MoneyShop - Lender ReviewPublished: 15/09-2021 Category: Articles
MoneyShop is a loan finding service that helps you shop for the right lender to give you the extra funds you need. In other words, MoneyShop does not provide the actual loan - they match you with a bank or financial institution that provides these services.
MoneyShop is best for borrowers who only want to submit a single application that gives them access to various loan providers in South Africa. Typically, with MoneyShop, you can get up to R250,000, depending on your financial circumstances.
MoneyShop quick review
The details below summarize everything you need to know about personal loans you can find through MoneyShop.
- Loan amount: Between R1000 and R250,000
- Loan term: From 2 months to 72 months
- Interest rate: Interest rates vary from lender to lender
- Interest rate type: Can be fixed or variable
- Security: Generally, the loans are unsecured
- Qualification requirements: You must be a South African citizen earning at least R4000 per month, and you must not be undergoing debt counselling
MoneyShop full review
According to MoneyShop, they are the largest loan matchmaking service and have helped thousands of South Africans find the right loan at the right time. This company belongs to Olico, which in turn belongs to the Direct Marketing Association of South Africa.
In a nutshell, MoneyShop gives borrowers access to four main lending products: Personal loans, credit cards, short-term loans, and debt consolidation. Personal loans you get through MoneyShop are long-term (up to 72 months) and can provide up to R250 000. If you are interested in short-term loans, you can typically get up to R8000, but you will need to pay back the money within 2 or 6 months.
Debt consolidation is also another option available through MoneyShop. It’s a great option if you have several debts that you want to combine into a single loan that’s easy to manage. Finally, MoneyShop also gives you access to credit cards.
However, if you don’t want MoneyShop to facilitate the entire loan application process for you, you can do it yourself. In this instance, the only thing MoneyShop will do to help you is to provide you with a free credit report. They will then tell you where to apply and how much to apply for to increase your chances of approval.
Pros of MoneyShop
- Wide range of options. Whether you are looking for a short-term or long-term loan option, MoneyShop has something for you. Loan amounts are also flexible. You can get as little as R1,000 or as much as R250,000.
- Free credit report. MoneyShop supplies you with a free credit report. They use the information from your credit profile to figure out how much risk you pose and which loan might be best for you.
- Online application. You can apply for a personal loan through MoneyShop in the comfort of your home.
- Free to use. MoneyShop will not charge you anything.
Cons of MoneyShop
- No human interaction. MoneyShop uses Monty, their chatbot, as the main point of contact. Therefore, the user experience might not be as smooth since Monty has automated responses.
- Automated credit checks. When you try to apply through MoneyShop, Monty says he will do a credit check and does not specify whether it’s a soft or hard credit check. This also happens if you want to check on the status of your application. Be careful of this because too many hard credit checks in a short time can affect your credit score. However, a soft credit check will not impact your credit score.
How does MoneyShop work?
MoneyShop uses artificial intelligence to connect you to the right loan provider. When you apply for a loan through MoneyShop, you will be interacting with their moneybot chatbot, known as Monty.
Monty asks for your South African ID, and you can only proceed with the application if you pass the credit check. If you don’t want to apply, you can ask for a free credit report instead.
The information provided by MoneyShop, along with your credit report, will give you an idea of the best way to move forward with your application.
Besides, their loan finding service MoneyShop also helps South Africans to find insurance and investment opportunities.
Which products does MoneyShop offer?
MoneyShop provides three main financial products:
Keep in mind that MoneyShop is a loan finding service, so these details are general and depend on the lender you choose. Typically, personal loan amounts range from R10,000 up to R250,000. In addition, you can pay off the loan over 1-6 years (12-72months). The interest rate varies between prime and 27.5% per year, according to MoneyShop.
Short term loans
The short-term loans available through MoneyShop are also known as payday loans. Typically, these provide you with smaller loans of between R1,000 and R8,000. They also need to be paid back within a period of 2 to 6 months.
Another thing is, they have higher interest rates of 36 to 60% per year (3-5% per month) compared to personal loans. However, they can be handy if you need a small loan for short-term use.
A debt consolidation loan is a type of personal loan you take out for the sole purpose of paying off your debts. So, for instance, let’s say your existing debt includes personal loans, payday loans, credit cards, and store credit accounts.
When you get a debt consolidation loan through MoneyShop, you use that money to pay off all your other loans. Hopefully, this leaves you with one loan that’s easy to manage because you only have a single monthly repayment.
You can also save if you manage to secure a lower interest rate. Unfortunately, MoneyShop does not say how much you can qualify for and what the interest rate will be. These details will likely be disclosed after you submit your details and a hard credit check is performed.
Who is MoneyShop best for?
Generally, MoneyShop is best for you if you:
- Want to apply to more than one lender
- Want help choosing the right loan for you
- Earn more than R4,000
- Are not undergoing debt counselling
- Can pass a credit check
Is MoneyShop a good and safe option?
MoneyShop provides a helpful service to South Africans who are looking for the best loan for their situation. However, you may be wondering if MoneyShop is a safe option. Our research indicates that MoneyShop is owned and operated by the Olico Group, a member of the Direct Marketing Association of South Africa. It appears to provide a legitimate service since it is a fully registered business with a VAT number.
How do I apply for a loan through MoneyShop?
At MyLoan.co.za, we always encourage South Africans to learn everything they need to know about a lender before taking out a loan. Therefore, we have provided you with a thorough review of MoneyShop to make an informed decision.
The good news is, if you want to know how MoneyShop compares with other options, we can help you do that. We have partnered with several popular and legitimate South African lenders from all corners of the country, and you can access all of them in one place when you apply through us. Here’s a quick breakdown of the process:
- Fill in our quick and simple application form.
- We will forward your application to MoneyShop PLUS more other lenders.
- Our partner lenders will contact you with their offer.
- You then choose the best offer for you.
- From there, you finalize the application and…
- … you get your money!
It’s that simple. You apply, and we do the rest of the work. You also get to choose the offer you want, so you’re always in control. Once you have the money, you can use it for any legitimate purpose, including going on holiday, paying for your wedding, repairing your car, or something else. That’s always the exciting part!
How do I contact MoneyShop?
There are several ways you can contact MoneyShop:
- Visit them at 38 Dover Street, Ferndale, Randburg, 2194
- Call (010-010-0220)
- WhatsApp (072-994-1518)
- Email them via the MoneyShop contact form