Late repayments can cause you serious money problems. See our debt help guides.
Calculate the cost of a 118 118 Money loan
Our calculator lets you pick how much you want to borrow, over a timeframe that suits you, to estimate how much you would pay back each month and overall. We base our calculations on 118 118 Money’s representative APR, but it’s important to note that credit is subject to status and your circumstances may affect the rate you are offered.
How does a 118 118 Money loan hold up against the competition?
Before you take out a personal loan, it’s smart to read up and shop around. You can use the table below to see how much the loan you have in mind costs with a range of lenders.
What's in this review?
- Calculate the cost of a 118 118 Money loan
- How does a 118 118 Money loan hold up against the competition?
- What is 118 118 Money?
- Is 118 118 Money a payday loan?
- Key features of 118 118 Money personal loans.
- Am I eligible for a 118 118 Money personal loan?
- How do I apply?
- How long do 118 loans take to come through?
- Frequently asked questions
118 118 Money loan rates at a glance
The 118 118 Money Personal Loan (fair credit) charges 35.9% APR representative on loans between £1,000 and £5,000. 118 118 Money offers the loan with repayment terms between 1 and 2 years and applicants can apply to borrow from £1,000 to £5,000.
The 118 118 Money Personal Loan (poor credit) charges 99.9% APR representative on loans between £1,000 and £5,000. 118 118 Money offers the loan with repayment terms between 1 and 2 years and applicants can apply to borrow from £1,000 to £5,000.
What is 118 118 Money?
118 118 is a well-known directory enquiries provider. It has always branched out into a broad range of sectors, so it’s no surprise that it’s ‘Money’ department offers personal loans.
118 118 Money focuses on small loans over short terms – offering loans between £1,000 – £5,000 over 1-2 years with monthly repayments made over 12, 18, or 24 months. You can apply online and they provide a 24/7 helpline if you have any problems during your application.
Personal loans can be used for most things, but while other providers may limit the reasons they accept for an application, 118 118 Money allows you to use the loan however you wish.
Is 118 118 Money a payday loan?
No. 118 118 Money offers instalment loans with a minimum term of 12 months.
Key features of 118 118 Money personal loans.
118 118 Money offers personal, unsecured loans from £1,000 – £5,000. Unsecured loans are not secured against your assets, for example your home. They offer repayment periods of either 12, 18, or 24 months.
You can use their personal loan calculator to see how much your monthly repayments might be, which will help you to determine the affordability. Their offer will be valid for 5 days, so you can take your time to decide whether you wish to accept it or not.
- Loan terms from 1 to 2 years. You can choose either 1 year, 18 months, or a 2 year repayment period.
- Loan amounts from £1,000 to £5,000. Subject to assessment of your personal circumstances.
- Fixed monthly repayments. The interest rate is fixed, meaning you’ll pay the same amount each month, and you know how much the loan is going to cost you overall.
- Make additional payments. You can make overpayments at any point during the agreed loan term. If you repay your loan early you may be entitled to a rebate on your interest.
- Easy management through online account. You can view your current balance and recent payment history via your online account at any time.
What is APR?If you’re comparing any credit-based products, it won’t be long before you’ll come across the Annual Percentage Rate (APR). This figure is designed to provide an annual summary of the cost of a loan. It takes into account both interest and any mandatory charges to be paid (for example an arrangement fee) over the duration of a loan.
All lenders must calculate the APR of their products in the same way, and must tell you the APR before you sign an agreement, so for consumers it can be a handy tool for comparison.
Bear in mind, however, that lenders are only obliged to award this rate to 51% of those who take out the loan – the other 49% could pay more. That’s why it’s often referred to as the representative APR.
Am I eligible for a 118 118 Money personal loan?
You should only apply for a 118 118 Money personal loan if you’re certain you can meet the repayment terms, and you meet the following criteria:
- You must be between the ages of 18 and 70.
- You must be a UK resident.
- You must hold a current UK bank account and debit card.
- You must have a monthly net income of more than £700.
- You must be employed or self-employed.
What credit score do I need to get a 118 118 Money loan?
118 118 Money typically offers loans to applicants with fair or poor credit ratings (if you have good credit, you may be able to get better rates elsewhere). It's important to note that your credit record is just one factor that 118 118 Money will consider, however.
A "Fair" or "Poor" (or "Very poor") credit rating means a score below 881, if you're referring to Experian's scale, 420 if you're referring to Equifax's scale and 604 if you're referring to TransUnion's scale.
Do 118 118 Money loans give an instant decision?
No, currently decisions aren't instant. However, you can use the soft search eligibility checker to instantly find out your chances of getting approved (this won't affect your credit score).
Can I get a second 118 118 Money loan?
118 118 Money doesn't allow you to run multiple loans at the same time.
Can I make overpayments on a 118 118 Money loan?
Yes, you can make overpayments without incurring any penalty fee. However 118 118 Money can continue to charge interest for up to two months on any sums overpaid, so although making overpayments stands to save you money in interest, you may not save quite as much as you'd imagined.
How do I apply?
First, you can use this eligibility checker to find out if you'd be likely to get approved for a 118 118 Money loan . This won't impact your credit score.If you’ve decided that a 118 118 Money personal loan is for you, then make sure you have the following information handy for your application:
- Your mobile phone number.
- Your email address.
- Your home address.
- Your employment history.
- Your net monthly income.
- Your outgoings.
- Your bank details.
How long do 118 loans take to come through?
118 118 Money currently don’t offer instant decisions on loan applications, but will notify you as soon as your application has been processed. Once you’ve completed your application, 118 118 Money aim to deposit your loan money within 24 hours of you being approved.
Frequently asked questions
More guides on Finder
Income protection insurance
Worried about losing your income and want to know how you can protect it? Compare income protection insurance policies and find the best one for you.
Which banks give you money for switching?
We look at switching bonuses, what they are, how they work, and which banks offer the best ones. If you’re fed up with your current bank, there is no good reason not to switch and get a nice little cash bonus as an extra perk.
Life insurance beneficiary rules in the UK
Find out all about life insurance beneficiaries and the current rules around them in the UK.
Best second charge mortgages of November 2020
Second charge mortgages can allow borrowers to finance big projects, like home improvements. However they come with risk, so it’s crucial to read-up, do your sums and work out what’s right for your circumstances.
Life insurance without a medical
Contrary to popular belief, you can get life insurance without a health check from your doctor. Find out what’s involved.
How to get a £200,000 loan
If you’re considering applying for a £200,000 personal loan, check out this guide which explains how to compare lenders and find the best deal.
How to get a £150,000 loan
If you’re considering applying for a £150,000 personal loan, check out this guide which explains how to compare lenders and find the best deal.
How to get a £100,000 loan
If you’re considering applying for a £100,000 personal loan, check out this guide which explains how to compare lenders and find the best deal.
The UK’s best home emergency cover in 2020
We’ve compiled a list of some of the best home emergency cover providers in the UK and the cover options available.
Switching business bank accounts
The process is quick and simple. In fact, all of the work is done by the bank you’re switching to.