Can I use an emergency loan for unexpected bills?

A personal loan can be used for many legitimate unexpected costs, such as urgent repairs, essential travel, or a one-off household bill, subject to the lender’s terms and your agreement.

Will checking my eligibility affect my credit score?

No. 118 118 Money says its eligibility check lets you see whether you are likely to be accepted before you apply, without affecting your credit score.

How much could I borrow with 118 118 Money?

118 118 Money states that loans are available from £1,000 to £8,000, subject to status, affordability and credit checks.

How quickly could I receive funds?

If approved and you complete the required steps, funds can be sent quickly. 118 118 Money says this can vary from 15 minutes to 2 hours depending on your bank.

Is an emergency loan always the right option?

Not always. Borrowing should be considered carefully. You should think about whether the repayments are affordable and whether there are lower-cost options available to you first.

Emergency Loan Options for Unexpected Costs

Borrow £1,000 to £8,000

Repay over 12 to 60 months

Check eligibility with no impact on your credit score

Representative example: Amount of credit £2,000 for 24 months. Interest rate: 41.2% pa (fixed). 24 scheduled monthly payments of £123.64. Total amount payable: £2,967.43. Representative 49.9% APR.

When an urgent cost cannot wait

Unexpected costs can appear with no warning. A broken boiler, essential car repair, emergency travel, or a large household bill can put immediate pressure on your budget. If you need to spread the cost over fixed monthly repayments, an emergency loan may be one option to consider.

118 118 Money offers personal loans from £1,000 to £8,000, subject to eligibility, with repayment terms from 12 to 60 months. You can start by checking your eligibility before making a full application, and that check will not affect your credit score.

The most important thing is to borrow only if the repayments fit comfortably into your monthly budget. An emergency should not turn into a longer-term problem, so it is worth taking a moment to compare your options before you commit.

3 simple steps if you need money for an urgent cost

Check your eligibility with no impact to your credit score

Review your offer, set up your Direct Debit and sign

Receive funds in 15 minutes*

Check my eligibility This won't affect your credit score. *This can vary from 15 minutes to 2 hours depending on your bank.

What to consider before applying

Check affordability first. Before you apply, work out whether the monthly repayment would still feel manageable after your rent, mortgage, utilities, food, and other essentials.

Borrow what you need, not the maximum. If you only need enough to cover one urgent expense, keeping the amount realistic may reduce the total cost of borrowing.

Consider alternatives. Depending on your situation, you may have lower-cost options available, such as using savings, asking your provider about a payment plan, or reviewing support options from family, friends, or relevant organisations.

Understand the full cost. A lower monthly repayment can sometimes mean a longer term and more interest overall. Make sure you are comfortable with the total repayable amount, not just the monthly figure.

Be aware of missed payment charges. On 118 118 personal loans, missed or late repayments incur a £12 charge. Borrowing should only be considered if you are confident you can keep up with repayments.