Cash Lady is an FCA-authorised credit broker and as such, work with a range of FCA regulated lenders who offer credit solutions to suit you and your needs. One such lender is 118118 Money, who provide short term loans and instalment loans that are simple and flexible. Cash Lady looks at 118 FAQ for further information and clarity.
118 are a familiar name through their UK-based telephone enquiry service and have recently branched out into other consumer services, such as 118 118 Money.
Who are 118?
118 118 Money are part of Madison CF UK Limited, who are a sister company to the people who run the 118 118 UK telephone enquiry service. They are registered in the UK and regulated by the Financial Conduct Authority (Interim permission number 656451).
What products do 118 offer?
118 118 Money offer unsecured short-term loans and instalment loans from £1000 to £5000, which are paid back over a term of between 12 months and 24 months. Short term loans have a fixed interest rate for the entire term. Their short term loans are suitable for those needing a higher amount of cash over a longer period. Their loans are unsecured, which means you don’t need a guarantor, or to secure your loan against your house or car.
Can anyone apply for a loan from 118?
118 welcome loan applications from anyone who is aged between 18 and 70, are UK resident with a UK bank account with debit card, have a net monthly income of at least £700, and are employed or self-employed. You will need to provide information such as contact details, employment details, and information about your monthly outgoings. You may be asked to send in extra paperwork.
If you have a bad credit rating, you are welcome to apply as short term loans are assessed on affordability.
When can I get my loan from 118?
Once approved, money can be available within 24 hours.
118 118 loan reviews
Having a look through the online loan reviews for 118 can help you to decide whether 118 and their instalment loans are right for you and your needs. There are lots of online review sites where you can find out more about specific lenders. The one 118 choose to promote is Feefo, where they have a rating of 4.8 out of 5.0
118 have received over 2,000 reviews over the last year on Feefo, and the majority have been given the maximum of 5 stars.
People seem to appreciate the fast, helpful service, and the speed with which they were able to access their loan. One happy customer says…..
“I was Happy with the questions and how quick you responded to let me know what was happening. Where other companies would leave you hanging on, you let us know straight away. You put the money in within the 24 hours. Thank you”
“The application was super easy. Rang them up and they released the funds. I had the money in my account the next day! Would recommend.”
Those leaving 4-star reviews also talk about the fast service and the ease with which the money was in their bank account, with some having experienced minor issues with the application process, or with the customer services. On the whole, most reviewers are happy with the service provided.
That’s not to say that some haven’t had less-than-perfect experiences in getting short term loans from 118. Looking at their loan reviews, you can see that some people have given 118 a 3-star, a 2-star, or even a 1-star review.
A recent 1-star review 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”
A few other people have complained about the money not going into their bank accounts in a timely fashion. Why this has happened to a selection of customers is not clear. 118 have responded to selected reviews on Feefo, but not all of them, so an explanation has not been given. This appears to happen to a minority of customers.
Other complaints include unhelpful customer service operatives, being refused longer payment terms even though they had a good repayment record, and being called and emailed frequently after enquiring about a short term loan. 118 have addressed these issues by asking customers to get in touch to get the specific problems resolved, but no explanation has been offered publicly.
Currently, reviews which have received 3 stars or less make up around 2% of all reviews received for 118 on Feefo. 98% received 4 or 5 stars, giving an overall rating of 4.8 out of 5.0
Additional information about 118 118 Money
They have a 24-hour a day, seven days a week telephone helpline service – 0800 0118000 – to help with customer queries at any time of the day.
Offers for short term loans from 118 are valid for five days, giving you time to shop around and satisfy yourself that 118 is the right company for you.
118’s website has a loans calculator where you can work out how much you can afford to borrow before you start their application process.
You can use 118’s ‘QuickCheck’ to assess your chances of being accepted for a short term loan before you apply. This will not affect your credit rating.
Summary of 118 118 FAQ
118 are a UK based lender who can lend larger sums of money (over £1000) for up to two years. They require borrowers to be working (either employed or self-employed) and with an income of at least £700 per month.
They offer instalment loans that are easy to apply and on fixed rate terms, so you can budget effectively. Also, they are a good alternative to payday loans where a larger amount is needed for a longer time period. They are unsecured loans, so do not need a guarantor or assets such as a house or a car.
No doubt you will have questions about the short-term loans providers you are considering, and a look at their website, and at their loan reviews will give you all the information you need to make an application to the right lender for you.
For 118 FAQs are answered on their website, and 118 loan reviews are available to see on Feefo. Please take the time to look through the terms and conditions before accepting short-term loans from 118.