What to Consider Before You Apply

At The One Stop Money Shop, we encourage applicants to take their time when applying and make sure that they understand everything key about the loans we offer. For any further questions, you can contact us directly or visit our FAQs page. Here are some of the key things to consider before you apply:

How much do you need to borrow? 

One of the most common things for most customers is trying to apply for the maximum amount possible, and our maximum allows you to borrow £1,000. However, it is important to estimate beforehand exactly how much you need to borrow, taking into consideration your emergency expense, outstanding bill or reason for needing a loan in the first place.

You will be paying interest on any amount that you borrow, so taking out the highest amount is not always the most cost effective. So it can be worth making a list of your expected income and expenses over the next few months and determining the right amount to borrow accordingly.

How long do you need to borrow for?

The One Stop Money Shop offers loans that are repaid over 6, 9 or 12 months, giving you the flexibility to choose and borrow over the loan duration that you need. Again, the longer your loan term, the more interest that you will be paying on your overall loan sum, so it is helpful to outline your income and expenses and decide how long you will need the loan for. It may be worth adding an extra month or two, to give you some extra breathing space in case another financial emergency pops up.

Even if you borrow for longer than necessary, you still have the option to repay early, at any point and there will not be any added fees for doing so. In fact, you may save money because less interest in accrued overall.

Do I meet the criteria? 

The criteria for applying for a loan with The One Stop Money Shop requires applicants to:

• Be over 18 years of age
• Full-time UK residents
• Employed and earning a minimum of £500 per month
• Valid debit or current account
• No recent CCJs or IVAs
• Able to afford monthly repayments

Can I afford it? 

Our repayment examples are designed to give you an indication of how much you will be paying for you loan and how long. In fact, you can use our calculator here to try different loan amounts and durations. Therefore, it is important to think about how you will be able to repay your loan and whether you can afford it. 

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

Will you be using your income? Are you expecting a bonus from work? Will you require another loan to repay this one? You want to be in a position where you can afford to repay your loan and not fall behind on repayments – since this could incur late fees and damage your credit score. If you find that you need to borrow another loan to pay off your original one, this can lead to an unhealthy cycle of debt.

Implications of non-repayment? 

Understanding the consequences of missed repayments is vital if you find that you are unable to keep up with repayments.

Our dedicated team will always try to assist with you lower repayment plans or by helping you delay repayment, however, missed repayment can lead to added late fees and a negative impact to your credit score. The default fee charges will never exceed £15, since this is enforced by the Financial Conduct Authority.

If you find that you are not going to be able to make your next repayment, you should get in touch with our team at your earliest convenience.

Have you considered alternatives? 

Before applying for online finance or quick loans, it is always good to consider any other alternatives. This includes borrowing money from family and friends (since this is likely to be free of interest), selling old unwanted goods through online apps or car boot sales or using a credit union where interest rates are significantly lower.

The One Stop Money Shop is passionate about responsible lending and treating customers fairly and we encourage customers to avoid rushing into an online loan agreement and exploring all suitable options beforehand.