What are 18-month loans?

There are times in life when you need financial help. Your car may need urgent repairs that you haven’t planned for, or perhaps you need to replace the broken boiler in your home.

The last thing you want is to get into debt just to try to make ends meet. This is one reason why 118 118 Money offers unsecured personal loans from £1,000 to £5,000 over various loan periods from one to two years.

Our 18-month loans are based on a fixed interest rate, making your monthly repayments more affordable and unlike variable rates, these repayments will not vary, helping you to manage your finances more easily. As long as you pay each instalment on time, you can rest easy that there are no added fees or hidden small print to contend with later.

We offer 18-month unsecured loans, which means you are not at risk of losing an asset such as your home or car if you miss your repayments.

18-month loans with 118 118 Money

Our 18-month personal loans can be used to help finance any purpose, from purchasing a car, paying for your wedding day, funding a new career venture to consolidating your existing loans. Taking out an 18-month loan with 118 118 Money could help put you back in control of your finances.

Before contacting a lender, the first question you need to ask yourself is how much you can pay back each month without putting yourself into more financial difficulty. Use our personal loan calculator to find out how much you can borrow based on your individual circumstances. Choose the amount you require from £1,000 to £5,000 over an 18-month period. Our calculator will give you an idea of what your monthly repayments will be as well as the APR (Annual Percentage Rate) and your credit interest rate.

Once you’ve decided on the loan amount, you can then apply for a personal loan online. Our application process is simple, and once it’s been approved you could have the money in your account within 24 hours.

You can simplify the application process by having the necessary information to hand. You will need your bank details, a record of your monthly outgoings, residential addresses from the past three years, as well as details of your employment history and your net monthly income.

An affordable loan even for those with less than perfect credit

We review each application individually, and even if you have less than perfect credit, we will try to provide you with a loan where possible.
You should be aiming to improve your credit rating and even making small changes to your lifestyle and financial planning can have a big impact. Check out our top 10 tips on how to improve your credit rating.

We take a sensible approach to lending and will never offer more than you can actually afford. We want to make sure our loans are easily accessible and will let you know from the start how much money you need to set aside each month. You can make a partial or full repayment at any time, however if you are struggling to make the repayments, you should speak to a member of our team as soon as possible.

What to consider before taking out a loan

If you are aged over 18, are currently employed or self-employed, and earning a monthly net income of more than £700, you could be eligible for an 18 month loan. You must also be a UK resident and hold a current UK bank account and debit card.

It’s essential that you check the APR prior to taking out a loan. This accounts for the interest and charges that you will need to pay in one year and will vary between different lenders. We offer three APRs: 35.9%, 79.9%, and 99.9%. The rate you receive is based on the information supplied in your application.

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.