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Loan application – the process of making an application with 118 118 Money.

  • How to apply
  • How we decide
  • How to improve your chances of getting a loan and paying debt off

We’re pleased you are considering taking a loan with 118 118 Money and hope you have found one that suits your needs.

Whether you are still researching loan options or have already completed the online form, this page explains a little more about the application process. If you are unsure of any terminology you’ll find our loan glossary page very useful!

Who can apply?

You are welcome to apply if you:

• Are over 18 years of age
• Are a UK resident
• Hold a current UK bank account and debit card
• Have a monthly net income of more than £700
• Are employed or self-employed

Choosing a loan

You can choose a loan amount between £1,000 to £5,000 with 118 118 Money. These are unsecured loans with a choice of paying back over 12 months, 18 months, 24 months, 30 months or 36 months. The best option will vary depending on your personal needs and we are more than happy to discuss these choices with you. Missed or late repayment fees will be subject to a £12 charge. 

How do I apply?

We make the application process as easy as possible for you, so you can apply online. This is a secure process and avoids you worrying about lost application forms in the post, or your personal details sitting in someone’s office in-tray for all to see. It also means you can make the application in your own time.

If you need any help during the online application process, the 118 118 Money Lending Team is available 24/7 on 02920 548 118.

What do I need to apply?

There are four main sections to complete during the online application: details of the loan > about you > your income > bank details.

The information we will ask you for will include:

• Mobile phone number
• Email address
• Home address
• Employment history
• Net monthly income
• Outgoings
• Bank details

Why do you need my bank account details?

We ask for your bank account details in order to know where to deposit your loan, and where to collect your monthly payments by direct debit. Having this information straight away significantly speeds up the application process and cuts administration time and costs.

Are my personal information and debit card details safe?

Rest assured your personal data is secure with us. We maintain strict physical, electronic, and procedural safeguards to keep your personal information secure in compliance with our privacy policy.

Do I have to pay anything during the application process?

No, you’ll be pleased to know there are no administration or application fees for 118 118 Money loans.

Can I apply for a loan and receive money over the weekend?

Yes. The benefit of online applications is you can apply at any time convenient to you. Our team processes applications and send funds seven days a week. If your application is processed and approved in the evening, you may not receive funds until the next day.

My credit score isn’t great, can I still apply?

Yes! These days, not many people have a perfect credit score if you can demonstrate stability and show that the monthly repayments are affordable then we can help.

In the meantime, check out our top tips on improving your credit score.

How do I check my credit report?

You can get your credit report online from any one of three credit reference agencies in the UK listed below:

• Noddle

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 read the cancellation terms or you could get stuck paying for a report you only need to check occasionally.

What documentation will I receive before my loan agreement?

Before sending you your agreement, we’ll send you pre-contractual information along with an explanation sheet. This will give you important information for you to consider regarding your loan prior to signing your loan agreement.

Will I get an answer straight away when I apply online?

You’re not just a number so our decision won’t be instant but we will make a decision as quickly as we can for you. Please remember to complete the entire application form and carefully read the documents we email you.

How do you decide if my application is successful?

It all comes down to your ability to repay the loan based on what you tell us, how well you’ve managed credit before, your financial profile, and what the credit agencies tell us. It’s in your best interest to complete your application form as accurately as you can.

We appreciate that not many people have a perfect credit score but if you can demonstrate stability and show that the monthly repayments are affordable then we can help.

Will the decision be affected by what I use my loan for?

Not at all. We’re interested in understanding why you might want a loan, but you may use the money however you wish.

How can I check on the status of my loan application?

You can call us at anytime on 02920 548 118*.

If my loan application is rejected, can I try again?

Yes. If your financial circumstances change, we welcome you to re-apply after 180 days. Before you do so we recommend checking your credit report again and any other details that may have effected your application the first time around. Again, feel free to contact us before reapplying to discuss how your circumstances have changed.

What can I do if I’m unhappy with your loan decision?

If you have any additional information you believe wasn’t taken into consideration at the time of your original application, please get in touch. We’ll then review this information and let you know our decision.

If my loan application is accepted, can I change my mind?

Of course – even after your loan is approved, you’ll have 14 days to withdraw from your credit agreement. Just let us know – either by writing to us at 118 118 Money, 5th Floor, 1 Capital Quarter, Tyndall Street Cardiff, CF10 4BQ or by phoning us on 02920 548 118*.

Remember that you’ll need to return not only the money you’ve borrowed but also any daily interest that has accrued.

Can I reduce the loan amount that I wish to borrow?

Yes, you can reduce the loan amount anytime during the application process, providing the loan has not already been deposited. Contact us on 02920 548 118* if you would like to make any changes to your application.

How long will it take until I receive a 118 118 Money loan?

We aim to deposit money within 24 hours of loans being approved. So you can often get it as quick as a payday loan but at a much better rate and with much nicer payment terms.

If you are approved you’ll get a welcome call from us just to confirm a few details. We aim to deposit the money straight into your bank account as soon as we’ve finished the call, so make sure your contact details are correct on the application!

Where can I get financial advice?

If you seek further financial advice then we suggest the Debt Counsellors Charitable Trust, Money Advice Service and the National Debt line.

(*02920 548 118 is charged by your provider as a UK national number.)

Representative 49.9% APR.