118 118 Money offer a diverse range of loan types, including secured, guarantor, and bad credit loans, catering to various financial situations. You can also make overpayments However, it's important to note that 118 Money loans have high APR rates. Despite these drawbacks, for those in need of loan options tailored to specific circumstances, 118 Money provides a range of choices to explore.
Best for: Short terms
Pros
You can apply if you're self-employed
You can make overpayments or repay the full early
Offers a range of loan types including, secured, guarantor and bad credit loans
Cons
High APR
Limited loan amounts
Representative example: Borrow £2,000.00 over 2 years at a rate of 49.9% p.a. (fixed). Representative APR 49.9% and total payable £2,967.36 in monthly repayments of £123.64.
Table: sorted by representative APR, promoted deals first
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.
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Please note: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.
Late repayments can cause you serious money problems. See our debt help guides.
How does a 118 118 Money loan hold up against the competition?
Table: sorted by representative APR, promoted deals first
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.
Please note: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.
118 118 Money loan rates at a glance
The 118 118 Money Personal Loan charges 49.9%APR representative on loans between £1,000 and £5,000. 118 118 Money offers the loan with repayment terms between 1 and 3years, 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 its “Money” department offers personal loans.
118 118 Money focuses on small loans over short terms – offering loans between £1,000 and £5,000 over 1 to 3 years with monthly repayments made over 12, 18 or 24 months. You can apply online, and it provides 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 an application, 118 118 Money allows you to use the loan however you wish.
Is 118 118 Money a payday loan?
118 118 Money is not a payday lender. It 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 to £5,000. Unsecured loans are not secured against your assets, for example, your home. It offers 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.
Quick overview of 118 118 Money personal loans
Loan amounts
From £1,000 to £5,000
Loan terms
From 1 year to 3 years
Age eligibility
18 years and over
Application fee
No application fee
Repayment holiday
Repayment holiday not permitted
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 considers, however.
A "Fair" or "Poor" (or "Very poor") credit rating means a score below 881 if you're referring to Experian's scale, 531 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 2 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 Finder's 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, 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 doesn’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 aims to deposit your loan money within 24 hours of your approval.
118 118 Money customer reviews
In our independent 2024 customer satisfaction survey, 79% of 118 118 Money’s users said they’d recommend the brand to a friend. Customers highlighted the bank’s simple application process and good customer service. However, some cited high interest rates. Here’s what some of those 118 118 Money customers had to say:
“Customer services were great and my loan was approved fast”
“The monthly repayments are very manageable and if I ever have trouble paying all I have to do is get in touch with them”
“Although the fees are quite high, they they did accept my loan application when most other providers wouldn’t.”
Customer support
You can call customer support on 02920 548 118. You can also talk to live chat agents on 118 118 Money app for general queries.
Frequently asked questions
Yes. Use the 118 118 Money QuickCheck. It reviews your information and telld you whether you are likely to qualify for a loan. QuickCheck does not affect your credit rating.
118 118 Money requests your credit report from Callcredit and/or Experian. This, plus the information you have provided through your application, is usually enough for it to make a decision. In some cases, 118 118 Money may require additional information, but it will contact you on this occasion.
Yes. 118 118 Money considers all applications individually and fairly by considering the individual circumstances.
118 118 should give you a confirmation call shortly after your loan is accepted. After this, the money should be deposited into your account within 24 hours.
If you change your mind, you’ll have 14 days to notify 118 118 that you’d like to withdraw your application, which can be done in writing or by phone. You’ll need to repay the amount borrowed within 30 days of making contact.
Yes, early payments can be made at any time. Early or partial settlement quotations, valid for 28 days, can be provided by phone.
No. While you are free to shorten your loan term via early payments, it can’t be extended beyond the term agreed when the loan was first taken out.
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.
Chris Lilly is Head of publishing at finder.com. He's a specialist in personal finance, from day-to-day banking to investing to borrowing, and is passionate about helping UK consumers make informed decisions about their money. In his spare time Chris likes forcing his kids to exercise more.
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