Once your credit score has been checked, the 118 118 Money team could offer you a loan ranging from £1,000 to £5,000. After your credit score is taken into consideration, you are free to apply for any of our loan amounts and choose your repayment period and schedule. In addition, you can use our loans calculator on the home page for a brief overview of what you could have to pay and budget for on a monthly basis. The amount of money borrowed and the repayment period can vary depending on the individual. With the flexibility of the loan amount at 118 118 Money varying, customers contractual agreements are all different depending on their credit file and the actual amount they wish to borrow.
There are many reasons to borrow money and apply for a loan. The range of loans we offer at 118 118 Money should be adequate for most circumstances if and when they should occur. Smaller loans starting at £1,000 can often be shorter term loans where customers are looking for consolidation- loans, or could even be for emergencies when unexpected bills occur. A £5,000 loan could help you pay for home improvements and house renovations as opposed to bills, which would be more identifiable with shorter term, smaller loans in terms of the amount from the lender.
118 118 Money loans do not exceed £5,000
We cannot give you a loan for more than £5,000, even if you have an excellent credit score. The loans we offer range from £1,000 to £5,000.At any given time you cannot have more than one outstanding unpaid loan with 118 118 Money, but we will happily process another loan application once you have repaid the first loan fully, subject to our standard application process. Therefore the current limit unfortunately cannot be exceeded. However, if you are looking for a larger amount than a £5,000 loan, then maybe 118 118 Money aren’t right for you at this stage.
There are other alternatives than being tied down to a big loan over £5,000, so it’s always important to do your research and see what other options are available to you. Use our 118 118 Money borrowing money guide and see what could work for you, after all you might not need such a big loan once you’ve got organized, planned efficiently, and budgeted for the calendar months in advance.
Pay off your £1,000 to £5,000 loan early with 118 118 Money
You can make a partial or complete repayment at any time. Just call us to find out how much is still owed on your loan and how much you wish to repay. This flexibility is always handy if your situation or circumstances were ever to change during the loan repayment period; for example, the loan may no longer be needed due to an unforeseen situation, leaving you to pay off the loan in full or in larger amounts. The option to pay off a loan early also may have a positive impact on your credit score; the ability to repay credit on time, and actually fulfil the repayment agreement could see you gain a better score as you are less likely to be perceived as a risk to lenders.
When making an application and looking into the idea of getting a loan, be sure to ask as many questions as you can in relation to your loan and what options you have once you’re in the contractual agreement.
Feel free to talk to the 118 118 Money team today, and see what type of loan we could offer you. If you prefer to view the loan types online, browse the website and take a look at our online guides, tips, and advice and make an application via your desktop, tablet, or mobile device.