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118 118 Money Loans | www.118118money.com Reviews

118 118 Money Loans

About 118 118 Money Loans

118 118 Money was launched in September 2013 as a personal loan alternative for near-prime borrowers. Essentially they targeted the middle ground between banks and payday lenders. More recently in 2018 they launched their own credit card that was the first ever subscription-based card. This is a peculiar product in that it charges no interest, yet even if your balance is clear you’ll still pay a monthly fee. Joining the world of personal finance seemed like a logical step forward. Most people are familiar with their directory service that arrived in 2002. This is still popular despite customers paying £2.43 plus the access charge. It’s confusing why people don’t just search for information for free with a simple Google search.

118’s loan is packaged from £1000 to £5000 across 12, 18 or 24 months. At a year a good credit score gets £176 for £1k, but most borrowers pay £428 since this is the representative charge. Self-employed workers are considered. This service has become increasingly popular as seen over the past 12 months where they’ve attracted 400,000+ applications with 100,000+ total customers. The latest ranking of www.118118money.com has been competitive sitting in the region of 10k. They have 3400 Facebook fans and have received high praise on leading review portals noting Feefo (96%) and Trustpilot (89%). Customer support here is available 7/7 for new loan applicants and then 24/7 for existing customers. Payouts are aimed within 24 hours.

Company Details

Address: 3 Alexandra Gate, Ffordd Pengam, Cardiff, CF24 2SA

Brand: 118 118 Money (aka: 118118Money)

Company: Madison CF UK Ltd (subsidiary of KGB – Knowledge Generation Bureau)

Contact (📧): customerservices@118118money.com

Contact (☎): 0800 011 8000

FCA Licence: 741774

Launched: 2013

Niche: Personal

Opening Hours: Mon/Fri (8am-10pm), Sat (8am-8pm), Sun (10am-8pm)

*Existing times differ as: 24/7

Related Brands: Non

Site Address: www.118118money.com

Site Rank (Alexa UK): #10,349

Product Specs

Amounts Available: £1000 to £5000

Late Payment Fee: Not stated

Login Provided: Yes

Pricing (Prime): £176 /£1000 (12m) & £344 /£1000 (24m)

Pricing (Subprime): £428 /£1000 (12m) & £896 /£1000 (24m)

*Variable APR range of 35.9% to 99.9%. Representative 99.9%

Repayment Terms: 12 to 24 months

Review Feedback

Feefo: 96% (820+ count in 12m)

Reviews: Not listed

Trustpilot: 89% (3650+ count)

Rivals & Similar Lenders Like 118 118 Money

This lender has been progressing as well as anyone across 2019 that we’ve studied. This would likely have been pushed on by online ads and comparison listings. They had already been advertising on TV. There is no doubt that they do however face great competitive whether that’s on the guarantor side from Amigo Loans or on the unsecured side noting Bamboo and Likely Loans. The level of competition is even more fierce from the prime focused banks. It would always be difficult to tempt customers away from market leading rates. You only have to look at Sainsbury’s Bank who offer 2.9% APR on £7500+ sums (Nectar card holders). Sainsbury’s eligibility won’t differ all that much to 118’s prime tier.

Last Check @ www.118118money.com: August 11th, 2019

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