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118 118 Money Loans Review [Read Our Expert Opinion]

Jane Wardle

Written by Jane Wardle on February 2, 2018

Updated July 11, 2018

Overall Rated: 5.0 / 5


118 118 Money provides medium term unsecured loans. If you need a loan of up to £5000 and then want to repay it over 12 to 24 months, then their offering may be worth considering. The interest rate charged by 118 118 Money depends on your personal circumstances. You provide this information as part of your application. The APR rate has 3 bands – 35.9%, 79.9% & 99.9% Customers can apply online, and once accepted, will get their loan within 24 hours. The more favourable a customers’ personal circumstances are, the lower the APR% will be.

There are no hidden charges – customers always know upfront the total amount of the loan that they need to repay. Customers can do a “quick check” to see if they’ll likely get a loan – so their credit status will not be affected. If a customer has a less than perfect credit history, the company may still consider him or her for a loan.

The company is regulated and authorized by FCA and is the member of the Financial and Leasing Association. Overall, 188 118 Money has gained a good rating in the market.

Trust & Reputation

Rated 5.0/5

The company has processed more than 340,000 applications in the last 12 months, while more than £150M has been borrowed by the customers to date.

The new, unsecured loans of between £1,000 and £5,000 are aimed at applicants who have been turned down by their bank but don't want to venture into taking payday loans or a loan which is secured against their home. The deals come with representative APR of 35.9%, although applicants who are refused this rate may be offered a much higher 79.9% APR known as a 'second chance' rate. You can choose a repayment term of 12, 18 or 24 months. The loans - which are not secured on your property - come with features such as an interest-free day on your birthday, and a free credit status report every six months. 118 118 offers honest credit guidance, meaning that it will tell you if it thinks a cheaper personal loan from a bank would be a better option for you.

118 118 Money is a member of the Financial and Leasing Association. 118 118 Money is the trading name of Madison CF UK Limited, which is authorized and regulated by the Financial Conduct Authority.

Most of the customers on and have given 188 118 Money 5/5 rating, on average. More reviews can also be seen on other UK-specific review sites.

Expertise & knowledge

Rated 4.0/5

You can apply for a loan from £1000 to £5000 and then repay it over 12, 18 or 24 months. Keep in mind that loans are subject to your credit status meeting the lender's requirements, and an affordability check to ensure that you are not liable to overstretch your budget. The 118 118 loan is a cheaper way to get your hands on the cash you need, and also has the added advantage of a fixed repayment plan that is easier to stick to and removes the temptation of continuing to spend.

However, the unsecured personal loans available from banks and other mainstream lenders are a much cheaper way of borrowing – if you have the credit record required. Although the lowest rates (of around 5%) apply to medium-sized loans of between £7,000 and £15,000, rates on loans of £3,000 still start around 12% over a year – which is a whole lot cheaper than 35.9%. But, of course, these deals are reserved for borrowers with excellent credit histories.

Customer Service

Rated 5.0/5

It's easy to apply for the loan at the company, via email, phone call or face to face meeting for which you can get an instant appointment any time. But keep in mind that until you have provided 118 118 Money with enough information they will not tell you what APR% you will get - other instalment lenders are not like this.

188 118 Money doesn’t charge any hidden fee and customers can use various repayment methods including Direct debit authorization, by phone (using debit card), via the internet (sending money from account to 118 118's) or at a bank branch. Customers can also change their instalment payments or pay off their loan early. There is no fee for doing this. They would need to get in touch with the 118 118 Money customer service team to organize this. 118 118 run a secure online account management service so customers can see their current balance outstanding and see recent repayments. The lender will also send customer an annual statement showing his or her similar information.

The communication modes are quick and include email, call, meetings and social media accounts maintained by the company.

Overall, we can rate 118 118 Money as 4/5 for its specialized personal loans, including unsecured loans, increasing customer base, flexible rates and repayment options and prompt customer service.