118 118 Loans provides a financial solution to those who may have less than perfect credit, and in need of a personal loan with simple terms. The business focuses on transparency, ensuring borrowers will know exactly what will need to be repaid each month, and providing an affordable service to those in need.
Personal loans are available in amounts ranging from £1,000 to £5,000, and have repayment periods of up to two years. All monthly payments are fixed, allowing for easier budgeting. Applications are reviewed individually, ensuring a borrower’s unique situation is taken into consideration before a decision is made. As a responsible lender, loans will only be approved in amounts that the borrower can reasonably be expected to repay during the selected time period.
118 118 Loans offers support 24/7 by phone, email, and live chat, and applications can be completed online or by phone any time, any day. Borrowers will be informed regarding the lending decision within as little as 60 minutes, and the funds can be deposited into the provided bank account within 24 hours.
Interest rates vary depending on the creditworthiness of the borrower. Some borrowers may be eligible for an APR between 35.9 and 99.9 percent, though the rate is fixed once the loan is approved. Early repayment options are available, allowing borrowers to lower the total amount of interest paid over the course of their loan.
118 118 Loans is a personal loan lender, not a payday loan lender. This allows them to offer more favourable interest rates and extend repayments over a longer period of time. Many borrowers who have a need for additional funds quickly, but do not necessarily require same day service, may find the option beneficial, as the total amount of interest paid will be much less than with a comparable payday loan.
Additionally, those who wish to repay their loans early will experience the benefit of paying less interest over the life of their loan. There is no early payment penalty, allowing a borrower to repay at a speed that suits their needs as long as all regular payment obligations are met.
As an added feature, borrowers may be eligible for certain promotions, such as “no interest on your birthday,” or others as offered by 118 118 Loans.
For borrowers who are uncertain as to whether they will qualify, 118 118 Loans offers a quick check feature that does negatively affect your current credit store. This functions as a self-assessment to determine the likelihood of your application being accepted. In cases where your application is likely to be denied, you can choose to not apply and avoid any negative effects associated with processing a credit check.