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.
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.
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 will be able to secure will be based on your income and affordability.
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. 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 be required to 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 searching which means applying with us won’t 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.
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.
We collect repayments using direct debit and continuous payment authority to enable a smooth monthly payment and there is no need for customers to call up, send a cheque or make a manual payment.
Do I need a guarantor?
No, there is no guarantor required for your application to be approved. Our loans are unsecured and are made directly between the borrower.
What is the representative example?
The representative example is Representative Example:
£500 loan repayable over 12 months £81.25 per month total amount payable £975.00. Representative 295.60% APR fixed
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.
What are your opening hours?
Our opening hours are:
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.
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.