118 118 Money Personal Loan Review, Representative APR from 49.9%, Repayments and Bad Credit Options
Straight-talking review of 118 118 Money personal loans, what a 49.9% APR means for repayments and borrowers with poor credit
Overview of 118 118 Money personal loan
118 118 Money personal loan offers unsecured instalment borrowing across the UK, aimed at people who need £1,000 to £5,000. This lender markets itself as a fast, transparent option for short-term needs, from home repairs to consolidating small debts, and it makes clear that the representative APR starts from 49.9%.
The product is positioned for borrowers with varied credit histories, including those with bad credit or self-employment. Using the 118 118 Money personal loan calculator on their site helps estimate monthly payments and total cost before applying.
Rates, fees and typical repayments
Representative APR of 49.9% is high compared with mainstream bank loans, so monthly repayments will be steeper for the same amount and term. Typical terms run from 12 to 36 months, allowing some flexibility to spread the cost, but always check the exact APR offered to you as it depends on your credit profile.
118 118 Money charges no early repayment penalties, although interest may be charged for a short time on overpayments. Use the online repayment schedule to see how a 49.9% APR translates into monthly amounts for a £1,000–£5,000 loan.
Eligibility, bad credit options and what to expect
To apply for a 118 118 Money personal loan you must be a UK resident aged 18–70 with a UK bank account and a minimum net monthly income (typically over £700). The firm accepts applications from employed and self-employed borrowers and has products tailored for people with adverse credit histories.
Bear in mind that a bad credit option does not mean cheap credit: higher risk profiles usually attract higher APRs, and the representative 49.9% APR will only apply to a portion of applicants. The lender uses a soft-search eligibility check so you can see likely terms without harming your credit score.
How to apply and whether it’s the right choice
Applying is done online: complete the form with contact details, income and outgoings, and upload ID if requested. If approved, funds are often paid into your account quickly, sometimes within 24 hours, making it a practical choice for urgent bills but not for long-term borrowing needs due to the high APR.
Before committing, compare 118 118 Money personal loan quotes with other UK lenders and consider alternatives such as credit unions, guarantor loans, or family lending for lower-cost options. If you decide this lender fits your situation, use the calculator and the soft search to confirm monthly repayments and affordability.