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.
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?
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.
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 3 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 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 terms||From 1 year to 3 years|
|Loan amounts||From £1,000 to £5,000|
|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
118 118 Money has received positive reviews from customers, according to review site Trustpilot. It currently has an “excellent” rating of 4.7 out of 5, based on more than 34,000 reviews (updated August 2023). Many customers praised the quick and easy loan process and quick funding.
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.
Granted you meet the eligbility criteria, 118 118 Money offers attractive personal loans with funds between £1,000 and £5,000. The personal loans lender is highly rated by customers due to its quick funding and straightforward application process. But as with all borrowing, make sure you compare all your options before applying.
Frequently asked questions
More guides on Finder
Interest inequality: Major UK banks lag behind global savings rates
Finder collaborated with the smart money app, Plum, to compare how easy access savings rates around the world compared with the local base rate.
How to buy OpenAI shares when it goes public
Everything we know about the OpenAI IPO, plus information on how to buy shares.
7 simple ways to boost your savings
Many households in the UK are struggling to save, so Finder’s experts have put together these tips to help you boost your savings.
Autumn Statement 2023: What it means for you
Finder’s experts explain the impact of the changes your finances.
How to open a business bank account in the UK
Discover how to open a business bank account in the UK, from the documents you’ll need to whether you’re eligible for a business bank account, we’ve got it covered.
Global savings: Comparing interest rates across countries
We looked at how global savings interest rates fared against the UK base rate in 10 countries around the world.
Your survival guide to the Black Friday sales 2023
Learn Finder’s 7 tips for how to play the sales and win. Plus, our video reveals the discounts we expect to see from top brands this year.
How to invest in mutual funds
Looking to diversify your investment portfolio? Mutual funds could be a good addition. Here’s how they work.
Financial stress and mental health statistics UK
7 in 10 Brits (70%) have experienced financial stress, so we look at the latest statistics to see the impact money has on our mental health.