How Do Repayments Work?

The One Stop Money Shop offers instalment loans, repaid over 6,9,12,18 or 24 months. Our repayment schedule is designed to be flexible, allowing customers to choose how long they want to borrow for and giving them the option to repay early at any point. Our guide below explains how our repayments work and for any further questions, please contact us at [email protected]

• Select your repayment date
• Repay in equal monthly instalment loans
• Collected via continuous payment authority
• Repay early with no added fees

Select your repayment date 

When applying, customers can choose which day of the month they would like to repay, with most choosing the last working day of the month because this is when they get paid from work and are likely to have money available in their account. Some other customers prefer to set their repayment date for the day just after their pay date, giving them some extra time to organise their finances and pay off other bills beforehand.

We can accommodate customers with all different repayment dates including the 15^th or 25^th of the month or those that get paid on a four-weekly cycle. Either way, it must be convenient and practical for you.

You may also change your repayment date at any time during the loan term, provided that you do not have several payments outstanding. Our customer care team will be able to assist you by emailing us or calling us on 01924 377771.

Repay in equal monthly instalments 

All repayments with The One Stop Money Shop are collected in equal monthly instalments. So whether your loan lasts 6 or 12 months, you will know exactly how much you are repaying each month and this information will be presented to you in writing and signed in your loan agreement.

As a regulated payday loans direct lender, we understand that our loans are best suited for emergency purposes. By providing a repayment solution that is straightforward and the same every month, it allows the customer to arrange their finances and budget effectively.

£500 loan repayable over 12 months £81.25 per month total amount payable £975.00
Representative 295.60% APR

Loan amount £500 over 12 Months:

Repayment reminders 

Our team will send you repayment reminders on the days leading up to each monthly instalment. You will receive a text message and/or email address confirming the amount we will be collecting and on what date. This aims to provide transparency and ensures that there are no surprises when money has been collected from your account.

Collected via continuous payment authority 

All repayments are collected by our system using a process called continuous payment authority. This is a system that sets up ‘recurring repayments’ similar to a direct debit. The idea is that we can collect the same amount from your debit or current account every month, at a scheduled time, and you do not have to lift a finger.

All you need to do is make sure that there are sufficient funds in your account available for collection. However, there is no need to call us up to make a manual repayment, go to the bank, make payment over the phone or send money via the post – as this is all taken care of via our system. For more information, read here about continuous payment authority.

Repay early and no early fees 

Although we offer 6 months, 9 month loans and 12 month products, if you find that you are in a position to repay your loan early, you can do so at any point. You simply need to call up our team or email us to confirm and we will be able to take the full repayment. We do not charge any early repayment fees or exit fees (unless your loan is only open for one month) – so overall you could save money on the interest accrued by repaying your loan early.

Other FAQs 

Can I repay by cash or cheque?  

All payments are taken via a debit or current account. In some cases, we may accept cheques as a form of repayment, but we do not accept cash.

Can I repay by credit card? 

No, we do not allow customers to repay their loans using a credit card. This is because it is like using one form of debt to repay another and can lead to a spiral of debt. 

What happens if I miss repayment? 

If you miss a repayment, you will be contacted by our customer care team who will try to assist you. If you are up to 3 days late, there will not be any added fees. However, if you are unable to repay there may a default fee that is applied but this will never exceed more than £15. Where possible, we will try assist you with forbearance, offering extended payment dates, flexible repayment plans and other ways to help you get your finances back on track. 

Can someone repay on my behalf? 

In very rare circumstances we may allow someone else to repay your loan off on your behalf. This is if you find that are in a position and cannot repay your loan and all other methods of payment plans have been exhausted. We offer a no guarantor product, so loans are not usually paid off by another individual.