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MoneyShop loans come from different service providers, making it easier to find the best option for you in one place with only a single application.
This Money Shop loans review will outline how this lender works and help you decide whether it’s a good idea to apply for credit through this service.
✅ How Much Do You Need?
WHO IS MoneyShop?
MoneyShop is a loan and insurance finding service in South Africa. The company uses artificial intelligence (AI) to match customers with the best deals they’re looking for. This is not a bank or a loan provider – they only connect you with various loan companies, so you can quickly and easily get the cash you need. The company is owned and operated by the Olico Group, a member of the Direct Marketing Association of South Africa.
KEY FEATURES
- Personal loans from R10,000 to R250,000 over 12-72 months.
- Short term loans from R1,000 to R8,000 from 2-6 months.
- Typical interest rates are 3% to 5% per month (36-60%) for short term loans and a maximum interest rate of 27.5% per year for long term personal loans.
- The loan you get depends on your credit profile.
PROS
✔️Free service for all South African borrowers
✔️You may still be eligible for a loan if you have bad credit
✔️Wide range of loan options from a wide range of lenders
✔️You can get a free credit report
CONS
❌No mobile app or online account to manage your loan
WHY WE LIKE IT
Finding the right loan for you can be tricky, but the process is more manageable if you have access to an artificial intelligence lending platform that can help you quickly find what you’re looking for. This service gives you access to a free credit report to help you match with the perfect loan based on your credit profile.
SUMMARY
MoneyShop provides a free service and free credit reports to help South Africans find the right loan. The company has partnered with SA’s top loan companies giving you access to a wide range of loans with a single application.
MoneyShop LOANS ARE BEST FOR YOU IF YOU:
- Need help to find the right loan for you.
- Prefer to submit a single application instead of applying with different lenders on separate occasions.
- Want to improve the chances of approval by applying for loans that match your risk profile.
Full MoneyShop Personal Loans Review
Let’s look at how this lender works in more detail.
Pros Explained
The loan finding service is free
This service helps you find the best loan suited to your credit profile. This can help improve your chances of approval. You don’t have to pay anything for this service. Simply apply online and receive offers from the company’s lender partners.
Bad credit borrowers can get a loan that matches their risk profile
It’s possible to qualify for a loan by using this service if you’re blacklisted. Your chances of approval depend on your risk profile. For example, you’re more likely to get approved if you have only missed a few payments. On the other hand, you may not qualify if you’re in debt counselling or have a recent or large judgement against you.
A single loan application gives you access to many options
When shopping around for loans, submitting several applications to many lenders can take time and effort. The loan broker reduces the burden for you since you only need to submit a single application. MoneyShop then finds the best loan suited to your profile with SA’s top loan providers. The loan options range from R1000 to R25000 with repayment terms of 2-6 months and 12-72 months (five years), depending on the loan size.
Check your credit score for free to help your application
When shopping for a loan, one of the options is to get a free credit report first. You get a complete analysis of your credit report and advice on which lenders to apply with and how much to apply for to improve your chances of approval.
Access to a free credit report is also beneficial because it gives you detailed information about your financial health. You can determine which errors need correction and be motivated to improve your score to get better offers in the future.
Cons Explained
You have to go through bots for every loan application process
When you visit the Money Shop loans website, you must interact with artificial intelligence bots with automated responses to get things done. One of the bots is Monty Moneybot, who gives you prompts, so you can get through the application process.
The process is similar whether you want to apply for a personal loan, check the status of your personal loan, proceed with the application after pre-approval, or get a free credit report. There is no app or account to manage your online loans.
How Does MoneyShop Work?
When you’re looking for the right loan, you’re essentially “shopping for money.” This is where MoneyShop can help.
Loans are available from various lenders, such as Capitec, African Bank, Bayport, RCS, DirectAxis, ABSA, Nedbank, Finchoice, and more. This service provider offers several borrowing options and services:
- Personal loans. Personal loans typically range from R10,000 to R25 000 with loan terms of 12-72 months. The typical interest rate (APR) ranges between prime and 27.5% annually.
- Short term loans. Money Shop short term loans typically range from R1000 to R8000 with loan terms of 2-6 months. Since these are usually payday loans, the interest rates are typically higher (between prime 3% and 5% per month or 36-60% per year).
- Credit cards. You can also apply for a credit card via MoneyShop and can check the status of your credit card on the website. The company does not provide many details about this option.
- Debt consolidation. A debt consolidation loan allows you to combine multiple loans into one. There’s not much information available about MoneyShop debt consolidation loans.
- Free credit report. The free report comes with many important details to help you find and apply for the right loan that matches your credit profile.
You have two options when you apply for a loan:
- Apply for a personal loan – With this option, MoneyShop does all the work for you to find the right loan that suits your needs.
- Request a free credit report – The company will analyse your credit report and advise which lenders to apply with and how much to apply for based on your credit profile.
MoneyShop.co.za – Is It Legit?
MoneyShop Co ZA (Pty) Ltd is a South African private company registered and incorporated per the company laws of South Africa. The company is not a loan provider but has partnered with top providers in the country.
It’s still up to you to ensure that the offers you receive are from registered credit providers. According to the company, they process thousands of loan applications per month and have hundreds and thousands of South Africans.
Another way to decide if this service is safe and trustworthy is to check MoneyShop loan reviews online to see what other customers have to say about their experience.
How to Apply for a MoneyShop Loan
What You Need to Qualify
- A valid South African ID
- Earn at least R4,000 per month
- You must pass a credit check
- You should not be undergoing debt counselling
MoneyShop Loan Application Process
Need a Money Shop loan? Apply online by following these simple steps:
Step 1: Click “APPLY” and complete the application process.
Step 2: Submit your application and wait to receive offers.
Step 3: Accept the best offer, receive cash in your account, and use it for any legitimate purpose.
MoneyShop Contact Details
📌Contact number: 010-010-0220
📌WhatsApp: 010-010-0220
📌Address: 328 Kent Avenue, Ferndale, Randburg, 2194.
You can also request a Call Me Back on their website or email them via their contact form.
Other Loans Like MoneyShop
- Myloan.co.za – With MyLoan, you only need to complete a single loan comparison application to get a list of available offers for free. After comparing multiple offers, you choose the best lender for you and finalise your application to get the funds.
- Hoopla Loans – Hoopla is an online platform that also offers a free loan matching service. Apply once, and multiple lenders will review your application. Once you accept an offer, cash is quickly paid into your account.
Frequently Asked Questions
MoneyShop helps you find the best loan for you from the loan market using artificial intelligence. They’re not a bank or loan provider but have partnered with SA’s top loan providers, including Capitec, Nedbank, African Bank, Absa, and more.
– A South African ID
– You should earn at least R4000 per month
– You must pass a credit check
Please Note: Debt review clients do not qualify for MoneyShop loans.
Visit the MoneyShop website and click on the link provided. You’ll need to provide your SA ID number to proceed.
Yes, but it depends on how much risk you pose. If you only have a few missed payments, then you should be able to qualify. However, your chances of qualifying are lower if you’re heavily in debt, have a large or recent judgement against you, or are undergoing debt counselling.
Our Research Expert
Gracie Makowe is a full-time personal finance writer with 10 years of experience and a Bachelor of Commerce in Financial Management from UNISA. Learn more.