Lender in Focus 12.1: 118 overview and history

118 Money

118 Money

118 118 Money provides its customers with medium term loans that are both simple and flexible. CashLady takes a look at the history of 118 118 Money and at all the services that they provide.

The type of loans that 118 118 Money offers are known as instalment loans. An instalment loan is a type of loan that is repaid over two or more instalments.

If you choose to apply for a loan with 118 118 Money, you can opt to repay your loan over 12, 18 or 24 months. 118 118 Money does not offer loans with terms shorter than 12 months, making them different to many other short-term loan providers.

118 118 Money’s loans are unsecured. This means that you do not need to secure an asset, such as your car or house, against the loan.

Customers can apply to borrow between £1,000 and £5,000.

Your monthly repayments will be based on a fixed interest rate for the entire length of your loan. This means, unlike loans with variable interest rates, you will know exactly how much you need to repay each month.

If you take out a loan with a variable interest rate, you would have the extra worry of putting aside more money each month. That is in case interest rates increase. By opting for a loan where your repayments will remain the same from month to month, it is much easier to budget.

If 118 118 Money accepts your loan application, they will make you an offer. This offer will be valid for 5 days, so you have time to consider whether you still want to take out the loan and if 118 118 Money is offering you the best deal.

The criteria 118 118 Money use when deciding to approve your application, is based on if you, as an individual, can afford to pay back the loan on a monthly basis. 118 118 Money even offers loans to people who have a less than perfect credit history. In fact, 118 118 Money says that it will not shy away from you if you have less than perfect credit.

Most decisions about whether to approve your loan application are made within one hour. If approved, your money should then be transferred to your bank account within 24 hours.

Once you have a 118 118 Money online account, you can log-in at any time to check your current balance and when your next payment is due. You should also receive a monthly reminder before it’s time to pay your next loan instalment.

If you decide you need to borrow more money during the term of your loan and you have made all your scheduled repayments on time, 118 118 Money will explore if they can give you more credit.

Wherever possible, 118 118 Money will organise your repayment dates to be on the day that you get paid. You are also able to make additional repayments throughout your loan term. 118 118 Money does not charge additional fees if you choose to make extra repayments.

118 118 Money’s rates range from 35.9% APR – 99.9% APR fixed. Their representative APR (Annual Percentage Rate) is 99.9%.

118 118 Money offers a QuickCheck facility, which you can use to check if you are likely to qualify for a loan with them. This will not affect your credit rating. But your final loan offer will be dependent on further checks, which are made during your full loan application.

Eligibility Criteria to apply for a 118 118 Money loan

In order to apply for a loan with 118 118 Money, you must be aged between 18 and 70 years old.

You should also:

  • be a UK resident
  • have a current UK bank account and debit card
  • have a monthly net income of more than £700
  • be employed or self-employed.

You will also need to inform 118 188 Money of your:

  • mobile phone number
  • email address
  • home address
  • employment history
  • net monthly income
  • outgoings
  • bank details

118 118 Money may need additional documentation from you to complete your loan application.
Before taking out any loan, you should ensure that you are able to comfortably make the repayments.

Company information

Company Information

118 118 Money is the trading name of Madison CF UK Limited, the sister company of The Number UK Ltd., which provides the 118 118 directory enquiries service.

Madison CF UK Limited is registered in England and Wales under company number 08393840.
118 118 Money’s registered office is at Fusion Point, Dumballs Road, Cardiff, CF10 5BF. This is where you can write to them.

Website address: www.118118money.com

Their telephone number is 08000 118 000 or 02920 893300. This is open 24/7.

Email address: CustomerServices@118118Money.com

Financial Conduct Authority registration

Madison CF UK Limited is authorised and regulated by the Financial Conduct Authority. Their interim permission number is 656451.

Authorisation can be checked on the Financial Service Register at http://www.fca.org.uk/register

Finance and Leasing Association membership

118 118 Money is a member of the FLA.

The FLA’s purpose is to promote best practice standards within the finance and leasing industry. The FLA Lending Code sets out good practice standards in consumer lending. Full members must meet the requirements set out in the code and the FLA monitors its members’ performance against these standards.

Data Protection

118 118 Money complies with data protection legislation such as the Data Protection Act 1998, which regulates the processing of personal data.

118 118 Money’s full privacy policy is available to read on their website.

Right to cancel your loan agreement

The Consumer Credit Act grants borrowers the legal right to withdraw from their loan agreement within 14 days of signing a loan contract.

If you would like to withdraw from your loan agreement with 118 118 Money, you must return any money you have received, together with any accrued interest. If you decide that you would like to withdraw from your loan agreement, you should contact 118 118 Money as soon as possible.

Credit checks

As part of your loan application, 118 118 Money will request your credit report from Callcredit and/or Experian.

118 118 Money tries to help people who may find it difficult to get credit from other lenders. The criteria 118 118 Money uses when deciding whether your loan application can be approved is based on if you can afford the monthly repayments. 118 118 Money even makes loan offers to those with a less than perfect credit history. 118 118 Money say that they see people as more than their credit history and will always do their best to lend people money.

Promotional activities

Does 118 118 Money have a television advert?

118 118 Money has had various television adverts.

In this one, 118 118 Money advertises the fact that its loans are valid for 5 days, so there is no need to panic and take the first loan that is offered to you. This advert is very similar, but instead of a couple with a baby, it features an older couple.

Again, this advert is a based on a similar theme but features a mother and a child.

Finally, this advert features a mother and a baby.

Do they advertise on Google?

Yes, 118 118 Money does have a Google ad.

Does 118 118 Money charge fees?

With 118 118 Money, there are no hidden fees.

Has 118 118 Money ever been fined?

CashLady could not find any evidence of 118 118 Money being fined.

Social Media

Facebook

As of March 2017, 118 118 Money had 2,635 likes and 2,573 followers on Facebook.

118 118 Money seems to be very active on Facebook. Their last post was dated 19th March and discussed how to budget for your wedding.

Previous posts (linked to their blog) included how to turn your ideas into a business and how to find the cheapest holidays on the web.

Twitter

118 118 Money joined Twitter in September 2013. Since then, they have tweeted 410 times and have a total of 458 followers.

With their last tweet only a few days earlier when CashLady checked in March 2017, they also seem to be active on Twitter.

Their tweets mostly link back to their blog, just like their Facebook posts.

Instagram

Cashlady could not locate an Instagram account for 118 118 Money.

Do they have an App?

118 118 Money does not have an app but you can access your current balance and check when your next payment is due by logging into your account via their website.

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