118 118 Money
- Borrow £1,000 to £5,000
- Repay over 12 to 24 months
- Payouts within 24 hours
- All credit ratings
About 118 118 Money
118 118 Money launched its short term instalment loan product in 2013. Since then they have also launched a credit card. As a challenger lender their aim has been to shake up the market and simultaneously provide the tools and resources to get customers to develop good financial habits.
The interest rate charged by 118 118 Money depends on your personal circumstances. You provide this information as part of your application. The APR rate has 3 bands – 35.9%, 79.9% & 99.9%. Rates are fixed so that your repayments will never rise. There are no hidden fees.
|Loans Amount (£)||Loan Term (months)||Representative APR|
|1,000 – 5,000||12, 18 or 24||99.9%|
118 118 Money scores 4.6 out of 5 based on over 12,000 reviews on Trustpilot. This score puts 118 118 Money slightly higher up the rating spectrum than the typical short term loan lender.
Compare 118 118 Money to Others
For clarity here are the key differences of 118 118 Money to the “typical” or “average” short term loan lender:
- Customer ratings are better than many other lenders
- A reasonable option for a larger loan over more than 12 months
- Rates are fixed for the period of the loan
- Possible to do an eligibility check without damaging credit rating
- Not possible to obtain a truly “short term” loan
How to Apply for a 118 118 Money Loan
It’s easy to apply. But keep in mind that until you have provided 118 118 Money with enough information they will not tell you what APR% you will get – other instalment lenders are not like this. However, you can permit 118 118 to conduct a “soft search” before committing to a full credit check. This will allow them to know enough to give you an “in principle” decision without your credit rating being affected. This assessment will also include an affordability check that ensures you do not borrow beyond your means.
Keep in mind that you can pay off all or part of your loan early – there is no charge for doing this, but it does mean that you can help yourself to limit the amount of interest you pay on the loan.
- Medium-term loans of £1000 to £5000 that you repay over 12, 18 or 24 months.
- Apply online & after acceptance get your loan within 24 hours.
- The more favourable your personal circumstances the lower the APR% will be.
- There are no hidden charges – you always know upfront the total amount of the loan that you need to repay.
- You can do a “quick check” to see if you’ll likely get a loan – so your credit status will not be affected.
- If you have a less than perfect credit history you can still be considered for a loan
- You will need a bank account into which the loan is paid and from which payments collected.
118 118 Money’s Representative Example
Borrow £1,800 for 24 months. Representative 99.9% APR fixed. Monthly payment £142.65. Interest payable £1,623.67. Total repayable £3,423,67.
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118 118 Money is the trading name of Madison CF UK Ltd. Registered office: Euston House, 24 Eversholt Street, London NW1 1DB. Company registration number 08393840.
Madison CF UK Ltd is authorised and regulated by the Financial Conduct Authority with firm reference number 741774.
ICO Data Protection Registration
Madison CF UK Ltd is registered with Information Commissioner, registration number ZA004145.
Instalment Loans Guide
If you’re uncertain which type of credit might suit you or you have a money problem then one of guides may help you. We summarise each type of loan and their pros and cons, and address issues regarding debt and credit ratings.
Got a Question about 118 118 Money?
Answer to Common Questions
Before you apply these are the basic borrower criteria. You must:
- be aged between 18 and 70
- be a UK resident
- hold a current UK bank account and debit card
- have a monthly net income of more than £700
- be employed or self-employed
They will need to get from you:
- mobile phone number
- email address
- home address
- employment history
- net monthly income
- bank details
You can apply for a loan from £1000 to £5000 and then repay it over 12, 18 or 24 months. Keep in mind that loans are subject to your credit status meeting the lender’s requirements, and an affordability check to ensure that you are not liable to overstretch your budget.
When you apply you select your preferred loan amount and repayment period. What you won’t know at this point is the rate that 118 118 will offer you. You can permit them to do a soft search (not recorded on your credit file) which is not a full credit search but means:
- you will learn if you are likely to qualify for a loan
- you will be told which interest rate will be offered to you
If you choose to proceed further with your application they will do a full credit check. This is required before you can obtain your loan.
If we use 118 118 Money’s representative example we can deduce the following:
Amount of credit: £1,800 for 24 months. Interest rate: 71.3% pa (fixed). 24 scheduled monthly payments of £142.65. Total amount payable: £3,423.67. Representative 99.9% APR.
This example shows that over a 2 year period your original loan of £1,800 will almost cost you the same again in interest. Speeding up your repayments or electing to repay it more quickly from day 1 will considerably cut your interest costs. You will not be charged any penalty for doing this. But take care about affordability as reducing the repayment period will raise your monthly repayment.
There are a number of alternative repayment options:
- Direct debit authorisation (the preferred option) – regularly scheduled payments are automatically taken from your account on your due date.
- By phone (using your debit card)
- Via the internet (sending money from your account to 118 118’s)
- At a bank branch
In all these cases you must have sufficient funds in your account on the due date otherwise you risk causing yourself financial problems.
In simple terms no.
118 118 run a secure online account management service so you can see your current balance outstanding and see recent repayments. The lender will also send you an annual statement showing you similar information.
If you should suddenly find affording repayments a problem you must contact 118 118’s customer services to help alleviate the situation.
Yes. And this will reduce your interest costs. There is no fee for doing this. You would need to get in touch with the 118 118 Money customer service team to organise this.
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