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Weekly Loan Alternatives

  • You could consider a credit card instead
  • Guaranteed credit limit
  • Check your eligibility with no impact to your credit score
Check my eligibility This won't affect your credit score

Representative example: Amount of credit £1,200. Interest rate: 49.0% pa (variable) Representative 49.0% APR (variable)

What is a weekly loan?

As the name suggests, a weekly loan is where you make repayments to your lender on a weekly rather than monthly basis. It still involves borrowing a certain amount of money to be repaid over a set period of time, and there will be interest added. However, a weekly instalment loan simply means you are required to make a series of more frequent repayments for lesser amounts.

Although there are some companies who offer ‘pay weekly' loans, monthly options are far more common. Weekly loans may be more suitable if you get paid on a weekly basis, because you can set up your Direct Debit payments to be made on the same day that you receive your salary.

But remember, with a credit card you can use it as a revolving form of credit. You can choose to repay the entire balance at any time, as long as it’s by or on the due date. Alternatively, you could repay the minimum monthly repayment or make a larger lump sum payment towards the balance. That’s why in some cases credit cards could be an alternative. If you repay just the minimum monthly repayment it’s likely to cost more in the long term and does take longer to repay the balance too.

However, whether a credit card can be considered an alternative will be dictated by your own personal financial situation, circumstances and affordability, and you should make sure you do your own research before deciding.

Apply for a credit card from 118 118 Money with confidence
Use our eligibility check to find out what credit limit we’ll offer you before you apply, without affecting your credit rating!
Check my eligibility This won't affect your credit score
The features of the 118 118 Simple Interest Rate Money Credit Card

If you are considering a credit card, here are just some of the reasons why our 118 118 Money Simple Interest Rate Credit Card could provide the answer instead of a weekly instalment loan:

A credit limit of up to £1,200.

Up to 51 days interest-free on purchases when you repay your balance in full each month.

An application for the 118 118 Money Credit Card can be completed online. 

You can repay your balance in full or via instalments, whichever suits you. There will be a minimum monthly repayment and you should always pay off more than this if you can.

Our eligibility checker is free of charge and it won’t affect your credit rating.


Want to apply for a credit card?

  • Alternative to a weekly loan
  • Check your eligibility with no impact on your credit score

Pay monthly vs pay weekly loans

Weekly repayment loans are usually for relatively small amounts to be repaid over a short period. Therefore by design they are usually aimed at those with bad or poor credit or those who are unlikely to be accepted by ‘traditional’ lenders owing to their credit history.

Monthly loans however are much more common and numerous lenders, including 118 118 Money, offer these. We do consider applications from those who don’t necessarily have a perfect credit history.

Both these types of loans are often unsecured loans, meaning no collateral is considered. They are generally fixed rate loans too, which means the repayment term, amount, and rate of interest are fixed for the duration of the agreement. Missed or late repayments on a 118 118 personal loan will incur a £12 charge.

How do I know if a ‘pay weekly’ loan is right for me?

As with any financial product, you need to be confident that it suits your situation and that you can afford the repayments – whether that’s on a monthly, fortnightly, or weekly basis. Ask yourself how much you need to borrow and how long you need to give yourself to pay it back.

Everyone’s individual circumstances are different, and what works for someone else might not be the right option for you. A weekly instalment loan could be perfect, especially if you get paid weekly, but it’s important for you to understand the alternatives that are available.

We are not weekly loan lenders but we do offer monthly loans and if you decide a loan is not the best fit for your situation, you might find that the 118 118 Money Simple Interest Rate Credit Card is a suitable solution.

Before you enter into any contract, do your research, and carefully read the terms and conditions and don’t be afraid to contact the lender if you have any questions.

Comparing credit cards and ‘pay weekly’ loans



Credit Cards

Pay Weekly Loans

Representative APR

Often lower than weekly loans

Can be higher than credit cards


In full, in minimum instalments or any amount in between

Weekly instalments, potentially with the option to increase those and repay early, can vary by product, however


Can be used as a continuous line of credit, within the credit limit

The agreement ends once you have repaid the loan amount in full, including the interest

Can I get a 118 118 Money Simple Interest Rate Credit Card?

