The Money Shop loans
You’ve looked at your finances and now you’re ready to apply for your loan. Your next decision is to find a lender. You might have looked at different lenders and what they offer, and may even have picked a lender already. One you may be considering is The Money Shop. The Money Shop are a familiar sight on British high streets. They also used to offer short term loans through their website.
We say ‘used to offer’ because The Money Shop no longer provide loans. They still offer their other services like pawn brokering but you can’t get a Money Shop short term loan. They are no longer available***.
Why The Money Shop no longer offer loans
From August 1st 2018, The Money Shop stopped providing new loans. They took this decision because of the pressure they were under with compensation claims from current and former customers. Thousands of people who took out Money Shop loans are seeking compensation for alleged mis-selling of their loans. You may have read about Wonga having similar issues with payday loans.
With Money Shop loans no longer available, what are your options now?
Satsuma are an alternative to Money Shop loans. We also offer short term loans, giving our customers a more flexible way to borrow money as opposed to payday loans. As a new customer with Satsuma you can:
- Borrow from £100 to £1,000 (subject to affordability)
- Repay your loan over 3 -12 months
- Choose to repay your loan in either monthly or weekly installments
- Manage your loan from our secure app
- Never pay any additional fees
- Get an instant decision
- Receive your cash within an hour of making your application**
The Money Shop used to offer many of these options. Satsuma provide an ideal alternative to Money Shop Loans. As a direct lender, you can apply online and receive a decision in minutes. And remember, there are no additional fees involved, what you agree up front is what you pay. If you decide to change your mind within 14 days you will not face any charges.
What do our customers say?
SmartCheck yourself with Satsuma
When applying for a loan all responsible lenders will complete a credit check as part of the approval process. We understand you may be worried about credit checks if you have experienced credit issues in the past.
Which is why Satsuma has SmartCheck. It’s a free way to find out if you could be accepted for a loan without affecting your credit rating*.
What is SmartCheck?
We check your info
It's not a full application so we only need a few details
Protect your credit score
No matter the result, it won't affect your credit score unless you choose to apply
Give you your result
You'll find out in 60 seconds and we'll tell you how much you could borrow. We'll need to check your details if you choose to apply*
Choose the loan for you
Ready to apply for your Satsuma loan?
Don’t forget you can use our loan calculator to discover how much your loan will cost. And, of course, you know there’ll be no additional fees to add on to that cost. Remember you’re able to use SmartCheck if you’d like to find out if you’re eligible for a Satsuma loan before you apply.
You’ve seen how Satsuma are the perfect short term loan alternative to Money Shop loans. And to payday loans too.
* Approval for a Satsuma Loan is subject to successful completion of affordability, fraud, identity and money laundering checks. Satsuma Loans are only available to UK residents who are at least 18 years old and have a valid UK bank account and debit card.
**Once approved, hourly pay-outs between 6am-11pm.
***Correct as of October 2018