118 118 Money offers loans that are repayable over a length of up to 36 months and a maximum amount of £5,000.
When unexpected expenses arise, having access to financing can offer a lifeline, especially if alternative solutions are unavailable.
Providers like 118 118 Money cater to a range of needs, offering loans with tailored terms to suit different circumstances.
118 118 Money Loan
Max. Amount
£5,000
Credit Check
Yes
Type
Loan
Tip: You can borrow between £1,000 and £5,000, repayable over terms of up to 36 months, making it a better option if you need longer repayment periods or larger amounts.
118 118 Money offers a flexible lending solution with personal loans ranging from £1,000 to £5,000, repayable over 12 to 36 months.
Unlike short-term or payday lenders like MrLender, it provides longer repayment terms that make it a great option for borrowers looking to manage larger expenses or consolidate debts in a more convenient way.
The platform simplifies the process of applying for a loan, starting with an eligibility check that does not impact your credit score.
This initial step involves a soft credit search, giving you a chance to review their loan offer without any effect on your credit file.
However, completing the full application will require a hard inquiry, which becomes visible on your credit record and may temporarily affect your score.
To qualify, you need to meet some requirements: be a UK resident aged 18 to 70, have a monthly net income above £700, and hold a valid UK bank account and debit card.
Both employed and self-employed individuals are eligible to apply, with credit assessments carried out using reports from TransUnion or Experian.
Interest on loans is set at 41.2% per annum (fixed), with a representative APR of 49.9%.
Payments are automatically collected via direct debit, ensuring convenience, but it is important to keep funds available, as missed payments incur a £12 charge.
If direct debits fail, 118 118 Money may attempt to collect payments using your debit card, though this is limited to three attempts per missed installment.
You are encouraged to make timely repayments to avoid additional fees and to maintain a positive impact on their credit file.
The platform Money does not offer payday loans or other short-term financing products, focusing instead on medium-term solutions with transparent terms.
How 118 118 Money Loan Works
The platform offers personal loans designed to be straightforward, accessible, and flexible. The process starts with an eligibility check, which involves a soft credit search.
This step allows you to see if you qualify for a loan and review the offer without impacting your credit score.
If you decide to proceed with the full application, a hard check is performed, which will be recorded on your credit file and may temporarily affect your credit score.
118 118 Money provides loans ranging from £1,000 to £5,000, with repayment terms between 12 and 36 months.
You are required to meet specific criteria, such as being a UK resident aged between 18 and 70, earning a monthly net income of at least £700, and having a valid UK bank account and debit card. Both employed and self-employed individuals are welcome to apply.
Once your loan is approved, the funds are transferred to your bank account within hours, allowing you to address your financial needs promptly.
Payments are set up via direct debit, ensuring automatic and timely deductions from your account.
Requirements for 118 118 Money Loan
To qualify for a loan from 118 118 Money, you must meet specific eligibility criteria. These requirements are designed to ensure that you have the financial stability to manage repayments responsibly.
You must be aged between 18 and 70 and reside in the United Kingdom. You need a current UK bank account and a valid debit card, as these are essential for setting up the direct debit mandate for repayments.
A stable financial situation is also required, with a minimum monthly net income of £700. Both employed and self-employed individuals are eligible, provided you can demonstrate a reliable source of income.
As part of the application process, the platform will conduct an inquiry using your credit report from TransUnion and/or Experian.
If you use their eligibility checker, only a soft search is performed initially, which does not impact your credit score. However, a full application requires a hard check, which will leave a record on your credit file.
Features of the 118 118 Money Loan
The platform offers personal loans designed to meet your medium-sized financial needs with flexible repayment options. Here are the key features you can expect:
Loan Amounts and Terms
You can borrow anywhere from £1,000 to £5,000, making this a great option if you need a substantial amount of financing.
It also gives you the flexibility to repay over 12 to 36 months, so you can choose a plan that works best for your financial situation.
Fixed Interest Rate
Your loan will come with a fixed interest rate of 41.2% per annum. This means your monthly repayments will remain consistent throughout your loan term, giving you an idea of what the total cost will be.
While this option can be great when compared to Moneyboat and other lenders, if the loan is taken for long-term needs, it may be costlier if you are to repay it within a few weeks.
Hence, consider it if the funds will take some time to pay back or opt for a better alternative that offers a more convenient rate if you plan to repay it within a short term.
Representative APR
The representative APR is 49.9%, which includes the total cost of your loan, such as interest and applicable fees.
This ensures you understand the overall cost of borrowing before making a commitment.
Eligibility Check Without Affecting Your Credit Score
You can check your eligibility using the platform’s soft search feature, which will not impact your credit score.
This allows you to explore your options without worrying about negatively affecting your financial profile.
Credit Check for Full Applications
When you decide to proceed with a full application, 118 118 Money will conduct a hard credit check through TransUnion and/or Experian.
This will appear on your credit file and is necessary to assess your ability to manage the loan.
Direct Debit for Repayments
Your repayments are set up via direct debit from your UK bank account. This automated process ensures your payments are made on time without requiring additional effort from you.
Missed Payment Policy
If you miss a payment, you will be charged a £12 fee. The platform may also attempt to collect the missed payment using your debit card details, but they will never make more than three attempts per missed payment.
Opportunity to Improve Your Credit Score
Making your repayments on time and in full could have a positive impact on your credit score. However, late or missed payments may negatively affect your financial profile.
No Short-Term or Payday Loans
118 118 Money does not offer short-term or payday loans. Instead, the focus is on providing personal loans with longer repayment periods to give you a more manageable borrowing experience.
Regulated and Approved by the FCA
118 118 Money operates under the trading name of Madison CF UK Limited and is authorised and regulated by the Financial Conduct Authority (FCA) with reference number 741774.
Being FCA-approved means that the platform adheres to strict guidelines designed to protect you and ensure responsible lending.
This gives you peace of mind, knowing that you are borrowing from a regulated, trustworthy provider who is committed to transparency and fairness.
The company offers a simple and user-friendly application process through its website and mobile app, making it an accessible option.
Whether you are looking for a short-term solution or prefer a longer repayment plan, 118 118 Money can be a good way to meet your financial needs, all while maintaining compliance with industry standards.
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