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118118Money.com

Quick loans alternative

118118Money.com
  • You could consider a credit card instead
  • Guaranteed credit limit
  • Check your eligibility with no impact to your credit score
Check my eligibility This won't affect your credit score

Representative example: Amount of credit £1,200. Interest rate: 49.0% pa (variable) Representative 49.0% APR (variable)

What is a quick loan?

There is no such product called a ‘quick loan.’ It’s typically a reference to a loan where you’ll have a brief online application with a fast decision turnaround on whether the lender will loan money to you or not. These short term loans are usually high interest loans, so while it sounds great to get money in your bank quickly, taking out quick loans such as these can be risky and could potentially lead into further financial problems as the APR and amount you repay can be extremely high. 

Depending on the amount you require, and your history of managing credit, a credit card may be an alternative. The 118 118 Money Simple Interest Rate Credit Card has a lower representative APR than our personal loans. With a credit limit of up to £1,200 (if eligible), this can provide you with an alternative to a ‘quick’ loan. Ultimately, we recommend doing your research before applying for any form of credit.

Apply for a credit card from 118 118 Money with confidence
Use our eligibility check to find out what credit limit we’ll offer you before you apply, without affecting your credit rating!
Check my eligibility This won't affect your credit score
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The 118 118 Money Simple Interest Rate Credit Card as a quick loan alternative.

If you have a bad credit history, or rather, a less than perfect credit score, 118 118 Money could be an alternative that you’re looking for.

We do consider applications from those with bad credit, we can’t guarantee approval, but our eligibility checker will provide you with an indication if we’re likely to approve your application or not. This doesn’t impact your credit score, but if you’re accepted and decide to complete a full application, we will conduct a full credit search. Some features of the 118 118 Money Simple Interest Rate Credit Card are:

A credit limit of up to £1,200 to give you the flexibility you need. 

Guaranteed APR for complete transparency around your repayments.

You can complete an application online. 

You can also apply for a credit card with bad credit and look to build your score by consistently paying your bill in full and on time. Our eligibility checker can return a decision within minutes typically, in some cases we may need more information.

 

Up to 51 days interest-free on purchases if you pay your balance in full each month. If the balance isn’t paid in full, then interest charges will be applied.

For more information about the 118 118 Money Simple Interest Rate Credit Card and additional features, please click here.

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Want to apply for a credit card?

  • Alternative to a payday loan
  • Check your eligibility with no impact on your credit score
Check my eligibility

How do quick loans work?

Quite a few different lenders offer quick loans, also sometimes referred to as instant loans or fast loans, with some offering a decision within just 10-15 minutes. A lender’s website will start out by asking how much cash you want to borrow and how many instalments your wish to repay your loan back in.

It’s important to make sure you know what your options are. Each lender is different and will offer a variety of APR, terms, length of loan and customer service which is why it’s so important to make sure you go with a lender that you feel best serves your needs.

Getting instant cash into your bank account isn’t always the best idea; some lenders offer high interest loans which means you could end up paying back a lot more than you anticipated. Before applying for and accepting a quick loan, it’s vitally important to take your time to research and shop around for the best loan deal that suits you.

How does a credit card work as an alternative to a quick loan?

A credit card can work as an alternative to a loan if it fits your needs and is affordable for you. With a credit card, you can spread the repayment periods for longer if you require, but this will incur more interest, so bear this in mind.

Dependent on your credit limit, you can choose to use it as and how you need, so it can become a continuous line of credit if used responsibly. If you’re just making the minimum required monthly repayments then, as we explained above, interest will be added to the balance.

However, if you’re searching for a quick loan in the hope of accessing finance instantly, then unfortunately the 118 118 Money Simple Interest Rate Credit Card may not be the best option. If you’re approved for our credit card, it can take up to 10 days to receive this and the PIN number (separately) in the post.

We are also responsible lenders, and we want to ensure our credit options aren’t likely to get you into financial trouble. Therefore, as well as the checks we undertake to ensure the products we offer are affordable to you, we suggest you do your research prior to applying for any credit.

Quick loans for bad credit

If you think or know you have bad credit, it may feel like payday loans or high interest short term loans are the only options available to you. However, this is not necessarily the case.

It is true, if you’ve had issues managing credit in the past, then you may be turned down for credit from your typical high street lender. They may deem you a riskier customer, so they aren’t as willing to lend to you.

But other options are available from certain lenders who consider applications from those with a less than perfect credit past.

At 118 118 Money we like to think our Simple Interest Rate Credit Card may be an alternative to payday or small, short term loans. Although we don’t guarantee approval, we do still consider applications from those with an adverse credit history. So a quick or payday loan isn’t the only option if you have credit problems.

Do 118 118 Money offer personal loans?

Yes, we do offer personal loans too, however we aren’t short term or payday lenders. Our loans range from £1,000 to £5,000, repaid over 12 to 36 months and any missed or late repayments will incur a £12 charge. 

Our loans are fixed rate, this means the monthly repayments won’t change over the loan term. You can use our eligibility check to find out if you’ll be accepted, this doesn’t impact your credit score unless you choose to complete a full application.

How do I know if I’m eligible for a 118 118 Money Simple Interest Rate Credit Card?

If you’re searching for ‘quick online loans’ but don’t think these are right for your needs, you could consider the 118 118 Money Simple Interest Rate Credit Card. If you think this credit card might be a better option, you can check your eligibility before you apply. Our simple tool will let you know if you’re likely to be approved as well as the credit limit we can offer. This will not impact on your credit rating.

To apply for the 118 118 Money Simple Interest Rate Credit Card you’ll need to:

  • Be a UK resident
  • Be aged between 18 and 70
  • Earn at least £8,400 a year
  • Not be in arrears with another lender
  • Have had no default payments in the past six months

Whilst using our eligibility checker, you’ll also need you to provide us with some basic information, such as:

  • Name
  • Email address
  • Date of birth
  • Current employment and residential status
  • Net monthly income
  • Outgoings
  • Home address
Apply for a quick loan alternative from 118 118 Money

Want to apply for a credit card with 118 118 Money? You can try our eligibility check first to see if you’ll be accepted before you apply – and it won’t affect your credit rating.

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Quick Loans Alternative FAQs

Unfortunately, there is no ‘quick’ way to get a loan. All responsible lenders will have due process to follow. This will include credit searches and ensuring you meet the lenders affordability criteria. Some lenders may be able to provide a quick decision on a loan, but the disbursement of funds isn’t necessarily instant.

All loans, if used responsibly have the potential to improve your credit score. If you repay the loan in the time agreed with the lender and also manage your other credit lines appropriately, this can have a positive impact on your credit score. This demonstrates to lenders that you’re able to manage credit. On the other hand, if you miss or make late repayments, your credit score will be negatively impacted.

If you want to know more about the 118 118 Money Simple Interest Rate Credit Card, please don’t hesitate to get in touch with our Customer Services team.

You can give them a call on 02920 548118* – lines are open from:

8am – 7pm Monday to Saturday
9am – 5pm Bank holidays

Closed – Sundays

You can also use our web or app chat too.

*02920 numbers are charged by your provider as a UK national number.

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Ready to apply for a credit card from 118 118 Money?

You can try our eligibility check first to see if you’ll be accepted before you apply – and it won’t affect your credit rating.

Check my eligibility
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