118 118 Money personal loan review, real APR breakdown, repayment terms and who qualifies
118 118 Money personal loan review with a clear APR breakdown, typical monthly repayments and who’s likely to qualify in the UK
Overview of the 118 118 Money personal loan
118 118 Money personal loan is positioned as a quick, unsecured borrowing option across the UK, offering sums from £1,000 up to £5,000. The lender targets people who need short-term credit, including the self-employed and those with less-than-perfect credit histories.
Representative APRs start at 49.9%, so it’s vital to use the online loan calculator to understand total cost and monthly repayments. The application is largely digital and aims for funds to clear into your bank account within 24 hours of approval.
APR breakdown and actual costs
The quoted representative APR of 49.9% helps compare 118 118 Money personal loan with other UK lenders, but remember that the rate you get depends on your credit profile. The APR includes interest and mandatory fees, giving a clearer picture of the overall charge for the loan.
118 118 Money usually applies a fixed rate for the term, and while overpayments can be made without penalty, interest may still be charged for a short period on amounts repaid early. Always run figures for different terms—12 to 36 months—to see the most affordable monthly repayment for your budget.
Repayment terms and flexibility
Repayment options with a 118 118 Money personal loan are straightforward: typical terms range between one and three years, with set monthly instalments. This instalment structure helps borrowers budget, compared with a payday-style lump-sum approach.
The lender allows overpayments which can reduce interest paid overall, and there’s no requirement to provide security against the loan. If you run into difficulty paying, contacting customer services early improves chances of arranging a manageable solution.
Who qualifies and how to apply
Eligibility for a 118 118 Money personal loan in the UK generally requires you to be aged 18–70, a resident with a UK bank account, and earning a net monthly income above £700. Both employed and self-employed applicants can apply, and the company accepts people with fair or poor credit.
Start with the soft-search eligibility tool on their website to avoid a hard credit hit. You’ll need to provide ID, proof of income, and bank details; successful applicants often receive funds the next working day, making this a practical choice for urgent costs.