Lender in Focus 2.3: The Money Shop Reviews

the money shop reviews

The Money Shop reviews

The Money Shop reviews provide real insights into the experiences of previous customers.

This perspective is important. It shows how other borrowers in similar positions have felt about the lender and their loans.

The Money Shop on TrustPilot

TrustPilot collects independent reviews of The Money Shop.

These customer reviews are both genuine and verified.

In December 2016, The Money Shop has an Excellent rating and a score of 9.1/10.

Also, customer service representatives make a point of quickly responding to the reviews that they receive.

“Quick and easy service”

Many of The Money Shop’s reviews mention that loans are quick.

One of the benefits of applying for a short term loan online is the speed at which an application can be processed.

That being said, short-term loans are not instant but can be delivered to bank accounts within an hour of a successful application.

The Money Shop aims to deliver money on the same day, as long as the process is complete by 3 pm.

Lender in Focus 2.3: The Money Shop Reviews

If customers would like speedy service in person, The Money Shop has more than 200 branches throughout the UK and Ireland. As such, anyone can make a loan application face-to-face.

If you are applying in-store, you can ensure that there are no delays by taking proof of ID and address.

Usually, an online decision can be made straight away. Also, many reviews of The Money Shop confirm that this is the case.

Sometimes, there can be a longer delay. Lenders are not obligated to provide same day loan services. Sometimes, customers wait a few days for their loan applications to be finalised.

Additional details may be required and can slow the process down. Usually to make sure that a customer can afford the loan or to check their identity in more detail.

“Repayment flexibility”

Some loan reviews mention The Money Shop has a sensitive and non-judgmental approach. Especially, to repayment difficulties.

Various customers mention that a change in circumstances left them unable to pay their loan back according to their original schedule.

Lenders have a duty to be fair and responsible. Also, they should not allow their customers to get into unnecessary difficulty. Sometimes, allowing flexibility is in the best interests of both lender and borrower.

If you are in financial difficulty and do not think that you can keep up with loan repayments, it is important to act as soon as possible. Usually, it is best to contact the lender so that they are aware of your situation.

Lenders should be able to arrange a repayment plan or offer a repayment break whilst you get back on your feet.

If borrowers think that they have not been treated fairly, they can complain to the Financial Ombudsman.

Sometimes, a complaint against a lender is found to be valid. This might be the case if they approved a loan that a consumer could not really afford. It may also be the case if a consumer is in genuine financial difficulty and is not being given leeway by the lender.

On other occasions, the Financial Ombudsman may find that a complaint is not valid. This can happen if the lender is found to have run stringent affordability assessments. Or, if the borrower is not in real financial difficulty.

Valid changes in circumstance supported by The Money Shop include relationship breakdowns.

The money shop reviews by consumers

“Best APR for this type of loan”

A loan’s APR is a figure to show the annual cost of a loan. It takes into account the loan’s interest and any other fees and charges.

Providers of short-term loans and instalment loans have been criticised in the past for their high APRs.

Loan reviews for The Money Shop suggest that their representative APR is seen as being very manageable.

The Money Shop publishes a representative APR of 450%. Their instalment loans are provided over a maximum of 12 months.

Over the course a full year, the APR helps consumers to calculate the real cost of borrowing.

A loan’s APR is not always as useful when calculating the cost of short-term borrowing. This is because short-term loans are not designed to be scaled up to an annual term.

The Financial Conduct Authority introduced price caps in 2015. Borrowers will never pay back more than double what they originally borrowed. The APR becomes an unrealistic and unattainable figure in these situations.

“Had to sign the agreement again”

The Money Shop reviews are generally ‘Good’ or ‘Excellent’. However, some come from customers that have not been as happy with their service.

The most common complaint comes from customers seems to be those that have had to sign their loan agreements multiple times.

As The Money Shop explains, not all loans arrive on the same day. ID checks and affordability assessments can lead to a slight delay. If a loan isn’t finalised by 3 pm, it may not be paid until the next day

Lender in Focus 2.3: The Money Shop Reviews

As interest on short term loans is charged by the day, one night can make a difference. A new loan agreement must be signed because the loan costs may have altered.


Lenders have a responsibility to provide accurate documentation. The agreement that you sign should tell you how much you need to pay back.

This method can cause difficulty for customers. But, it protects them from paying interest on loans that they have not yet received.

“Provided a loan with little credit history”

One of the benefits of short term loans is that they can be provided to consumers with little to no credit history.

They can also be given to people with poor credit.

Lenders mitigate the risks by charging higher interest rates.

A poor credit rating, which might suggest that you could miss your repayment deadlines, will not always exclude you from getting a loan.

Some of The Money Shop reviews are from people that couldn’t obtain loans elsewhere. Others had not expected that they would be approved.

If you have adverse credit, you might not be approved for traditional bank loans. This leaves you with a limited number of options, including payday loans and instalment loans.

Payday loans are often relatively small.

Wonga, the UK’s largest payday lender, provides loans of up to £400.

The Money Shop provides instalment loans. They can be spread over a maximum of 12 months, which means that larger amounts of money can be offered. The largest loan from The Money Shop is £1,000.

Other lenders that provide payday loan alternatives include MYJAR and Lending Stream. Like The Money Shop, they offer larger loans for people with bad credit ratings.

The APRs are higher for instalment loans than with traditional bank loans. But, so are chances of acceptance if your credit score is less than perfect.

MYJAR reviews and Lending Stream reviews both echo the positives of The Money Shop. In December 2016, both lenders had TrustPilot scores of 9.4/10.

The Money Shop reviews: summary

Many companies work with an independent online review service. These collect reviews from genuine customers. The Money Shop uses TrustPilot.

In December 2016, The Money Shop had an overall score of 9.1/10. This score is classed as Excellent.Lender in Focus 2.3: The Money Shop Reviews

Happy customers mentioned the ease and speed of their loan application.

Another positive attribute was the relatively low APR when compared to other loans.

Some customers in financial difficulty gave positive reviews to The Money Shop. These reviews suggest that the lender acts fairly, helping to find solutions to short-term financial problems.

Reviewers often praise The Money Shop for approving loans despite a poor or limited credit history.

Many applications are not approved following stringent affordability assessments. But this lender can still provide funds to more customers than a traditional bank may be able to.

Some reviews of The Money Shop were not as positive.

A theme that recurs is the need to sign a new loan agreement if the money is not delivered on the original date. This is a legal requirement because the total loan amount changes if it is delivered on a different day.

Some of the inconveniences that reviewers mention are actually in place for their protection. Accurate documentation and thorough affordability assessments are essential for responsible lending.

Overall, reviews of The Money Shop indicate that this lender is serving consumers well.

It is important to be aware that reviews are provided by people that have applied for their loans online. The Money Shop also offers an offline service, from its branches across the UK and Ireland.

Reviews are not available for The Money Shop’s physical stores, where the experience and service might be different.

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