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.