118 118 Money loans: At a glance
118 118 Money Personal Loan
1 to 3 years
£1,000 to £5,000
49.9%
No
Representative APR 49.9%. Based on a loan of £2,000 over 24 months at an interest rate of 41.2% p.a. (fixed). Monthly repayments of £123.64. Total amount payable £2,967.43.
- Must be between the ages of 18 and 70
- Must have a minimum yearly income of £8,400
- Must be employed or self-employed
- Must be a UK resident and hold a current UK bank account and debit card
NerdWallet has partnered with Monevo who will check your eligibility.
118 118 Money provides credit cards and unsecured personal loans of between £1,000 and £5,000. You can use a 118 118 Money loan to cover a range of costs, including emergency expenses or a large purchase, such as a car. It considers applications from people with patchy credit histories who may struggle to get approved for a standard loan.
Unlike some lenders, 118 118 Money also has a mobile app you can use to manage your loan and repayments.
» MORE: Best loans for bad credit
118 118 Money loans pros & cons
Pros
- You could get the money in your account within a couple of hours.
- 118 118 Money has a mobile app that you can use to manage your loan.
Cons
- 118 118 Money will apply interest charges if you want to pay off your loan early.
- You can’t apply for a joint loan.
While we aim to provide accurate information, we cannot guarantee that all details will remain applicable to your specific circumstances. Product terms and conditions can change and you should conduct your own research before applying for any product. This information should not be considered a recommendation, always check the provider’s official terms.
As with any loan, it’s sensible only to borrow what you need and pay it back as quickly as possible based on what you can comfortably afford to repay each month. Before applying for a bad credit loan you must consider your alternatives and whether you could keep making the payments if an unexpectedly high bill landed on your doorstep or you lost your job, for example.
Consolidating multiple debts into one loan can extend the term of your borrowing and increase your cost of borrowing. Missing payments will make an already bad credit score worse and can cause you serious money problems.
Before applying you can also use a loan eligibility service to conduct a soft search across multiple lenders to find out your likelihood of a successful application for several different loans, without affecting your credit score. But check how many lenders the service you use checks and make sure it only uses soft searches.
Other loans may be available in the UK loans market that are not included in this service.
Am I eligible for a 118 118 Money loan?
To qualify for a loan from 118 118 Money, you need to:
- be a UK resident
- be between 18 and 70 years old
- be employed or self-employed
- earn at least £700 a month (after tax and other deductions)
- have a UK bank account and debit card
This is the minimum criteria set by 118 118 Money. If you meet these requirements, 118 118 Money will look at your overall financial situation and your credit history to make a final decision on whether to offer you a loan.
Help if you’re struggling with debt
Late repayments can cause you serious money problems. Consolidating multiple debts into one loan can extend the term of your borrowing and increase your cost of borrowing.
If you are struggling with debt, you can seek advice from a debt advice service, such as:
- Citizens Advice
- MoneyHelper (formerly The Money Advice Service)
- National Debtline
- StepChange
- The Money Charity
118 118 Money loans FAQs
Once your application is approved, 118 118 Money will call you to confirm some details. After this, it typically transfers the money to your account within 15 minutes to two hours.
118 118 Money isn’t a payday lender. It is a lender that offers unsecured personal loans.