At CashLady, we want to help you understand all aspects of financial lending, not just payday loans. Today we’re continuing to look at 118 118 Money, helping you understand everything you need to know about who they are and the 118 advantages you can benefit from.
118 Advantages: Totally upfront
When you take out a loan with 118 118 Money, you’ll know everything that you need to upfront. With their handy loan calculator, you can work out exactly what you need to borrow and over what period of time, and then see how much it will cost. There are no hidden charges or tiny small print to read.
Transparent + Reputable
One of the biggest things that 118 118 Money pride themselves on is being responsible and transparent in everything that they do. Their transparent service helps establish them as a reputable lender in the financial loans sector.
118 118 Money built their entire company around offering a fair and transparent service, helping their customers to see exactly how much a loan with them will cost, and over how many months.
118 118 Money say that they want to build lasting relationships with borrowers, as well as educate them at the same time. They have entire sections on their site on how to manage your finances, which are packed with tools and videos, as well as expert advice.
As they mainly offer to people who have a poor or bad credit score, they work hard on providing a service that helps those that they lend to. This means that if you are struggling to pay the loan back, you can always talk to them without fear of retribution. 118 118 Money say that they would rather borrowers talk to them and try to work something out than bury their heads in the sand.
Another factor that contributes towards 118 118 Money being a responsible lender is the fact that they don’t pressure you to take out a loan. Many lenders will say they can offer lower interest rates or lower fees for a certain time only, in order to pressure you into taking out a loan. 118 118 Money hold their offers for 5 days, so you’ve got time to shop around for a better deal.
They put you in control
When you take out a loan with 118 118 Money, they let you decide how long you want to take out the loan for. This stems from 118 118 Money being a responsible lender and offering a transparent service.
118 118 Money always check to see if you would be able to afford the monthly repayments for the amount and length of time that is chosen. You should always factor in your monthly repayments to your budget for the month so that you know you won’t be struggling to pay back the loan.
118 118 Money believe that taking out a loan shouldn’t be difficult, and it shouldn’t cripple you financially. You should be able to borrow the money you need, for the length of time you need, at a reasonable interest rate and still be able to pay back in fixed, affordable monthly repayments.
118 118 Money also fix their interest rates, so that you never have to worry about the interest rate changing after you’ve taken out the loan. You’ll know exactly what the interest rate will be for the entire borrowing period when you take out the loan.
Easy repayment system
118 118 Money want to make it as easy as possible to pay back your loan whenever you want. You don’t necessarily have to make the amount that is set out in your repayment plan, you can actually pay off more than the outlined amount if you want.
It can be better to pay off your loan quicker, as then you don’t accumulate as much interest on your loan, resulting in a smaller total amount being paid back.
The reverse is also true. If you’ve been paying your loan back on time, but find that you need a little bit extra, 118 118 Money are happy to talk to you about extending your credit so that you don’t end up with more loans than you need.
Get your money quickly
While it is always advisable to take the time to evaluate whether you really need a loan or not, sometimes you already know from the get-go that you do. Often, time is of the essence, so you need money in your account quickly, e.g. if your boiler or car break down.
In these instances, choosing a loan provider that can get the money in your account quickly is paramount. There are only four steps in the 118 118 Money application process, and they are all very simple and straightforward.
Occasionally, 118 118 Money will ask for extra documents. These are simply to reassure them that you will be able to pay back the loan you are taking out. Don’t worry if you have poor credit, 118 118 Money often lend to people with poor or bad credit.
Once the application and extra documents have been submitted, 118 118 Money take the time to run checks on you, to make sure that you can afford the loan, but they promise to do this as quickly as possible.
After 118 118 Money have made a decision, they will inform you as quickly as possible. 118 118 Money say that they aim to make a decision and tell you about it within 60 minutes. Once you’ve been approved, the money can be in your bank account within 24 hours.
Got any other questions about 118 118 Money? Leave us a comment below, or chat with us on Facebook or Twitter. Remember that if you’re stuck in a financial emergency, you can always apply for an online loan through Cash Lady – we’re here to help you.