Instalment loans

Instalment loans can be a life line if you have an emergency expense or unexpected bill, meaning you may suddenly be in need of some cash. Instalment loans enable you to spread the cost of your loan and pay back over a specific period of time in manageable repayments. Whilst you may pay back more over the period of time, each monthly instalment is lower than if you were to pay the full amount back in one go. You can apply for a loan with us by visiting one of our high street stores.

Instalment loans should not be used for a long term financial solution.

Find a store

Representative Example: £300 borrowed for 3 months. Annual interest rate of 292% (fixed). Total amount repayable is £490.85 in 3 monthly instalments of £163.62. Representative 1150% APR.

Apply for an instalment loan in 3 simple steps

How much and how long?

You could borrow from £50 to £2000 and repay over 1 to 6 instalments.

Get a decision

The details you provide on your application will be used to help us make a lending decision. All applications will be subject to credit and affordability checks.

Getting your money and repayments.

If we approve your loan, you could walk out with the cash straight away. Repayments will be taken from your debit card on the agreed repayment date(s)

What is the difference between payday loans and instalment loans?

Short term instalment loans and payday loans are often referred to as the same thing, but there is a crucial difference.

Payday loans enable a customer to borrow money to make up a small shortfall in their cash flow. That money is then paid back as a lump sum – usually after your payday.

Instalment loans enable a customer to borrow money, and then pay it back over a longer period of time. At The Money Shop, our instalment loans enable you to borrow from £50 - £2,000 repayable over monthly instalments of 1 – 6 months, aligned to your payday. Please note that borrowing for longer can be more expensive.

Who is an instalment loan best suited to?

Payday loans are fine provided you can pay the lump sum all at once – if you can’t, then it can create more cash flow problems. If you would rather pay back your loan over a longer period of time, then instalment loans may be the better option.

If you find you have the money to pay your loan back sooner than agreed, then you are able to do so. This means that you’ll pay less interest on instalment loans, as it’s calculated on a daily basis. When deciding on the length of time for your instalment loan, remember that whilst repayments may be lower if you borrow for a longer period of time, you may end up paying more overall.

Why choose instalment loans with The Money Shop?

We don’t offer any fees on our instalment loans. That’s no arrangement fees, late repayment fees or early repayment fees. All you pay for your loan is the agreed interest. To apply for a loan with us in-store, you’ll need to bring your photo ID, proof of income, proof of address and debit card.

To find out more about how to apply for a loan please view our how short term loans work page, or if you would like to read more details on our rates please visit our loan charges page.

Looking for an online loan?

The Money Shop no longer offers loans online through the website or over the phone. To find out more information click here.

Important information

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

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.

Please be aware that late repayment by you may result in us reporting this to the credit reference agencies which may have a negative effect on your credit score. There are no late repayment fees if you miss a payment and we will not charge any additional interest.

Please note that loan renewals are not offered for this product. If you are an existing customer and would like to apply for another loan, please visit us in-store.

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

Remember that short term loans can be an expensive form of borrowing, so take time to consider the costs and risks of the product before taking out a loan.

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

Our other services