What is an instalment loan?

An instalment loan is a type of personal loan that is repaid over a period of time in smaller regular payments. Instalment loans from 118 118 Money can help you to cover unexpected expenses or an emergency you hadn’t planned for with flexible and reasonable repayments.

How do instalment loans work?

The main difference between a short-term loan and an instalment loan is in the number of repayments you need to make before you have paid off your debt. Instalment loans are flexible to suit your needs and allow you to pay off the loan in fixed repayments over a set period of time, rather than making one lump sum payment. Lenders may also be able to offer approved customers larger amounts than short-term lenders, along with more affordable monthly payments and a longer period of time to repay.

118 118 Money provides you with the tools to help you choose the right loan for you. Our budget worksheets will show you how much you can afford to repay. You can also perform a quick credit check, which instantly lets you see if you could be approved but does not show up on your credit report or impact your credit score.

How can I choose the right instalment loan for me?

If you are thinking about taking out a loan, perhaps to pay for an unexpected car repair or to consolidate your existing debts, it’s important to choose the right one for you.

When applying for personal loans, we recommend doing your research, especially if you have a less than perfect credit history. Check what APRs are available for a range of different loan amounts. Why pay more? 118 118 Money makes this easier for you by comparing rates, so that you don’t pay more than you need to for your loan.

We want to make sure that every one of our customers knows that they’re borrowing from a reliable company that puts its customers first. One thing to remember is that you are not alone! 118 118 Money is here to help people in many different situations, to help you find the loan that matches your needs and reduce the amount of stress involved.

Check out our how to borrow money and money guidance sections to help make your decision easier.

How do 118 118 Money loans work?

Our simple four step online application form can be completed on any device, which makes it quick and easy, and you can apply for your loan at a time that suits you.

Each and every application will be looked at individually by our team of dedicated underwriters, who will assess your suitability for a loan, even if you might have had problems with your credit in the past.

At 118 118 Money we don’t lend more than you can afford. We’ll let you know exactly how much you can borrow and what your fixed monthly repayments will be, so that your repayments will fit into your monthly budget.

Best of all, our loan terms are clear, straightforward and there are no hidden fees or upfront payments. We want to provide you with a transparent and simple service, so that you know exactly what you are getting from us. We are available 24/7 for anything you need.

No interest to pay on your birthday

Everyone likes a nice surprise on their birthday, and so as a gift from us, we’ll refund one day’s interest on your actual birthday. Just think of it as a present from us to you.

Representative example: Amount of credit £1,800 for 24 months. Interest rate: 71.3% pa (fixed). 24 scheduled monthly payments of £142.65. Total amount payable: £3,423.67. Representative 99.9% APR.

Rates from 35.9% APR - 99.9% APR fixed.