Loan reviews for The Money Shop suggest that most experiences are positive. But, not all reviews are perfect. We can’t always rule out The Money Shop Complaints that crop up on our radar. Alongside the many positive experiences.
Even the best and most responsible lenders may not hit the mark every time.
Sometimes, consumers are unhappy with a service simply because of their personal situation.
Whatever the reason, it is important that lenders manage their complaints efficiently.
The Money Shop complaints are no exception. The lender has a responsibility to check the validity of each.
How The Money Shop complaints are made
Some customers will complain directly to The Money Shop. The website lists several ways to contact the lender with complaints.
This should always be the first course of action.
Some borrowers also complain on TrustPilot. Which is the lender’s independent review service of choice.
Customer service representatives make an effort to respond to every review. Whether positive or negative, within 24 hours.
Complaining to the Financial Ombudsman
When you make a complaint, the lender has up to 8 weeks to provide you with a response.
If this does not happen, or if the response is not satisfactory, then you can complain to the Financial Ombudsman.
The Financial Ombudsman offers an independent service. It deals with complaints about short-term loans and other financial products.
Types of complaints about The Money Shop
Most reviews of instalment loans from The Money Shop include a 4 or 5-star rating.
Many of the 1-star reviews suggest that there are problems with loans being approved, but later declined. These negative experiences are a result of final affordability checks.
This situation is not ideal for anyone in need of a loan in an emergency. But, it does suggest that The Money Shop is acting as a responsible lender.
The Financial Conduct Authority requires all lenders to make sure that their loans are affordable. Repayments should be manageable. Lenders should check a consumer’s income, expenditure and credit score. That is before approving any loan application.
Other complaints are typically about the length of time that an application takes.
Though lenders have no obligation to provide a same-day loan, many do try to offer this service.
The Money Shop’s website states that applications must be complete by 3 pm for same day transfers. However, the loan reviews suggest that this does not always happen.
Complaints are not unique to The Money Shop. Every lender will have some unhappy customers.
One of The Money Shop’s main competitors is MYJAR.
On TrustPilot, MYJAR complaints cover the same issues. Many mentions delayed payments and declined applications.
The Money Shop refunds and compensation
Whilst consumers are not always happy, few have serious complaints.
Most negative experiences are about declined loans or slow payments. These are not legal or regulatory issues.
The Money Shop is a responsible authorized financial service. It is registered with the Financial Conduct Authority. But, it has courted controversy in the past.
FCA regulations did not exist before 2015. Before this, the Money Shop was found to have been irresponsible with its lending decisions.
The Dollar Financial Group is the parent company of The Money Shop. It was ordered in 2015 to pay more than £15.4 million in compensation to customers.
These payments were compensation. Something, for what the FCA described as “serious failings” in the provision of instalment loans.
The Dollar Financial Group made significant changes to The Money Shop’s operation. These changes were a result of the FCA’s findings.
Today, the Financial Conduct Authority continues to represent the interests of borrowers. It ensures that they are treated fairly by The Money Shop and other lenders.
Did you find this useful? Read the final chapter, where we provide our overall thoughts and opinions.