118 118 Money Loans Alternative
Planning to borrow money from 118 118 Money? Consider Lending Stream instead! We offer small loans repaid over 6 months. New customers can borrow between £50 and £800 and existing customers £100 and £1,500. If approved, we’ll send the cash to your bank in 90 seconds*.
Representative Example: Given a Representative APR of 1271%, if you borrow £300 over 6 months at 292% p.a. (fixed), you would owe 6 equal repayments of £96.39. You will repay £578.36 in total.
Not all applications will be approved for a loan. An offer of credit is subject to status and affordability checks.
Why choose Lending Stream as 118 118 Money Alternative?
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Direct Lender
Lending Stream is a FCA authorised and regulated direct lender, offering short-term loans without any hidden fees.
No early repayment fees
Repay in 6 monthly instalments. We don’t charge for early repayment.
Fast
Apply online 24/7 with decisions in seconds. If approved, cash is sent to your bank in 90 seconds.*
Who are 118 118 Money?
118 118 Money is a direct lender that that offers personal loans to people, including those with less-than-perfect credit scores. 118 118 Money was established in 2013.
118 118 Money offer unsecured loans repaid over 1-3 years, and credit cards. Their personal loans range between £1,000 to £5,000, depending on the borrower’s credit history and current financial status. You can find out if you’ll be accepted using their online eligibility checker. Doing so won’t affect your credit score.
If you decide to pay some or all of your loan early, you can do so. However, they are entitled to charge between 28-58 days of interest, depending on the length of your loan.
Does 118 118 Money only offer loans?
No. 118 118 Money offers both loans and credit cards. On their loans, 118 118 Money charges fees for late or missed repayments, as well as fees for cash withdrawals.
At Lending Stream, while we do have a late repayment fee as well, there are no fees for taking out a short term loan with us, and we don’t charge early repayment fees. If you want to pay your loan back early to save on interest, you’re free to do so.
Are 118 118 Money regulated and authorised?
118 118 Money is a trading name of Madison CF UK Limited. They are authorised and regulated by the Financial Conduct Authority (Firm Reference Number 741774).
What type of loans does 118 118 Money lend?
They offer unsecured personal loans from £1,000 to £5,000 as well as credit cards. You can apply for these on their website. They also consider applications from those with a less-than-perfect credit history.
If you are looking to borrow a smaller amount, Lending Stream could help. At Lending Stream, we offer short term loans between £50 and £800 for first time borrowers and £100 – £1,500 for returning customers. You can repay over 6 monthly repayments, or earlier if you wish. And if you repay earlier, we won’t charge you any interest. We charge interest daily so by paying early you’ll save money.
What can 118 118 loans be used for?
118 118 loans can be used for a variety of purposes and personal circumstances, including:
Debt consolidation
Home improvements
Car repairs
Unexpected expenses
Special occasions
If you are facing any unexpected expenses such as home repairs, then you can also use a Lending Stream loan to cover such expenses. But unlike 118 118 Money, we allow you to apply for small amount loans with a shorter payment period.
What APR and loan terms are offered by 118 118 Money Loans?
118 118 Money has an online calculator to give you an idea how much you could be eligible to borrow. If you’re thinking of borrowing a loan, the calculator is designed to estimate your monthly repayments. This will be based on the amount you wish to borrow and their representative 49.0% APR (variable). The actual APR you receive will depend on the information provided in your application.
If you apply for their credit card, you’ll get a guaranteed credit limit, their representative APR is 49% (variable). Do note they charge fees for late or missed repayments as well as fees for cash withdrawals. The fees are £12 for late or missed repayments and 5% cash withdrawal fees.
How is Lending Stream different from 118 118 Money Loans?
| Lending Stream | 118 118 Money Loans |
|---|---|
| With Lending Stream, as a first time customer you can apply for a short term loan between £50 and £800. (£100 and £1,500 for returning customers) | The minimum loan amount is £1,000. If you are looking to borrow a smaller amount, 118 118 Money may not be ideal. |
| Lending Stream allows you to pay off your loan early without any early repayment fees. | If you want to pay off your loan early, you have to ask 118 118 Money for an early settlement quotation. They can charge up to 28 days of interest for a 12 month loan, or up to 58 days of interest for loans over 12 months. |
| You can apply for another loan even if you haven’t paid off the first one you got from Lending Stream. However, this decision will be subject to a review of your current finances and credit report. | 118 118 Money does not allow you to borrow an additional loan before you have paid off your existing one. |
| At Lending Stream, we transfer the loan amount to your bank as fast as within 90 seconds once you get approved for a loan*. | Once you get approved for a loan, you’ll get the funds in your bank account within 24 hours. |
How can I check my eligibility for a loan with Lending Stream?
When you apply for a short term loan with Lending Stream, you must:
- Be a UK resident.
- Be at least 18 years old.
- Have a valid debit card.
- Have an active UK bank account.
- Be in regular employment with an income of at least £400 per month.
During our online application process, we might ask you for proof of your income. As a responsible lender, it’s important for us to see if you can make repayments on time.
Representative 1271%APR
How can I apply for a loan with Lending Stream?
To apply, complete the online application form and give us the following details:
- Some personal details.
- How much you want to borrow.
- Your employment, salary, expenses, and banking details.
Once we receive your loan application, we’ll run an affordability and credit check. As a responsible lender, we do this to make sure you can afford the repayments of your loan agreement. If you’re approved, we’ll send you loan to your bank in 90 seconds. It may take longer to reach your account depending on your bank’s processes.
Representative 1271%APR
FAQs – 118 118 Money Loans
How long does it take to get a loan from 118 118 Money?
118 118 Money aims to review applications as quickly as possible and, most of the time, can provide a decision within 1 hour. If your loan is approved, you will get the funds to your bank account within 24 hours.
Can you borrow more from 118 118 Money?
You cannot have more than one loan at a time. But they can process another loan application once you’ve fully repaid the first loan.
What is 118 118 Money card?
118 118 Money card is a credit card from 118 118 Money. The credit card has a credit limit of up to £1,200. The credit card has 49%APR (variable) when it comes to repayments. 118 118 Money charges fees for late or missing payments as well as fees for cash withdrawals.