If you’re considering taking out an instalment loan with 118 Money then it’s useful to look at online 118 reviews left by previous customers.
Feedback from genuine customers reveals what you too can expect when signing up for a personal loan with this lender, from interactions with their customer service team to how simple the online application process really is.
Here Cashlady explores both the positive and negative online reviews for 118 Money so that you can make an informed decision about whether they’re the right finance provider for you.
Online Reviews on Feefo
Using a trusted business review website such as Feefo, ensures that you are reading feedback from genuine customers.
118 Money works with Feefo to provide them with real customer feedback because it helps them gain new customers by building trust and confidence in what they offer.
Each 118 Money customer receives an email from the review site, asking for their honest feedback on the lender and its loans.
These reviews are displayed on the Feefo website in date order, or you can filter the results by the number of stars that have been awarded, depending on whether you want to read the positive or the negative feedback.
118 Money reviews on Feefo
118 Money scores highly on the review website, with an average score of 4.8 stars out of a total of five from the 2189 reviews that have been submitted over the past year.
2188 reviews are five stars, 257 are four stars, while there are just eleven three star reviews, 15 two star reviews and 19 one star reviews.
“Quick and easy”
Many of the positive reviews for the lender are focused on the ease of its online application process.
On its website, 118 Money claims that it offers a simple and transparent service, with the application process comprising of four simple steps.
In step one you select how much you want to borrow, anything between £1000- £5000, before selecting what the monthly repayments will be and then the duration of the loan.
As part of the application process, you will also need to submit personal and financial information, such as:
- Mobile phone number
- Email address
- Home address
- Details of your current employer
- Net monthly income (the amount paid into your wage packet or bank account after tax and insurance )
- Total outgoings (all the bills and expenses you pay out)
- Bank details
Before submitting your application, there are two helpful online tools that you can make use of. The online personal loan calculator allows you to work out how much your monthly repayments are likely to be, without affecting your credit score.
The Quick check tool then gives you an indication of whether your loan application is likely to be accepted. This too doesn’t affect your credit file and could be useful if you are worried about having a proper application rejected.
Once you submit your application it’s reviewed as quickly as possible, usually offering a decision within one hour. If approved your money will be transferred to your bank account within 24 hours.
Your online account then enables you to track the progress of your application. Once you’ve received your loan you can also log in to check when the next payment is due and view any recent payments made.
“Excellent. Really easy and simple to use.”
“The 118 staff that I spoke to were really friendly and professional.”
Many of the positive reviews about 118 Money on Feefo come from happy customers who received a high level of customer service.
On its website, the lender claims that it is reachable and flexible and is always on hand to offer assistance in the event that something unplanned happens to your budget and ability to repay your loan.
Available by phone, email and live online chat, the Money Lending Team is available 24/7 to provide support whenever you need it.
“118 Money was really helpful. It didn’t take long to sort out my loan and the customer service team were really helpful.”
One star reviews for 118 Money
“Cost of repayments is appalling.”
Looking at the negative reviews along with the positive ones helps you identify any areas of concern with the service or loans offered by the 118 Money.
There are only 19 one star reviews on Feefo and there aren’t many similarities between them, meaning that there is no evidence of recurring issues.
A small number of reviewers complain about the high-interest rates offered on 118 Money personal loans but this is to be expected. If you’re seeking lower rates then it is best to look into mainstream finance from a bank or building society.
118 Money offer personal instalment loans, that are paid back over 12, 24 or 36 months. On its website, it claims that its loans range from 35.9% APR to 99.9% APR fixed and that it’s representative APR is 99.9%.
The interest rate that you’re offered will depend on their assessment of your credit file and financial information. Usually, you need a good credit history to receive the best rates.
You should use the online loan calculator to check how much your repayments will be and shop around for the best rates if you are not happy with the rate offered to you.
118 Reviews Summary
118 Money has received consistently good feedback on Feefo and appears to be providing a high level of customer service and simple loans application process.
If you are considering taking out an instalment loan then you should take the time to review their website and online reviews and consider whether the loan is affordable to you.
If you would like advice on your finances or managing debt then free and impartial advice is available at the Money Advice Service.