118 118 Money Loans
Borrow £1,000 to £8,000 with repayment terms from 12 to 60 months. Competitive fixed rates, no guarantor, and eligibility check without credit impact.
118 118 Money offers personal loans in the UK ranging from £1,000 to £8,000. You can repay over flexible terms between 12 and 60 months, allowing borrowers to find the most suitable repayment schedule. The fixed annual interest rate starts at 41.2% (representative APR 49.9%), so your monthly payments are predictable for the full loan term.
To apply, you can check your eligibility online before any impact on your credit score. If pre-approved, you simply complete the application, digitally sign the agreement, and, upon acceptance, funds are typically deposited to your bank account within 15 minutes to 2 hours depending on the bank.
Step-by-Step: How to Apply
- Visit the 118 118 Money loans site and use their eligibility checker
- Provide your basic details and desired loan amount
- Review the personalised offer and repayment terms
- Sign your credit agreement if happy with the offer
- Receive funds typically within 15 minutes after approval
Highlights: Pros of 118 118 Money Loans
One of the standout advantages is the eligibility check that leaves no trace on your credit file. This allows you to shop around safely.
The loans do not require a guarantor, so most applicants can apply independently. Repayment flexibility, with terms up to 60 months, helps make it easier to budget each month.
Considerations: Possible Cons
The representative APR of 49.9% is high compared to high-street banks and may not be the best rate for those with good credit.
Additionally, only loans between £1,000 and £8,000 are available, so larger amounts or lower rates are not offered through this product.
Our Verdict
118 118 Money Loans offer a straightforward, fast and accessible option for those needing funding, even with imperfect credit. The transparent terms and quick payout make it suitable for borrowers seeking convenience. However, carefully consider the relatively high APR and compare with alternative lenders to ensure the best deal for your circumstances.