Apply for a Payday Loans Alternative
The One Stop Money Shop offers an alternative to payday loans allowing you to borrow up to £1,000 repaid over 6,9 or 12 months. Our flexible repayment plan allows you to spread repayment over several months, allowing you to pay off any bills and emergency expenses and improve your financial position.
Founded in 2002 we have continued to offer a personal and effective solution to customers looking to borrow money online.
Our online application takes just a few minutes to complete and there are no fees for applying. Upon completion, you will receive an instant decision and subject to further checks, successful applicants will receive funds to their bank account within 1 hour or less.
How is The One Stop Money Shop different?
Whilst many payday loans are designed to last for 14 to 28 days, this can put pressure on an individual’s finances to pay the full sum and interest at the end of the month. At The One Stop Money Shop, we offer an instalment loan product repaid over 6,9 or 12 months and this gives the customer a lot more breathing space to repay their loan.
Happy customers appreciate the added flexibility of having longer to repay their loan and only paying smaller instalments at the end of the month. Plus, if you find that you are in a better financial position and would like to repay your loan early, you have the choice to do so, at any time. It will also be cheaper to repay your loan off earlier than expected as you will save money on the interest that accrues.
When borrowing over 6, 9 or 12 month loans, you are in control, allowing you to borrow the amount you need and repaying on the scheduled pay date and loan duration of your choice.
What is a payday loan?
A payday loan refers to borrowing money until your next payday – so if you have any pressing bills or emergencies and you cannot wait for your next pay cheque, this type of loan is designed to be fast, effective and used to tide you over until you get paid next from work.
Your repayment is scheduled on the day you get paid from work – so you can get the money you need upfront, pay off your bill and when you payday arrives, you can pay off the full loan and interest.
When would you use payday loans?
Payday loans should be used for emergencies purposes only such as paying for car repairs, household bills, rent and other family emergencies.
As an expensive form of credit, they should not be used as a long term solution to financial problems and should not be used to pay off other loans, credit or unnecessary spending.
Why use a payday loans alternative?
Payday loans have been a popular way to borrow money over the last decade, but many people continue to find themselves caught up in this form of high cost loan and if not managed properly, it can often lead to a spiral of debt.
The role of payday loan alternatives has emerged significantly in the last few years with companies such as The One Stop Money Shop providing a more innovative range of products including instalment loans repaid over 6, 9 or 12 months. This gives borrowers a lot more control to stagger repayments and pay them off over a longer period of time, avoiding the potential payday trap.
Customers are able to choose a pay date that suits them, which is typically the day that they get paid from work, which for many is the last working day or the last Friday of the month. For others, it is on a four-weekly cycle or the 25th of the month. Customers can also repay weekly or fortnightly if they so choose. Choosing the exact date gives you control over when repayments are made and collections are made from your bank account – all you have to do is make sure that you can cover your payment and you are on track.
What is the criteria for payday loans alternative?
The criteria includes:
- Full-time UK resident
- Over 25 years of age
- Employed and earning a regular income
- Valid UK bank account
- Valid UK mobile phone number and email address
Upon completing our loan application, if approved, you will be presented with an online loan agreement highlighting the terms of your loan including borrowing amount, loan term and interest rate.
As a firm that is FCA authorised, we must run a series of credit checks. This is to monitor any recent credit searches and transactions you have made and avoid giving you too much finance that you cannot manage.
This is coupled with our affordability checks to match the amount that you have requested to borrow and what you can afford to repay. Our checks are automated and carried out online so that you do not have to post any information to us and fill in more details, as we want to push your application forward as soon as we can.
Is One Stop Money Shop a direct lender?
Yes, The One Stop Money Shop is a direct lender and we will be able to process your application from start to finish with no other broker fees or other middlemen involved. We will be able to fund the loan into your bank account and take collections every month. Every part of the loan process is handled by our team from beginning to end and you can be rest assured that you are working with us only and not any other parties.
How do repayments work?
Your loan is repaid over 6,9 or 12 months in either weekly or monthly instalments. When you apply, you can select a pay date for each week or month and this will be the most convenient time for you to make your repayments.
Since most people get paid on the last working day or last Friday of the month, they typically choose this as their pay date, or just the day after to allow their income from work to come through.
Our loans are designed to give you flexibility so that you have the breathing space to spread repayment over 6 to 12 months if need be – and you have the option to repay early at any point and there are no extra fees for doing so.
How can I apply for a payday loan alternative?
Our loan application is 100% online and can be started by clicking on the apply now button below. Borrowers can apply 24 hours a day, 7 days a week, including weekends. You can apply using a desktop, laptop, mobile or tablet, just as long as you have access to the Internet.
You will be asked some basic information including your name, address, age, income, employment, monthly expenses and bank details – so we know where to send the funds if successful.
There are no upfront fees for applying and your information is held safely and securely through our website. Provided that you meet our criteria, The One Stop Money Shop is delighted to transfer the funds to your account within 1 hour.