Morses Club was launched more than 130 years ago as a departmental store, but later evolved into a recognized credit provider as the company was already providing goods on weekly credit to its customers. It provides small credit loans to its customers between the £100-£1,500 range, with new customers limited to borrowing up to £400 while returning customers may be approved up to £1,500. The company has several branches spread across the UK, allowing it to offer doorstep service. In 2015, Morses Club and Shopacheck Financial Services Ltd merged together to form a bigger company. Today, Morses Club deals with more than 200,000 customers through 1,900 company agents in the UK. The company also has another similar service called Dot Dot Loans, which is completely online.
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Morses Club offers short term loans ranging between £100 to £1,500. The company calls its loans Doorstep Loans or Home Credit Loans, since they can be provided to customers at their doorstep in cash. The loans are provided to people with varying credit scores, including those with a bad credit rating, although a thorough check of the borrower’s income stream and credit history is conducted to ensure ability to repay the loan in due time.
The following loan amounts and terms are allowed according to a customer’s relationship with the company:
To make loan disbursement easier, the company also offers a Morses Club Card which acts like a debit card. Once a loan is approved and if a borrower opts for or owns a Morses Club Card, the approved loan amount is transferred to the card by the company for the borrower to spend.
The following criteria needs to be fulfilled in order for a borrower to secure a Morses Club loan. Borrowers must:
1) Be over the age of 18
2) Not have a record in the previous 6 years that includes:
3) Live within the prescribed business area as covered by the nearest branch of Morses Club
Applying for a loan with Morses Club has the following pros & cons:
The entire Morses Club application form is just one page long. Borrowers can also apply for a loan by making a phone call to a Morses Club customer service representative.
Within minutes of receiving an application, Morses Club evaluates the creditworthiness of the borrower by conducting relevant credit checks. Then, borrowers are informed about the status of their application and whether they have been initially approved.
Every application is individually assessed by Morses Club. This allows borrowers with a problematic credit score to secure short term loans, provided they fulfill the eligibility criteria as stipulated above.
The initial application is filed online or over the phone without any documentation, saving the borrower some time and energy before receiving initial approval for the loan. After this, a Morses Club representative arranges a meeting with the borrower at the latter’s time of convenience, and the borrower is expected to provide the required documentation at this stage.
Borrowers are not limited to spend their loan on pre-defined expenditure. The borrowed amount can be spent as per the borrower’s wishes.
Borrowers who don’t live in areas covered by any Morses Club branches will not be able to secure a loan from the lender
The amount that first-time Morses Club borrowers can acquire is capped at £400, which is lower as compared to other short term loan providers present in the UK.
Morses Club charges interest on the loan principal based on a fixed rate of 107.1% per year.
The representative APR on the loan varies by loan term. For example, on a loan amount of:
➢ £100-£500, the company charges an APR of
➢ £600-£1,500, the APR is
The following table offers an illustration of the different borrowing costs as charged by Morses Club:
|Loan Type||Loan Amount||Loan Term||Total Repayable||Charge of Credit|
|Short Term Loan||£100||22 weeks||£154||£54|
|Short Term Loan||£100||34 weeks||£170||£70|
|Short Term Loan||£600||34 weeks||£1,020.00||£420|
|Short Term Loan||£600||53 weeks||£1,113.00||£513|
|Short Term Loan||£1000||53 weeks||£1,855.00||£855|
The following information is required when the borrower fills out the application form, either online or over the phone:
After the initial application form, a Morses Club representative reaches out to the borrower (if the initial application is approved) and requires the following information:
1) A valid ID
This can be any photo ID such as a driver’s license or a passport, provided it has not expired.
2) Documents to conduct Affordability Assessment (may only be required in case borrower’s agent is unable to verify affordability status through a credit reference agency)
a) For income, the following documents may be provided as proof:
b) For expenses, the following documents may be provided as proof:
Morses Club has a two-step application process, starting from the initial application and ending with a personal visit from a local company representative.
Borrowers can access the online application form and click on the Apply Now button. This button is available on the top-right corner and also in the center of the page, as shown below.
The application form, as presented below, requires the borrower to state all necessary information. The entirety of the form is presented on a single page, making it easier and quicker to complete the application form.
By clicking the Submit button, the initial application is submitted to Morses Club.
Alternatively, borrowers can contact a Morses Club customer service representative by calling 0330 045 0719 and file the initial application over the phone.
Usually, it takes a few minutes for Morses Club to deliver an initial approval to a loan application. After such approval is given, a representative of Morses Club pays a visit to the applicant at the address specified on the initial application form after scheduling the same over the phone with the borrower at a convenient time.
The representative confirms the information pertaining to the applicant as stated in the form by checking a photo ID and, if needed, verifies the income and expenditure information by seeking some additional documentation. Once all the required information is provided, the representative will conduct the affordability assessment. If the borrower passes the affordability assessment, the loan amount is disbursed through cash delivery at the borrower’s state home address, or through the Morses Club Card (if the borrower has subscribed to one).
Yes, the company conducts a credit check through a credit reference agency as part of the initial application process. However, in case the agency is unable to provide sufficient information for Affordability Assessment purposes, Morses club then request additional documentation pertaining to income and expenditure of the applicant.
Yes, Morses Club evaluates loan applications on a case-to-case basis, and even those with a bad credit score may be able to secure a loan, provided they are able to prove adequate affordability when it comes to making repayments. Also, making timely repayments can improve the borrower’s credit score, enabling access to cheaper loan options through conventional financial intermediaries such as banks.
A doorstep loan, as provided by Morses Club, is a short term loan that allows the borrower to manage the loan from the comfort of home without needing a bank account. The loan amount, as approved, is disbursed in cash, and delivered to the borrower’s doorstep by a company agent. Similarly, weekly repayments are also collected from the borrower’s doorstep by an agent.
Yes, Morses Club allows borrowers to make weekly repayments with a debit card through its Customer app that can only be accessed via a computer. Although weekly visits would continue to be made by a Morses Club agent assigned to the borrower, repayments can be made online. However, customers will have to wait at least 7 days before receiving access to the online repayment feature.
Yes, even if the borrower has been a long-term customer of Morses Club, the affordability assessment must be conducted every time a loan application is filed. This is done to ensure that the borrower still has enough disposable income to service the loan repayments as they become due.
Morses Club is providing short term loans, but it is not the only option at your disposal for short term credit. Here are a few other short term credit providers based in the UK. These have also been reviewed and rated by Credit Raters.
|Simple Fast Loans (lender)||Payday short term loans available between the £250 to £1,000 range. Payment plan is split over weekly, monthly, or fortnightly due dates. Interest charge is a flat 205.2% per year.|
|Peachy (lender)||Payday short term loans between £100 to £1,000 range. Loan term is defined by the borrower up to 12 months. Interest charge is fixed at 248.37% per year.|
No promo codes are currently available for Morses Club loans.