118 118 Money Loans

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118 118 Money is an online lender that was founded in 2013. It currently offers unsecured personal loans of up to £5,000 that you can use to cover a range of expenses. Whether you need a loan to refurbish your bathroom or pay for a special occasion, a loan from 118 118 could be an option to consider. However, as with any loan, you need to be sure that you can afford to repay it.

118 118 personal loans

118 118 Money is a trade name of Madison CF UK Limited. This lender currently allows you to borrow between £1,000 and £5,000 with its personal loans. You can choose to repay these loans over terms of one to three years.

The size of loan you apply for and the repayment term you choose will depend on how much you need to borrow and how much you can afford to repay. You can check your eligibility for a 118 118 loan without affecting your credit score.

118 118 loan rates

118 118 Money, like other lenders, advertises the cost of its personal loans using something called a representative APR. This stands for annual percentage rate and tells you how much it will cost to borrow money from a lender over the course of one year, taking into account the interest charges and any fees.

The representative APR can give you an idea of how much a loan will cost you, but, if you apply for the loan, you are not guaranteed to receive this rate. The representative APR is the maximum rate that 51% of successful applicants will get, which means 49% could be charged more.

The interest rate that you receive will depend on a number of factors, including your credit score, the amount you want to borrow, and the loan’s repayment term.

Typically, those with a better credit score will be able to access more competitive rates of interest.

» COMPARE: Personal loans

Can I get a secured loan from 118 118?

118 118 Money doesn’t offer secured loans. It only offers unsecured loans which don’t require any form of collateral.

Secured loans require property, such as a house, to act as security, which the lender could repossess if you default on the loan.

Pros and cons of 118 118 loans

There are advantages and disadvantages to 118 118 personal loans.


  • Loans are available to people who are self-employed, as well as employed.
  • You can check your eligibility for a loan without affecting your credit score.


  • You may be able to borrow more from other lenders.
  • Other lenders may offer longer repayment terms.
  • You could be charged several days’ interest if you want to pay off your loan early.

How do 118 118 loans work?

When you apply for a 118 118 loan online, you will need to provide 118 118 with some key personal and financial details. 118 118 will use this information and run a soft credit check to determine whether you are eligible for a personal loan.

If you are eligible, you can choose to proceed with your application. This will involve a hard credit check.

Once 118 118 has transferred the loan to your account, you will need to repay this sum, plus interest, in fixed monthly instalments until the end of the term.

Can you pay a 118 118 loan off early?

You can pay off a loan from 118 118 early. You can either pay it off in full or make an extra payment to reduce the amount you owe.

If you want to make an overpayment or fully pay off your loan, you need to contact 118 118 to get an early settlement figure. You will need to pay this sum within 28 days.

Whether you pay off the loan in full or make a partial payment, you could be charged some interest on the outstanding amount.

For loans with terms of 12 months, you may need to pay up to 28 days’ interest.

For any loans with repayment terms of over 12 months, you could be charged up to 58 days’ interest.

Can you top up a 118 118 loan?

It may be possible to borrow more on your 118 118 loan, as long as you have kept up to date with your monthly payments.

You will need to contact 118 118 if you want to top up your loan. They will assess your circumstances to see whether you can afford to borrow more money.

What can I use a 118 118 loan for?

You can use a 118 118 loan to cover a range of costs, including:

  • home refurbishments
  • a new car
  • an emergency expense, such as a new boiler
  • debt consolidation

Am I eligible for a 118 118 loan?

To qualify for a loan from 118 118, you need to:

  • be a UK resident
  • be aged between 18 and 70 years old
  • be employed or self-employed
  • earn at least £700 a month (after tax and other deductions)
  • have a UK bank account and debit card

Can I get a 118 118 loan with bad credit?

118 118 says it will consider applications for loans from people with bad credit scores. The lender will look at your credit score alongside other factors, such as your income and employment status, to make a decision on your loan application.

You will be able to see if you are eligible for a loan without affecting your credit score.

Bear in mind that, if you have a bad credit history, you could be charged a higher rate of interest than someone with a better score.

» COMPARE: Bad credit loans

How to apply for a 118 118 loan

You can apply for a loan from 118 118 online. You will need to tell the lender some key details, including your:

  • name and address
  • email address and mobile number
  • employment history
  • net monthly income and expenses
  • bank details 118 118 will use this information to work out whether you can afford to take on a loan. At this stage of the process, 118 118 will also run a soft credit check which won’t affect your credit score.

At this point, you will be able to see if you qualify for a loan.

Assuming you are eligible for a loan and you want to proceed with a full application, 118 118 Money will conduct final affordability checks. This will include a hard credit check, which will leave a mark on your credit history and could affect your score.

118 118 will then transfer the loan into your bank account.

» COMPARE: Personal loan rates

How long does it take to receive a 118 118 loan?

118 118 says it aims to make decisions on loan applications within one hour.

Once your loan application is approved, 118 118 will call you to confirm some details. After this call, 118 118 should transfer the loan into your bank account soon after.

What if my loan application is rejected?

If 118 118 declines your loan application, you will have to wait at least 180 days before re-applying.

You could try applying to a different lender, but bear in mind that multiple loan applications in a short space of time could affect your credit score.

If you are rejected for a loan, you should try to work out why you received this decision. Check you met all the eligibility criteria and that everything in your application was accurate.

You can also check your credit score for free, to see if there’s any areas that you can improve. Checking your credit history won’t affect your score.

» MORE: Tips to improve your credit score

118 118 customer reviews

On Trustpilot, 118 118 Money has a 4.8 star rating from nearly 29,000 customer reviews.

118 118 Money’s mobile app has a 1.7 star rating on the Apple Store, based on 190 reviews. On Google Play it has a 1.8 star rating based on over 440 reviews.

Bear in mind that these ratings are for all of the services offered by 118 118 Money, not just their loans.

This information is correct as of 30 September 2022.

118 118 Loan FAQs

Is 118 118 a payday lender?

118 118 Money is not a payday lender. It is an online lender that offers personal loans to customers.

When applying, you will need to meet the eligibility requirements and pass the lender’s credit checks, in order to be successful.

How many 118 118 loans can I have?

You can’t have more than one loan at a time with 118 118 Money. You can only apply for a new loan once you have repaid the existing loan in full. However, you may be able to top up your loan if you have kept up with repayments.

About the author

Rhiannon Philps
Rhiannon is a financial writer for NerdWallet, with a particular interest in personal finance and insurance guides for consumers. Read more

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