118 118 Money Personal Loan Review 2025, APR, Repayment Terms, Eligibility and Bad Credit Options

Overview of 118 118 Money personal loan

118 118 Money personal loan offers unsecured borrowing from £1,000 up to £5,000, aimed at UK customers who need short-term financial flexibility. The product is straightforward: fixed repayments over 12 to 36 months, with a representative APR of 49.9% shown for clarity on typical costs.

The lender is positioned as an alternative to payday lenders, focusing on instalment loans and a clear online process. If you’re self-employed or have a patchy credit file, the 118 118 Money personal loan is worth checking because they accept a wider range of applicants than many mainstream banks.

Rates, APR and repayment terms

Representative APR starts at 49.9% but actual rates depend on your credit history and circumstances; the 49.9% figure is representative for a substantial portion of applicants. Monthly payments and total cost can be estimated quickly with the online loan calculator, so you know the exact impact on your budget before applying.

Repayment terms span 1–3 years, making monthly instalments more manageable than short-term credit. Overpayments are permitted without penalty, though interest can still accrue for a brief period on amounts paid early, so plan repayments to reduce interest where possible.

Eligibility, bad credit and how to apply

To qualify for a 118 118 Money personal loan you need to be aged 18–70, resident in the UK, with a UK current account and debit card and a net monthly income over roughly £700. Employment can be full-time, part-time or self-employed; the lender uses a soft-search eligibility check so your credit score won’t be affected initially.

For those with bad credit, 118 118 Money offers tailored options and won’t automatically decline applications for past problems, though rates will reflect higher risk. The application is online, typically taking minutes, and approved funds can reach your account within 24 hours in many cases.

Pros, cons and final thoughts

Key pros of the 118 118 Money personal loan include accessible eligibility for self-employed and those with poor credit, clear online tools, and flexible repayment lengths. The absence of penalties for overpayment is a practical benefit for borrowers wanting to clear debt sooner.

On the downside, the APR is relatively high compared with many mainstream personal loans, and loan amounts are capped at £5,000 which may not suit larger borrowing needs. Overall, if you need a small unsecured loan quickly and have limited options elsewhere, a 118 118 Money personal loan can be a sensible, transparent choice — but always compare offers to secure the best rate for your situation.