Avoid overdraft


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Number of repayments

repayments of

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Repayment summary

Please ensure you can afford each of the repayments before applying.

Amount borrowed:
Length of borrowing:
First repayment date:
Instalment amount:
Total repayable:

Repayment summary

Please ensure you can afford each of the repayments before applying.

Amount borrowed:
Length of borrowing:
Date of repayment:
Interest per day:
Total repayable:

Please note: Calculation is for illustrative purposes only. The actual cost and repayment summary may vary based on affordability and pay dates.

Please note: Calculation is for illustrative purposes only. The actual cost and repayment summary may vary based on affordability and pay dates.

Representative Example:  £300 borrowed for 6 months. Annual interest rate of 179% (fixed). Total amount repayable is £461.70 in 6 monthly instalments of £76.95. Representative 444% APR.

Apply for a short term loan in 3 steps

Apply for your loan

Choose to borrow from £100 to £2,000; repayable over 3 to 12 instalments. Please note that borrowing for longer can be more expensive.

Get a decision

Based on your details provided, we’ll make a lending decision. All applications are subject to credit and affordability checks.

Money deposited

If your short term loan application has been approved it will be finalised and deposited to your bank account, subject to our final checks**

Ways to apply for your short term loan

Online

Fill out our online application form and get an instant decision on your loan request.

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In-store

You can also apply for a loan in-store – we have over 230 stores nationwide.

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By phone

Alternatively, call us on 0800 009 3565* to apply for a loan.

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What is an overdraft?

An overdraft allows you to spend more money than you have in your current account. There are two types of bank overdrafts: arranged overdrafts and unarranged overdrafts.

An arranged overdraft is a specific amount that has been approved between the bank account holder and the bank. If you have an arranged overdraft it means that you are allowed to borrow up to the specified limit.

Unarranged overdrafts are where the bank account holder spends more than what is in their account without it having been approved by the bank. You can find out more about overdrafts here.

Why avoid overdrafts?

An overdraft is another method of borrowing money, just like short term loans are a different method. It’s important you weigh up the advantages and disadvantages of each lending method before making a decision.

Arranged overdrafts mean that if you stay within your agreed limit, the charges you pay won’t be as high as they would be if you spent the same amount with an unarranged overdraft.

Some people may decide to avoid overdrafts if they are aware of the extra charges but don’t want to incur them, or perhaps they know of someone who has been charged overdraft fees. Another reason why people may decide to avoid overdrafts is so that they aren’t tempted to spend more than they have every single month.

Nevertheless, deciding whether or not to avoid overdrafts should be taken after extensive research, as you may decide that using an overdraft is the best method for you, as opposed to a short term loan or other lending methods.

Overdraft vs short term loan from The Money Shop

Deciding between a short term loan and an overdraft can only be done with research into the different methods, and your overdraft charges.

At The Money Shop, we offer short term loans where you can borrow £100 - £2,000, repayable in 3 – 12 instalments, which are aligned to your payday.

You can choose to spread repayment over a longer period of time if you want to pay in smaller instalments. However, please note that borrowing for longer can be more expensive.

You can also pay back early if you decide to. As interest is calculated on a daily basis of between 36p – 64p per day per £100 borrowed, you’ll actually pay less as you only pay interest on the days you had the loan with us.

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Why choose a short term loan with The Money Shop?

We don’t charge any fees on our short term loans. That’s no arrangement fees, late repayment fees or early repayment fees: you just pay for the agreed interest.

When looking for an instalment loan providers, it’s important to do your research and only consider responsible companies. We’re regulated by the Financial Conduct Authority (FCA), and are members of the Consumer Finance Association (CFA).

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Important information about your short term loan

Your loan repayment(s) will be taken automatically on the contractual date(s) using your debit card. If your card details have changed please contact us urgently on 0800 009 3565* to update these.

There aren’t any late repayment fees if you miss a payment for your loan, and we won’t charge any additional interest. However, late repayment may result in us reporting this to the credit reference agencies, which may have a negative effect on your credit score.

If you are an existing customer and would like to apply for an instalment loan online, please do this through your online account. Alternatively, you can visit us in store or contact us on 0800 009 3565* to apply by phone**.

We understand that your personal and financial circumstances can change. If this occurs, or if you are having trouble repaying your online loan, let us know as soon as possible by contacting us on 0800 009 3565*, and we will do our best to help.

Free debt advice

If you are experiencing financial difficulty, please click here to find information on non-fee charging agencies that provide independent advice.

Short term online loans should not be used as a long term financial solution

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