What is an instalment loan?

A monthly instalment loan is a type of personal loan that is repaid over a period of time in a series of regular monthly payments.

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Representative APR 49.9%

Representative example: Amount of credit: for months. Interest rate: 41.2% pa (fixed). scheduled monthly payments of . Total amount payable: . Representative 49.9% APR.
Representative example: Amount of credit: for months. Interest rate: 41.2% pa (fixed). scheduled monthly payments of . Total amount payable: . Representative 49.9% APR.


At 118 118 Money we offer unsecured personal loans from £1,000 to £5,000 that are repaid in fixed monthly instalments over 12, 18, 24, 30 or 36 months.

What’s the difference between short term loans and instalment loans?

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 allow you to pay off the loan in fixed repayments over a set period of time, rather than making one lump sum payment.

However lenders who offer instalment loans are 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.

It’s important to remember that each lender has different terms and loan rates so make sure that you check the APR and how much you’ll end up repaying before committing to any loan agreement.

How can I choose the right instalment loan?

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.

It should be remembered that repaying borrowing over a longer term may increase overall interest charges, so if you are consolidating and extending the term of your borrowing, consider this.

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 and durations. 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 are here to help people in many different financial situations, to help you find the loan that matches your needs and reduce the amount of stress involved.

We provide you with the tools to help you choose the right loan for you. Our financial tools section will show you how much you can afford to borrow and repay.

Can I apply for an instalment loan with bad credit?

Yes you can! If you’ve been rejected by your bank because you have a poor, or less than perfect credit, you could still apply and get accepted for a loan with us. We pride ourselves on providing an alternative financial solution for hard workers who have been pushed back by their banks or other lenders because their credit rating is flawed.

We’ve got your back! We look beyond your less than perfect credit score when judging your eligibility for a loan.

You can find out how likely you are to receive a loan from us before you submit your application by trying our no-risk eligibility Quick Check, and your credit rating won’t be affected until you apply.

How much will I pay back each month?

How much you pay back in monthly instalments will depend on how much you borrow, how long you borrow the money for and the APR you’re offered.

If accepted for a loan with us, you’ll know exactly how much you’ll pay back each month, so you can budget accordingly and decide whether it’s the right solution for you.

Applying for a loan with 118 118 Money

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

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 instalment 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. If you have any questions, our friendly team are available 24/7.

Representative 49.9% APR.