them in 1999. They only started lending directly online in 2015. Web leads before this were passed on to Express/PDUK.
– Operations: As was noted above, deposit times run everyday. Since they close on Sundays you’d expect payouts on this day to only be available to users with an existing account. The added benefit of their store network is that you can receive cash in your hand. It is a shame that many stores have now been closed.
– Ownership: Has been under American control since 1999. DFC Global Corp is one of the leading payday loan groups worldwide. Money Mart is one of their flagship brands over in Canada. Most of their revenues however come from the UK through this featured company and PaydayUK.
– Pricing: £110.97 per £300 is one of the top deals available over a 3 month period. The single month has now been removed where they charged just £19.20. We don’t like to see terms taken away like this, but the good news was that they did extend from 6 up to 12 months.
– Profile: Certainly one of the most recognisable brands in the payday loan space. Has hugely benefited from their long-standing retail presence. This lender isn’t advertising as much as they previously have done (alike PaydayUK). You may recall their TV ad with the dog and the cashback deal.
– 2016 updates are as follows: Terms were 15 days to 6 months. Sums were £100 to £650 (new) or £1000 max (return). CSA membership has been removed and 20% first time user deals were available. However, the new prices now reflect these savings. Select locations now have an extended personal lending product. The 6 month charge has just been dropped (was £162.90 now £143.04).
– 240 stores closed in the opening months of 2015. At around the same time they adapted to offer online payouts.
– Partnered up with George Banco (guarantor lender).
– Pricing prior to the cap is unknown. Monthly interest would have been priced close to £29. There was an additional cashback bonus.
– Websites previously used included www.moneyshop.tv and www.moneyshoppaydayloans.co.uk. Through the current site, account logins are now in place.