If you think a credit card may be a better fit than a weekly payment loan, you can check your eligibility for free before you apply. It’s a simple tool that lets you know if you’ll be approved as well as the credit limit we can offer. And don’t worry – it won’t have any effect on your credit score. To be eligible for the 118 118 Money Simple Interest Rate Credit Card, you’ll need to:

  • Be a UK resident
  • Be aged between 18 and 70
  • Earn at least £8,400 a year
  • Not be in arrears with another lender
  • Have had no default payments in the past six months

Whilst checking your eligibility, we’ll also require the following details:

  • Name
  • Email address
  • Date of birth
  • Current employment and residential status
  • Net monthly income
  • Outgoings
  • Home address

Will my credit score be affected when I apply?

Applying for credit – a weekly instalment loan, a credit card, line of credit or anything else – can affect your score, although the impact of a single application should be minimal. If you’re approved, you could improve your score by making sure every repayment is met in full and on time and all other credit commitments are met. This shows lenders that you are a responsible borrower.

The reverse is also true, however. If you miss or are late with your repayments, it could negatively affect your credit score. And it can also be harmful to your rating if you make lots of applications in a short space of time, so this is not recommended.

There are credit cards to build credit which are available and some lenders, including 118 118 Money do consider applications from those with poor credit too.  

Will I need a credit check?

Yes. All credit card or ‘pay weekly’ loan companies will do a credit check as part of reviewing your application for credit. It’s worth checking your credit report before you apply, and don’t forget you can always use our eligibility tool, which has no impact on your rating.

How do I get in touch if I have questions?

If you’d like to know more about our credit cards and why they might prove a suitable alternative to weekly loans, feel free to get in touch with our Customer Services team.

You can call us on 02920 548 118 – lines are open from:

8am – 7pm Monday to Saturday
9am – 5pm Bank holidays
Closed – Sundays

Don’t forget, you can also use our web or app chat facilities.

Apply for a weekly loan alternative from 118 118 Money

Want to apply for a credit card with 118 118 Money? You can try our eligibility check first to see if you’ll be accepted before you apply – and it won’t affect your credit rating.

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Weekly Instalment Loan FAQs

Life has a habit of throwing up surprises. When these happen, it can leave you in a tricky financial situation. A ‘pay weekly’ loan could offer you the chance to cope with these unforeseen expenses. These might include:

• Medical treatment
Home improvements
• Vet bills
Car repairs
• Funeral costs

Weekly loan lenders do exist, but 118 118 Money is not one of them. We offer monthly loans and credit cards as our main borrowing options.

If you would like to apply for a 118 118 Money loan, you can use our eligibility tool beforehand – without affecting your credit score. In order to qualify, you’ll need to be:

  • A UK resident
  • Aged between 18 and 70
  • The owner of a current UK bank account and debit card
  • Earning a minimum monthly net income of £1,000
  • Employed or self-employed

As part of your application, we’ll need to know your:

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

We are direct lenders, which means you will only ever deal with us right the way through the process from application to repayment. But we are not a provider of ‘pay weekly’ loans.

The interest on our loan’s ranges between 49.9% and 79.9%. The rate you get will be based on your situation, but it will be fixed, so you’ll always know exactly how much each instalment will be. 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.

As a comparison, the representative APR on our credit cards is 49.0%. Representative example: Amount of credit £1,200. Interest rate: 49.0% pa (variable) Representative 49.0% APR (variable)

Some weekly loan lenders do consider applications from those with bad credit, 118 118 Money however aren’t weekly loan providers.

If your considering applying for a monthly repayment loan with us, then your credit rating is not the only thing we look at when you apply. We’ll also check for your presence on the electoral register and whether you have any CCJs against your name, among other things.

Although we are not a lender of weekly loans, we do consider applications for our loans for bad credit and credit cards for bad credit. We can never guarantee you’ll be approved before you apply, but we want to help you if we can – even if your credit history is less than ideal.


If you are declined for credit but then your situation improves, you can re-apply with us after 180 days. Please be aware that multiple applications in a short period of time can have a negative impact on your credit score, so we would always advise against applications too close together.


Ready to apply for a credit card from 118 118 Money?

You can try our eligibility check first to see if you’ll be accepted before you apply – and it won’t affect your credit rating.