Frequently Asked Questions
Our frequently asked questions below aim to answer any questions that you have relating to The One Stop Money Shop. For any further queries, please contact us here.
About The One Stop Money Shop
Are you a lender or a broker?
The One Stop Money Shop is a direct lender and not a broker. This means that all applications are processed by our in-house team and if successful, we will transfer funds to your bank account.
What is your FCA license number?
The One Stop Money Shop Ltd is authorised and regulated by the Financial Conduct Authority registration number 713424.
Where are you located?
Our head offices are based in Wakefield and Harrogate in Yorkshire, England. We operate fully online and borrowers cannot make applications in person.
What are your opening hours?
Our opening hours are:
Monday-Friday 8am–4pm
Sat & Sun – Closed
We accept applications 24 hours a day, 7 days a week and if our offices are closed, your loan application or query will be processed at our next available moment.
Product Information
What is the representative example?
£500 loan repayable over 12 months £81.25 per month total amount payable £975.00. Representative 295.60% APR fixed
Do you charge any upfront fees?
No, we do not charge any fees for applying, it is free to apply on our website 24 hours a day, 7 days a week. The only fees are the interest charged for taking out a loan and this information will be presented to you in an online loan agreement prior to being funded.
How much can I borrow through The One Stop Money Shop?
Customers can apply to borrow between £400 to £2,500 and the amount you can borrow is based on various factors including your income, credit score, affordability and previous repayment record with us.
How long does it take to receive funds?
Successfully approved applicants can typically receive funds within 1 hour of approval or within the same day of applying, provided that their loan is approved by 3:30pm that day.
We have access to fast payment systems which mean that funds can be sent via a bank transfer to your account as soon as possible.
The only exception is if it is a weekend or bank holiday where customers may have to wait until the next day for funding. For more information, see quick loans.
Do you carry out credit checks?
Yes, in most cases we will carry out credit checks on applicants using information provided by Equifax.
This is to ensure that an individual is able to afford our loans and it will not cause further debt or financial difficulty.
We use soft searches initially which means that applying will not affect your credit score.
Do you consider customers with bad credit histories?
Yes, The One Stop Money Shop is able to take a view on bad credit histories and for those applicants that have a history of defaults and payments in arrears. We are more interested in your current financial position, income, employment and desire to repay your next loan on time. For more information, see bad credit loans.
Do I need a guarantor to be approved?
No, there is no guarantor required for your application to be approved. Our loans are unsecured and are made directly between the lender and the borrower.
Can I get an instant decision?
Yes, upon completing our online loan application in around 5 minutes, you will receive an instant decision on the screen letting you know if you have been provisionally accepted or not.
Subject to further checks, your loan can be successfully funded to your bank account within one hour.
Repayment Information
How do repayments work?
Repayments are structured into equal monthly repayments so you know exactly how much you will be repaying each month based on the selected loan duration of 6 – 24 months.
How are repayments collected?
We collect repayments using a direct debit and with a system called continuous payment authority. This allows us to automatically take repayments from your debit account each month. There is no need for customers to call up, send a cheque, go to the bank or make a manual payment.
We will always send you an email and SMS on the days before payment is due so that you can ensure money is in your account and we can allow for a smooth collection.
What happens if I miss a repayment?
If you miss a repayment, you will be contacted by our team by email, SMS or phone to make a collection. We offer a grace period where you can make repayment in 24 hours without incurring further fees.
If your repayment is in arrears and overdue, you may incur a late penalty, added interest and information will be sent to credit reference agencies informing them of a missed repayment and this could negatively impact your credit score.
Can I repay my loan early?
Yes, if you would like to repay your loan early and in full, you can do so by calling us on 01924 377771 or logging into the my account section of the website.
How do I make a Complaint?
At The One Stop Money Shop each of our customers is important to us, and we believe you have the right to a fair, swift and courteous service at all times.
If, in any way, you are not happy with the service we provide please contact us by phone or letter and we will instigate the following complaint procedure if we are unable to resolve your complaint on the same day.
You can find details of our full Complaints Procedure on our website.
