Moneyshop markets itself as a financial portal which helps customers navigate life’s complex financial decisions around finance and loans, insurance and other matters. On their website, they list of separate section for personal loans which where customers can apply for a loan between R1 000 to R150 000. Moneyshop will then review your application against it’s selection of loan providers to get you the best loan for your circumstance.
Things you need to know about Moneyshop Loans
Before applying for a loan with Moneyshop, it’s important that you understand that Moneyshop itself is not a lender. Similar to LoanFinder or UDU, Moneyshop’s service is effectively sharing your loan application with pre-selected lenders, so your application will more than likely go out to more than one direct lender.
The benefit of this is that you stand a better chance of getting your loan approved, and depending on your credit score and loan requirements, you might find lenders competing which in theory could yield a better deal. You also only have to fill out one application, instead of half a dozen or so if you went directly.
The downside is that you lose some control over which partners Moneyshop shares your details with. You should be careful which loan provider you eventually go with, and doublecheck online reviews as to their legitimacy and check their status with the National Credit Regulator.
On that note, Moneyshop is not an approved credit provider – this isn’t technically an issue since they won’t be the ones issuing your loan but is worth highlighting here. In fact, MoneyShop is a subsidiary of Olico, and end-to-end online and mobile distribution partner for lending and insurance products. Olico in turns partners with only the best financial services providers in South Africa, including Standard Bank, Hollard, Bayport and AIG.
Should I apply for a loan with Moneyshop?
For someone doing a bit of comparison shopping trying to find the best personal loan, sending off an application with Moneyshop may make sense. Some websites offering very similar services to Moneyshop have in the past come under customer scrutiny for the ways in which customer data was shared. In addition, many similar sites will add certain fees and insurance premiums onto customers’ loan applications which can add up to a substantial amount and are a real headache to reverse.
However, with Moneyshop, it does look like their service is 100% free and their remuneration will be paid for by the loan provider.
How to apply for a loan with Moneyshop
The Moneyshop loan application is rather straightforward – you can get pre-approved for a personal loan in less than 60 minutes by filling out the online application form and taking a short phone call from an agent.
You will need to supply some personal details such as Name, Cell Phone number, email and monthly income estimates. Submitting the application triggers a credit check, so make sure you are comfortable with this and have good credit else you’re application will likely be unsuccessful.
The final costs of your loan will ultimately depend on personal circumstances and subject to your individual risk profile and payment plan. An example monthly repayment on a R50 000 loan taken over 60 months at an estimated interest rate of 21% per month would be R 1,453.
Moneyshop Loans Contact Details
Address: 314 River Road, Barbeque Downs, Kyalami, Midrand, 1684
MoneyShop.co.za is owned and operated by Olico, a member of the Direct Marketing Association of South Africa.