• Find out how to get a loan
  • What information you need to give
  • How to make sure you are a strong applicant

You have researched the different types of credit available and have decided a loan is the best option for you.

But what’s next?

There are a number of things to bear in mind before making that loan application.

Where do you go to get a personal loan?

There are many options to find a personal loan that suits you. It could be via a high street bank, a financial advisor, an independent lender or an online loan company like 118 118 Money.

You may want to approach a lender you have dealt with in the past and have trust with but, because interest rates and terms differ with each provider, we suggest it’s always worth checking out a few different loan products before making your choice.

What do you need to get a personal loan?

Most lenders will welcome you to apply if you are a UK resident between the ages of 18 and 70, hold a current UK bank account and debit card and have a consistent monthly net income of a specified amount (£700/month for a 118 118 Money loan).

Some lenders may have other criteria. For example, they may ask that you are employed full-time and earn at least £10,000 a year or have lived in the UK for at least three years to be a successful applicant.

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

Some lenders only offer loans for specific reasons (i.e. mortgage, car loans, consolidations) but with a 118 118 Money loan you may use the money however you wish.

What makes you a strong applicant?

If you meet the key criteria, have a good credit score and/or can demonstrate the monthly payments are consistently affordable then you will be a strong candidate for a loan.

Checking credit history for a personal loan

Most lenders like to see your credit history and will check your credit score after you have submitted an application. You can check your credit file before applying for a loan by using agencies like Experian, Equifax or Callcredit.

You should look after your credit and take some time to check your credit score and credit report before you apply for a loan.

Multiple loan applications will affect your file so it’s best to get the application right first time by making sure your credit report is as good as it can be.

Click here to find out the top 10 tips on how to improve your credit rating.

Choosing a loan with 118 118 Money

We offer unsecured loans between £1,000 and £5,000 with fixed monthly payments over 12 months, 18 months or 24 months. The best option will vary depending on your personal needs and we are more than happy to discuss these choices with you. Simply call the 118 118 Money team on 08000 118 000/02920 893300*.

What information we will ask you for when you apply online

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

Please ensure your application is as detailed and honest as possible as this will help your chances and speed up the application process.

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.

Do I have to pay anything during the application process?

Some lenders will charge an application/set-up fee during the application process. You’ll be pleased to know there are no upfront costs with a 118 118 Money loan.

You’ve decided on your loan product, checked your credit report, collated the information you need….now time to apply.

We make the application process as easy as possible for you, so you can click here to 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.

Apply Now

If you need any help during the online application process, the 118 118 Money team is available 24/7 on 08000 118 000 or 02920 893300*.

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 affected your application the first time around.

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.

(*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.)