118 118 Money Loans
  • Diverse loan options
  • Products for Bad Credit
  • Same-day funding
  • Instant Decision-Making
  • High customer satisfaction ratings
  • High interest rates
  • Limited maximum loan amount (£5,000)
  • Short maximum term (3 years)
  • No payment holidays are offered
  • Joint applications are unavailable

118 118 Money emerges as a distinctive player in the financial sector, offering unsecured personal loans primarily to individuals who might find it challenging to secure credit through traditional lenders. Renowned for their inclusive approach, this financial institution specializes in serving those with less-than-perfect credit histories. What sets 118 118 Money apart is their personalized approach to loan applications, prioritizing the applicant's ability to manage monthly repayments rather than solely focusing on credit scores.

With a diverse portfolio of loan options, 118 118 Money caters to a broad spectrum of financial needs. Their range extends from Personal Loans to Payday Loans, each designed with unique features to address specific financial situations.

Overview of Personal Loan Types

Catering to your unique financial aspirations, 118 118 Money presents an array of unsecured personal loan options.

Key Features

  • Diverse Loan Types: Catering to needs like debt consolidation, vehicle purchases, or home improvements.
  • Loan Amounts & Terms: Loans vary from £1,000 to £5,000 with flexible repayment options of 12 to 36 months.
  • APR Information: A fixed representative APR of 49.9%, ensuring predictability in repayments.

Overview of Payday Loan

118 118 Money's Payday Loans are designed to cater to urgent, short-term financial needs, offering quick approvals. However, it's important to understand their key features and the potential drawbacks they carry:

  • High APRs: The APRs for these loans are notably high, often exceeding 100%. This is a significant factor to consider, as it greatly affects the overall cost of the loan.
  • Short Timeframes: These loans must be repaid within a relatively short period. This urgency can sometimes lead to financial pressure on the borrower, especially if their financial situation does not improve quickly.
  • Potential for Debt Cycle: One of the most critical considerations is the risk of falling into a debt cycle. The combination of high-interest rates and short repayment periods can lead borrowers into a repeated pattern of borrowing, exacerbating financial difficulties.

Eligibility Criteria

  • Residency: Applicants must be UK residents.
  • Age: Applicants must be 18 years of age or older.
  • Employment Status: Applicants should have either a job or be self-employed.
  • Monthly Net Income Requirement: Applicants must earn at least £700 per month to ensure they have a stable income for loan payments and regular expenses.

Loan Application Process

You can complete the application process for a 118 118 Money loan online in four simple steps:

  1. Decide the loan amount and term.
  2. Use the online calculator to estimate monthly repayments.
  3. Submit the application.
  4. Await a decision, usually within an hour.

Customer Reviews

To provide a well-rounded understanding of 118 118 Money's services, let's dive into customer feedback from Trustpilot.

As of January 26, 2024, the service holds an impressive 4.8 out of 5 stars, collated from a substantial number of reviews - precisely 37,964.

Positive Feedback:Negative Feedback:
 Application ProcessAccount Management Issues
Quick Decision-MakingService Experiences
Customer Service 

It's important to note that experiences can vary widely among customers. While some have had positive interactions and found the services useful, others have faced significant challenges.

Concluding Thoughts

118 118 Money may be an option for those who face difficulties in securing credit from traditional sources. While it offers the advantage of a fixed APR, potential borrowers should be mindful of the high-interest rates and the £5,000 loan cap. The company's inclusive policy towards diverse credit histories is a notable strength. However, as customer experiences indicate, it's essential for individuals to consider their specific circumstances and needs when opting for a loan.

Note: This article is based on information available as of January 2024 and is subject to change. Prospective borrowers should consult 118 118 Money latest offerings for the most current information.

Frequently asked questions

What is 118 118 Money and how does it differ from traditional lenders?

118 118 Money is a financial institution that provides unsecured personal loans, mainly targeting individuals who may struggle to obtain credit from traditional lenders. The key difference lies in their inclusive approach, focusing on the borrower's ability to manage repayments rather than solely on credit scores, making them an accessible option for those with less-than-perfect credit histories.

What types of loans does 118 118 Money offer?

118 118 Money offers a range of loan types including Personal Loans and Payday Loans. Each type is tailored to meet specific financial needs, such as debt consolidation, vehicle purchases, or home improvements.

What are the terms and conditions of 118 118 Money's personal loans?

Their personal loans range from £1,000 to £5,000, with flexible repayment options spanning 12 to 36 months. They have a fixed representative APR of 49.9%, which ensures predictability in repayments.

What should borrowers know about 118 118 Money's payday loans?

Payday loans from 118 118 Money are designed for urgent, short-term financial needs. Key considerations include notably high APRs, often exceeding 100%, and short repayment periods. These factors can lead to financial pressure and the potential risk of a debt cycle.

How does the loan application process work at 118 118 Money?

The application process is online and involves four steps: deciding on the loan amount and term, using an online calculator for repayment estimates, submitting the application, and awaiting a decision, typically within an hour.

How is 118 118 Money regulated and what standards do they adhere to?

118 118 Money is regulated by the Financial Conduct Authority (FCA) and adheres to the FLA lending code. This means they follow strict guidelines and standards set by these authorities, ensuring fair, responsible, and transparent lending practices. This regulation offers a significant level of protection and assurance to borrowers.