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118 118 Loans

Everything you need to know about 118 118 Loans

Victoria Russell
Written by  Victoria Russell
5 min read
Updated: 11 Apr 2024

Simple and fast loans – see if 118 118 can help you cover costs

118 118 Money: Loans for the Credit-Conscious Consumer

In a world where credit scores can gatekeep financial opportunities, 118 118 Money emerges as a beacon of hope for those who find themselves on the less favorable end of the credit spectrum. Known for their directory enquiries, 118 118 Money has pivoted to provide financial services that cater to individuals often turned away by traditional banks. Let's delve into how this company is changing the game for consumers seeking loans without the need for guarantors or security.


A New Chapter for 118 118

Since its inception in 2013, 118 118 Money has been writing a new narrative in the financial services sector. Their mission is clear: to extend credit to those with less-than-perfect credit histories, all the while bypassing the need for guarantors or collateral. This approach not only opens doors for many but also signals a shift in how financial institutions can operate inclusively.

Understanding Guarantors and Security

Before we explore the offerings of 118 118 Money, it's crucial to understand the traditional safety nets for lenders: guarantors and security. Guarantors are individuals who agree to co-sign a loan, stepping in to make repayments if the borrower defaults. Security, on the other hand, is an asset that the borrower offers as collateral. 118 118 Money eschews both these requirements, albeit with higher interest rates to mitigate the increased risk.

Loan Accessibility with 118 118 Money

118 118 Money prides itself on providing accessible loans to those with poor credit. By partnering with platforms like MoneySuperMarket, they ensure that users can leverage tools such as the free Credit Monitor to check and improve their credit scores, thereby enhancing their financial health.

The Ins and Outs of 118 118 Loans

When it comes to the specifics, 118 118 Money's loans are designed to be straightforward:

  • Loan amounts range from £1,000 to £5,000.

  • The repayment period options are between 12 – 36 months

  • These are unsecured personal loans with no arrangement fees.

  • The representative APR stands at 49.9%, with fixed interest rates (41.2% pa) ensuring predictability.

  • Early repayment is penalty-free, with the potential for an interest rebate.

  • Pre-approval checks are soft inquiries, meaning they won't impact your credit score.

  • Once approved, loan amounts can be in your bank account within 24 hours.

  • All loans are regulated by the Financial Conduct Authority (FCA), ensuring consumer protection.

Frequently Asked Questions

118 118 Money is transparent when it comes to common queries:

  • Loan top-ups are not available.

  • Funds are typically received within a day of acceptance.

  • There are no hidden charges for early loan repayment.

  • For example, borrowing £2,000 at 49.9% APR for 24 months would result in a total repayment of £2,967.43.

  • Repayments are generally made via Direct Debit, although other methods are accepted.

Who Can Apply for a 118 118 Loan?

Eligibility for a 118 118 loan is broad, catering to a wide demographic:

  • Applicants must be UK residents between the ages of 18 and 70.

  • A bank account and debit card are necessary.

  • A minimum monthly net income of £700 is required.

  • Applicants should be employed or self-employed.

Applying for a 118 118 Loan

Applying for a loan with 118 118 Money is streamlined through platforms like MoneySuperMarket, which allows for easy comparison and application. It's important for applicants to be forthright about their financial status and ability to repay, especially considering the high-interest rates. 118 118 Money is recognized for its clear terms and swift access to funds, while MoneySuperMarket's Credit Monitor and loan comparison tools support responsible financial decision-making.

118 118 Money stands as a testament to the evolving landscape of credit accessibility. They are not only providing a vital service for those with poor credit but are also championing the cause of financial inclusion and responsible lending. As consumers become more credit-conscious, 118 118 Money is there to ensure that a low credit score is not an insurmountable barrier to financial support.

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