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118 118 Money for medium term unsecured loans

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118 118 Money

  • Borrow up to £50001
  • Online Service
  • Choose payment period
  • Direct to bank account
  • No hidden charges

118 118 Money

118 118 Money logo

  • Medium term online lender
  • Apply for £1000 to £5000
  • Choose to repay over 12 to 24 months
  • Payout possible within 24 hours of acceptance
  • Easily manage your account online

118 118 Money provides medium term unsecured loans. If you need a loan of up to £5000 and then want to repay it over 12 to 24 months then their offering may be worth considering.

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%. See below for examples of how the rate you receive affects your monthly repayments.

Summary of 118 118 Money

  • 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.

How to apply for a loan from 118 118 Money

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 - as far as we can tell 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. In the FAQs below you will find examples of repayments based on various assumptions. These may help you decide whether it is worth applying, and also see the impact of different interest rates on monthly repayments.

Got a Question about 118 118 Money?

What do I need to know before I apply?

Before you apply these are the basic borrower criteria. You must:

  • are between the ages of 18 and 70
  • are a UK resident
  • hold a current UK bank account and debit card
  • have a monthly net income of more than £700
  • are employed or self-employed
  • You will need to provide:

They will need to get from you:

  • mobile phone number
  • email address
  • home address
  • employment history
  • net monthly income
  • outgoings
  • bank details
How much can I borrow?

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.

What will my instalment payments be?

When you apply you select your prefered 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 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.

Repayment Example

This is 118 118's representative example - Amount of credit £1,500 for 2 years. Interest rate: 71.3% p.a. (fixed). 24 scheduled monthly payments of £118.88. Total amount payable: £2853.12. Representative 99.9% APR.

This example shows that over a 2 year period your original loan of £1500 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.

How do I make my repayments?

There are a number of alternative repayment options:

  1. Direct debit authorisation (the preferred option) - regularly scheduled payments are automatically taken from your account on your due date.
  2. By phone (using your  debit card)
  3. Via the internet (sending money from your account to 118 118's)
  4. 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.

Can I change my instalment payments or pay off my loan early?

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.

Are there any hidden charges?

In simple terms no.

How can I keep tabs on the status of my loan?

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.

Show me the 118 118 TV Ads

118 118 Money is a trading name of Madison CF UK Ltd. They are authorised and regulated by the Financial Conduct Authority. Interim Permissions Reference Number 656451

To operate this service we receive a commission from the provider we refer you to.

Instalment Loans

Representative Example

Loan Amount


Monthly Repayment


Loan Term

24 mnths

Total Repayment


Representative APR


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1 Subject to application being approved by the lender.

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