118118 Money 


118118 Money provides credit cards and short-term loans to borrowers in the UK. The direct lender and financial services firm was launched in 2013 and provides borrowers with access to credit cards with no interest charges, just a monthly fee, and short-term loans that are repayable in installments. You may find that borrowing a short-term loan and taking out a credit card is more expensive than some other forms of borrowing, so it pays to do your research before applying.

What products does 118118 Money offer?

118118 Money provides insterest-free credit cards to consumers, with limits of up to £1,200. Instead of charging interest, 118118 Money charges a monthly fee for its credit card that you pay regardless of how much you spend. 


118118 Money also offers short-term loans of between £1,000 and £5,000 over terms of between one and two years. Repayments are made in installments at fixed points in the month.

How does the 118118 Money credit card work?

The 118118 Money credit card works on a very different model to most other credit cards. Instead of charging interest on your balance each month, the 118118 Money credit card charges you a set monthly fee. The credit limit for the credit card is up to £1,200 but whether you are offered this much credit will depend on credit checks carried out by 118118 Money. 

How much does a 118118 Money credit card cost?

As 118118 Money credit card holders are asked to pay a monthly fee instead of being charged an interest rate, the cost of borrowing is quite predictable. However, the relative cost compared with other credit cards will all depend on how much of your credit balance you carry forward each month. If you usually repay your credit card in full each month, you may find that a regular interest-charging credit card could be much cheaper for you. 


What information will I need to provide when applying for a 1181118 Money credit card?

When you apply for the 118118 Money credit card you will be asked a series of questions about your personal and contact details, as well as about your financial situation to check whether you can afford the cost of the credit card. Before you are approved for the card, 118118 Money will check your credit rating to see if you’ve had problems with debt in the past and your application will be assessed based on the findings of all these checks.

How does the 118118 Money short-term loan work?

Borrowers interested in the 118118 Money short-term loan can decide how much they want to borrow and the period over which they want to pay the loan back. They can then apply for a loan providing they meet the eligibility criteria. The amount applicants are offered, the term and the interest rate usually depends on the results of credit and affordability checks carried out by 118118 Money.

How much does a 118118 Money short-term loan cost?

In order to compare loans, it’s important to look for the annual percentage rate, which will show you how much the loan will cost over the course of a year, as a percentage of the total amount borrowed, including all fees and charges. APR ‘representative’ means that only around half of applicants have been offered that rate in order for it to be advertised, so bear in mind you may be quoted a higher interest rate.

How is a short-term loan different from an unsecured personal loan?

118118 Money short-term loans are also unsecured loans, but they are limited to lower loan amounts and shorter repayment periods. This allows the lender to consider people with less-than-perfect credit records, although interest rates are usually very high as a result. 

What can I use a 118118 Money short-term loan for?

You can use a short-term loan for anything, but borrowing this way can be pricey so carefully consider whether you really need the money. Most people taking out short-term loans tend to use them to cover unexpected bills or household appliance repairs that can’t wait until their next payday, for example. 

How do I know if I’m eligible for the 118118 short-term loan or credit card?

You can perform a ‘quick check’ on the 118118 Money site, which will give you a good idea of whether you will be accepted for either of these products. The quick check involves filling in a simple online form and it will not damage your credit rating, whatever the outcome.



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