The Money Shop stops short term lending

The Money Shop has announced that it has stopped giving high-cost short-term loans to new or existing customers.

The Money Shop, part of the Dollar Financial group, who also own the  Payday UK and Payday Express brand which both stopped lending last year. The business is now believed to be focused on travel money, pawn-broking and gold purchasing.

A statement on the company website said  “With effect from the 1^st August 2018, the Money Shop is no longer offering a short-term loan facility. Loans of this type will not be available to new or existing customers, from any of our stores, websites or associated credit brokers. This decision does not impact existing loans, customers with existing loan balances should continue to fulfil their obligations under the consumer credit agreement and we will continue to collect payments, as per the agreement.”

“If you are experiencing financial difficulty and are unable to fulfil your obligations in relation to your loan, please contact us at the earliest opportunity so we can discuss the options available to you. Please remember that free, impartial debt advice is available to you.”