- Consolidate existing loans on a better rate
- Improve your bathroom suite
- Purchase a second hand car
- Anything else!
You may have been turned down for a loan in the past or maybe your credit score isn’t the best right now. At 118 118 Money we appreciate it can be frustrating and stressful if you can’t get the money that you need to improve your quality of life, especially if you know you could pay a simple loan back with affordable monthly payments.
“My bank have rejected my loan application, can I still apply with 118 118 Money?” Yes!
What is an unsecured loan?
Unsecured loans or personal loans are not secured or guaranteed by any asset or other person. Whether you have a good credit score or a poor one, our simple £2,000 loan with options to pay back over 12 months, 18 months or 24 months could be right for you.
Do I have to spend the loan on a bathroom?
Your loan money can be spent on anything that you like but we will ask what you intend to spend it on so we can get a better understanding of your application. This isn’t about getting you into debt with a loan; this is about finding the best financial solution for you.
Can I still apply even if I have poor credit?
Yes! These days, not many people have a perfect credit score but it doesn’t mean you can’t pay a loan back. Evidence of missed payments are likely to stay on your credit file for three years and a County Court Judgment or bankruptcy will be remain on your file for six years. If you are unsure about what it says on your credit score you can check it by using Experian, Equifax or CallCredit, credit companies that can let you see what is on your credit report.
If you can demonstrate stability and show that the monthly repayments are affordable then there is a good chance that 118 118 Money can help you.
How do I know if I am eligible to apply?
You are welcome to apply if you:
- Are aged over 18
- 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
What is APR?
APR stands for the Annual Percentage Rate of charge. It is the best way to compare different loan offers because it takes into account not just the interest on the loan but also other charges you have to pay (e.g application fees).
We always recommend checking the interest rate, the APR and the monthly repayments. Rates from 35.9% APR – 99.9% APR fixed. The rate you receive is based on the information you provide in your application.
Oh, and for the record we don’t have any hidden fees!
Can you give me more information?
Please check out our FAQs page. If that doesn’t answer all your questions quickly and easily, simply call us 08000 118 000 or 02920 893300*.
You can also check out our Top 10 tips on how to improve your credit rating
How long will it take until I receive the money?
By applying online and providing as much information as possible you will help speed up the process. If approved, you will receive a welcome call from us just to confirm a few details. Once we’ve completed that call, we aim to deposit the money into your bank account straightaway.
What do I do now?
The first step is to decide how much you need to borrow and what loan term will suit you. Here at 118 118 Money we offer three different loan periods over 12 months, 18 months and 24 months. The more information you can provide the easier it will be for us to review your application. If you would prefer to talk to us about your application, call us on 08000 118 000 or 02920 893300*.
(*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.)
We aim to review your application as quickly as possible and we will base our lending decision on a range of factors including your ability to repay the loan in monthly instalments, and your previous financial history.
If your application is approved, we will let you know as soon possible that you qualify for a loan with 118 118 Money. It’s important that you check you are happy with the interest rate, the APR and the monthly repayments and let us know if you have any queries.
We will set up a direct debit mandate to the bank account specified in your application enabling us to collect the monthly payments over the agreed term of your loan.
The money will usually be in your bank account within 24 hours. That’s £2,000 of much-needed cash straight into your account.