When you take out a short term loan, chances are that the process will be as painless as possible, and you will get your temporary financial needs covered to your satisfaction. As one of our lending partners, 118 provides short term loans and instalment loans that are simple and flexible. Cash Lady looks at 118 complaints and loan reviews to see what their customers think.
Lenders who specialise in short term and same day loans understand your situation, and as such, strive to get money out as soon as possible and with the least hassle to you. With the high volume of applications that instalment loan lenders process on a daily basis, it is inevitable that some customers will experience service that isn’t to their satisfaction.
118, or 118118Money are a financial services business which sprung from the popular 118 118 telephone directory services. They are authorised and regulated by the Financial Conduct Authority and are members of the Finance and Leasing Association.
What sort of complaints do 118 receive?
To assess 118 complaints, we take a look at their loan reviews. In this case, we turn to Feefo, where 118 have a rating of 4.8 out of 5.0. This tells us that 118 complaints are relatively rare and that the majority of their customers are happy with the service given.
Out of over 2,000 reviews given in the last 12 months, fewer than 2% are anything less than a 4-star or the maximum of 5-star reviews.
The reviews which have received 3-stars or fewer don’t seem to have a common theme. There are a few people who did not receive their money within the 24 hours which was stated, and others who weren’t happy with the customer service. Other 118 complaints are quite random – some even have said how helpful they found 118 and then left a 1-star review.
Delays in receiving the money from 118
A complaint which occurs on more than one occasion is not receiving the money in a timely fashion. A review from one customer reads…..
“Terrible, I was advised I should of had my money on the 23rd March I received it late 24th March. I do not need it now so I will send it back tomorrow”
In this case, the customer would be fully entitled to return all the cash borrowed, plus any daily interest, within 14 days of having the loan approved. To do this, you can write to 118, or phone them on 08000 118 000. In fact, all customers who change their mind about short term loans and instalment loans are able to cancel within 14 days.
Another customer who experienced a longer than usual delay in receiving their money said…..
“I was told the money would be clear between 2 and 24 hours…it has been 38 hours and I am still waiting, although the customer service staff are very polite”
Poor customer service
A few customers have complained about the sub-standard customer service which they experienced. As an example, one customer has said…..
“I found the customer services left an awful lot to be desired, the only time I felt satisfied was after having spoken to a customer services manager who followed up the frustration I had experienced and thanks to him the money was finally paid into my bank account 7 days after my original request, I think that customer service staff could do with further training in how to deal efficiently with customers or 118118 money could lose a lot more due to incompetence and lack of good customer service skills “
While 118 don’t seem to have a widespread problem with their customer services, it would appear that there have been specific instances where issues could be addressed.
If you find the need to complain to 118 for any reason, you are encouraged to contact them in the first instance. Their email address is email@example.com, and their customer service helpline is 0800 0118 018. Once 118 have received your complaint, you will be given a copy of their complaints policy.
If you are unhappy with how 118 have dealt with your complaint, you can contact the Financial Ombudsman Service (FOS) or the FLA’s Conciliation and Arbitration Scheme.
To contact the FOS, you can email them on firstname.lastname@example.org, or call them on 0300 123 9 123 or 0800 023 4567. Alternatively, you can complete the online form on their website at http://www.financial-ombudsman.org.uk/consumer/complaints.htm
To contact the FLA, you should visit their website at http://www.financial-ombudsman.org.uk/consumer/complaints.htm and either complete their online form, or download one to complete and post it to them with any supporting documents. Alternatively, you can call 020 7836 6511 and a form will be mailed out to you.
118 are able to issue refunds for short-term loans and instalment loans under certain circumstances.
First of all, if you cancel your short term loan in writing or over the telephone within 14 days you can pay back the loan amount in full plus any daily interest that has accrued, and your loan agreement will be cancelled.
Refunds will be issued where an overpayment is taken in error. Refunds will be made via the same method with which the overpayment was made. This should be done within 5 days of 118 being aware of the issue.
Conversely, if you receive a payment in error from 118, you will be expected to repay the money when asked.
Are 118 the right short-term loans provider for you?
Looking at 118 complaints as well as the positive loan reviews from their happy customers will help you identify whether they are the right lender for you and your needs, and alert you to any potential obstacles along the way.
Short term loans and instalment loans should be taken out only if you have a need for them, and you need to be satisfied that the repayment terms suit you and that the loans provider is one you are happy to deal with. Take the time to check out the positive loan reviews and complaints from 118’s customers, as well as their terms and conditions.