118 118 Money
- Borrow up to £50001
- Online Service
- Choose payment period
- Direct to bank account
- No hidden charges
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.
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.
Before you apply these are the basic borrower criteria. You must:
They will need to get from you:
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 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:
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.
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.
There are a number of alternative repayment options:
In all these cases you must have sufficient funds in your account on the due date otherwise you risk causing yourself financial problems.
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.
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.
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.
1 Subject to application being approved by the lender.
When it comes to getting you your instalment loan our online service is second to none. In fact Solution-Loans.co.uk has scored based on 308 ratings & 53 user reviews for its short term loans service.
Used our website? Write your review now.