Who was The Money Shop?
The Money Shop was a trading name of Instant Cash Loans Limited, which also traded as PaydayUK and Payday Express.
Once a prominent presence on the high street, The Money Shop had over 551 branches in 2014. By 2018, this had been reduced to 233, and a year later, in October 2019, Instant Cash Loans Limited entered into a scheme of arrangement with plans to close the company and cease trading.
Does The Money Shop still exist as a direct lender?
No, The Money Shop is no longer trading as a direct lender.
The domain name ‘The Money Shop’ was taken over by a credit broking service, which is not associated with the original company.*
The Money Shop loans alternative
CashLady could help you search for a short-term, personal loan from £100 to £10,000.
We don’t charge any fees for our credit broking service, and quotes are no-obligation.
The Money Shop direct lender vs CashLady as a credit broker
| The Money Shop | CashLady |
|---|---|
| The company ceased trading in 2019. | We, and all the lenders on our panel, are still trading. |
| Was a direct lender and could check your eligibility for their loan product only. | Is a credit broker and can scan our panel of 30+ direct lenders to help you search for a suitable match. |
| Offered loans from £100 to £2,000. | Could help you search for a loan between £100 and £10,000. |
| Available repayment terms were 3 to 12 months. | Repayment terms from 3 to 60 months, depending on the amount of money you apply to borrow. |
If you’re matched with a loan through a search with CashLady and make a full application with the lender, a creditworthiness assessment will be carried out by that company, which will include a hard search or Open Banking. A hard search will be visible on your credit file for up to 12 months. Undertaking multiple hard searches in a short space of time will cause your credit score to decline.
What’s the difference between a payday loan and a short-term loan?
Traditionally, a payday loan comes with a set repayment term of one month. A month after you borrowed the money, you’re typically required to repay the full amount, plus interest.
A short-term loan provides borrowers with a variety of repayment terms from a number of months to several years. Spreading the cost of borrowing could make it easier to manage, although you should bear in mind that the longer the term, the more interest you’ll pay. A loan with a shorter repayment term will make your monthly repayment higher, but you’ll pay less in interest overall.
Could I get a payday loan with CashLady?
CashLady does not work with any lenders of payday loans. The lenders on our panel offer short-term loans with a range of repayment options.
Below, we’ve included a detailed look at the different loan amounts and repayment terms available when searching with CashLady.
| Loan amount | Available repayment terms |
|---|---|
| £100 - £950 | 3, 6, or 12 months |
| £1,000 | 3, 6, 12, 18, 24 or 36 months |
| £1,050 - £2,500 | 6, 12, 18, 24, or 36 months |
| £2,550 - £7,500 | 12, 18, 24, 36, 48, or 60 months |
| £7,550 - £10,000 | 18, 24, 36, 48, or 60 months |
Can I get a The Money Shop alternative loan with CashLady?
CashLady is a credit broker. Using the information provided on your application, we can scan our panel of lenders for a loan that could be a suitable match for your personal and financial circumstances.
You can search for a loan with CashLady if you:
- Are over the age of 18;
- Are a UK resident;
- Have a UK bank account and a valid debit card; and
- Have a regular source of income paid into your bank account.
CashLady Representative 79.5% APR
What are the chances of getting a loan with bad credit?
If you have a history of poor credit, your borrowing options could be limited.
Fortunately, there are several UK lenders, including some of those on the CashLady panel, who specialise in loans for people with bad credit.
Before you search for a bad credit loan, please bear in mind that you could be offered a higher rate of interest.
Could you tell me a little bit more about how a credit broker works?
Of course!
We’ve included an overview of the CashLady journey below.
- What to do first: work out how much money you need to borrow and for how long.
- Next: fill out our form. This should take less than five minutes and can be completed online, 24 hours a day, 7 days a week.
- Over to us: in just 60 seconds, we’ll complete a soft search and scan our panel of lenders for a loan that could be a good match for you based on the information you’ve provided.
- What’s next? If we’ve been able to match you with a loan, you will be redirected to the lender’s website, where you can decide whether you’d like to make a full application. Please note that if you choose to proceed, the lender will carry out a creditworthiness assessment, which will involve a hard search or Open Banking.
- The final countdown: If the lender approves your application, they will let you know when you can expect your money to be sent.
Searching for a short-term loan: things to remember
- You should never apply to borrow more money than you need or can afford to repay.
- At some point during your application with the lender, you will be sent a loan agreement. You should take the time to read through this thoroughly before you sign and return. Pay particular attention to your repayment schedule and whether there are any standard or additional fees associated with the loan.
- Some of the lenders on the CashLady panel could send your money on the same day your application is approved. Please note that this does not guarantee that the money will be available in your account the same day. The time it takes for the money to appear in your account will depend on your bank’s policies and procedures.
Get free financial advice
You can access free, impartial debt and money management advice through any of the following sites: StepChange, MoneyHelper, Citizens Advice, and National Debtline.
If you’re struggling to keep on top of your loan repayments, please reach out to your lender as soon as you can. They will not judge your situation but listen with empathy and provide possible suggestions that could help ease some of the financial pressure you’re facing.
CashLady Representative 79.5% APR