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The Money Shop loans alternative

Looking for a loan from The Money Shop?

You may have considered borrowing from the Money Shop if you’re looking for a loan. Perhaps you have seen them on your local high street or have used their website to browse short term loans.

As of August 1st, 2018, The Money Shop no longer provide loans*, although their pawn brokering service is still available.

Don’t worry - here at Dot Dot Loans, we may be able to help. Read on to see how we could provide you with an alternative to a loan from The Money Shop.

How much was a loan from The Money Shop?

One way of judging the cost of a loan is by looking at the representative APR. In short, a higher APR means the loan is more expensive.

The representative APR of a loan from The Money Shop would have been dependent on the type of loan you were taking out. Their instalment loans and guarantor loans came with slightly lower representative APRs than their short-term loans, which could have been more expensive to borrow.

At Dot Dot, we offer short-term loans at representative 1228.67% APR. If you want to find out more about what APR means, you can check out our handy guide which explains it.

Why should I consider Dot Dot Loans as an alternative to The Money Shop?

We offer short-term loans from £100 to £1000, subject to affordability. You can apply online and if approved, receive money the same day. Loans are funded every hour 24/7. There are no nasty hidden charges either, like the extra fees which you may have encountered with The Money Shop.

Unlike the payday loans offered by The Money Shop, with Dot Dot you can repay your short-term loan in instalments of your choice, by choosing an online loan by time. This means that you can choose to repay your loan over 3, 6, or 9 months. You’re then more likely to borrow what you really need, making repayments more manageable.

You can also manage your loan on the go from our customer portal.

Once your loan has been approved, the money could be in your bank account on the same day, as our loans are funded every hour 24/7.

But don’t just hear it from us, check out our customer testimonials.

Am I eligible for a Dot Dot Loan?

As part of your application, we conduct affordability checks for every loan issued to new and existing customers. You can apply for a loan and undergo an affordability check if you:

  • Over 18 years of age
  • A UK resident
  • In employment

To complete your application, you’ll also need:

  • A valid e-mail address and mobile number
  • Details of a home address
  • Debit card and bank account details

Please note that whilst we aim to provide a service to suit your needs, loans may not be right for everyone. We recommend that you carefully review your circumstances before applying for a Dot Dot loan.

*correct as of October 2019

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Short term loan

Representative Example

Borrow £250 over 3 months with monthly repayment of £133.65 Total amount payable £400.95. Interest rate 284.76% p.a. (fixed). 1228.67% APR Representative.