Helping your financial situation and improving your credit profile

  • Become financially stronger
  • Get better rates
  • Planning your financial future

We’ve got your back

These days not many people have a perfect credit score but by taking some positive and proactive steps you can improve your credit profile and put yourself in a stronger financial position in the future.

Benefits of a good credit score

• Helps to rent or buy a property
• Can finance a new car
• Helps get lower rates on your borrowing

Issues with a bad credit score

• It can effect your ability to get certain jobs
• It can end up costing you more money
• Puts you in a stressful and restrictive financial situation

Simply put, if your credit score is good then you’ll save money, have a healthier bank balance and will probably be happier!

My credit score isn’t great, so can I actually apply for a 118 118 Money loan?

Of course! We understand that it can be easy for credit scores to be affected with so many choices of credit agreements and life changing circumstances. If you can demonstrate stability and show that the monthly repayments are affordable then we have loans which may be suitable.

Our product has an APR of 99.9%. This is dependant on your credit results, so if you can improve you credit score it could save you money! Check out our tips for improving your credit.

How can I improve my financial situation?

Step one:

Make a list of your monthly income and all your outgoings. Are you running out of money every month? Understand what you are spending your money on – you might be surprised at what you are wasting money on and there could be some things you can easily cut back on. If you have debt, see if you can try to pay off a loan a little quicker.

Step two:

Can you save money on any of your bills? Try comparison sites like and for your utility bills and insurance agreements. Some creditors also offer discounts for setting up direct debits and some charge less if you pay in one go – see where you can get the best discounts off your regular bills and services.

Step three:

Ensure you make payments on time each month (again, setting up direct debits can help). Late payments will generally incur fees, cost extra interest and will affect your credit score.

Step four:

Check your credit report and credit score. You can get your credit report online from Experian, Noddle and Equifax.

You can check your credit report as often as you like and it won’t affect your credit rating or credit score. Some credit report companies offer 30-day free trials but check the cancellation terms or you could get stuck paying for a report you only need to check occasionally. Ironically this could put you in debt!

If there are any inaccuracies on your report then contact them straight away to let them know the current situation.

Step five:

Keep your outstanding credit card balances as low as possible and try to reduce the number of credit cards you have. Mismanaging credit cards is a common reason why many people get into uncontrollable debt.

Even unused credit cards can still affect your credit rating as it affects the total amount of credit available to you. Make sure you tell your provider you want them to be cancelled.

However, don’t get rid of all of all your credit – proving you can manage your credit well actually improves your credit score and can help get you more credit in the future. is a useful source of information.

Step six:

Get on the Electoral Roll. This suggests stability and community involvement; two features lenders like to see. People who have settled in a community are considered to be more likely to pay their bills. Contact your local electoral registration office to find out where to send your ‘register to vote form.’

Step seven:

Review the debt you have – can you get a better deal elsewhere? Can you remortgage on a better deal? Can you consolidate you credit cards or outstanding loans onto a better rate with specific pay off dates so you know exactly when you will be debt free?

Step eight:

Make a plan! Many of us spend hours, days and weeks planning weddings, holidays and Christmas but fail to make plans for a better financial future. It is a great idea to set some goals and establish what you really want to achieve financially and in life. It may be to become debt free, to buy that dream car or to be financial secure in retirement.

Step nine:

Pay off debt earlier! See if you can allocate an additional percentage of your monthly income towards debt repayments or savings for something special. Then check your monthly progress to help you achieve your ultimate goals.

Step ten:

Enjoy becoming financially healthier!

Further information

Please free to chat to us about your loan application, just call us on 08000 118 000 or 02920 893300*.

Or visit one of the following sites:

Debt Counsellors Charitable Trust
Money Advice Service
National Debtline

(*08000 118 000 is free from UK landlines. Calls from other networks and mobiles may vary. 02920 893300 is charged by your provider as a UK national number.)

Representative example: Amount of credit £1,810.48 for 24 months. Interest rate: 71.3% pa (fixed). 24 scheduled monthly payments of £143.48. Total amount repayable: £3443.52. Representative 99.9% APR.

Rates from 35.9% APR - 99.9% APR fixed.