Looking for 118 118 Money Loans?
We think we could offer you something better. A Drafty line of credit is more flexible and unlike 118 118 Money, we’ll never charge you any fees.
About 118 118 Money loan
118 118 Money is a UK-based financial services company that offers personal loans and credit cards to customers. 118 118 Money offer loans between £1000 and £5000 that you need to repay over 12 to 36 months.
They aim to get you a quick decision and once you’re approved, you’ll receive the cash between 15 minutes and 2 hours depending on your bank.
If you’re looking for a quicker transaction, we might be able to help you. When you apply for a credit line with Drafty, in most cases, we’ll give you an instant decision and if approved, we’ll send the cash to your bank in under 90 seconds.
Can I get an unsecured loan from 118 118?
Yes, you can get an unsecured loan from 118 118. This means you don’t have to secure personal items against your loan. Whereas secured loans require an asset such as your home or car as extra security for the lender in case you can’t repay.
Similarly with Drafty you won’t have to secure any personal items against your credit line.
Is 118 118 a credit card provider?
Yes, 118 118 also provide credit cards. Credit cards are more flexible than a classic loan. You only borrow what you need (up to your available credit limit), and you only pay interest on what you use.
Drafty works in a similar way! We offer a line of credit which is a bit like a credit card but without the plastic.
A credit line is similar to a credit card, in that you’ll have to make minimum repayments each month, and you can repay the rest of the borrowed money when it suits you the best. However, we would advise you to pay it off as early as possible to save on interest.
What can I use a 118 118 Money loan for?
You can use a 118 118 Money loan for almost anything. From consolidating debt to financing home improvements or covering unexpected expenses, a loan can get you over the line when you need help. It’s important to remember that a loan is a serious financial commitment, so you should thoroughly consider what you use it for.
How much can I borrow with a 118 118 Money personal loan?
With 118 118 money personal loan you can borrow anything from £1000- £5000. The exact amount will depend on your creditworthiness and personal situation.
It is important to keep in mind that you should only borrow what you need, and what you can afford to repay.
This is where Drafty could be a good alternative option. If you make the minimum repayment, you can draw as much as you want within your credit limit and pay it back on due date. You only pay for what you use, and there are no fees.
How is Drafty different to 118 118 Money?
One of the biggest differences between Drafty and 118 118 Money is that Drafty will never charge you any fees whereas with 118 118 Money, if you decide to pay some or all your loan early, they are entitled to charge between 28-58 days of interest, depending on your loan terms.
Drafty offers a credit line, which is a form of revolving credit that allows you to borrow money up to £3000 and only pay interest on the amount you borrow. This gives you the flexibility to borrow only what you need, when you need it, and to pay it back at a pace that suits you, as long as you are making the minimum repayments on time.
In contrast, personal loans offered by 118 118 Money are typically fixed-term loans that are repaid in equal monthly instalments over a set period.
So, which product is better for you will depend on your individual circumstances and borrowing needs.
Why choose Drafty as an alternative to 118 118 Money?
It’s important that you choose the right loan for you. But compared to 118 118 Money we think you’ll love Drafty for a few reasons.
| Drafty | 118 118 Money |
| We provide instant decision and if you’re approved, we will send the cash to your bank in under 90 seconds | Their website states that you can receive the funds between 15 minutes and 2 hours depending on your bank |
| Once approved, you can draw as much as you need and as many times as you need (up to your credit limit) without reapplying | If you want to borrow more, you’ll need to apply again and that would mean another credit check |
| We charge zero fees. That means no late fees, no transaction fees, and no fees for paying your credit line off early | If you want to pay some or all your loan early, 118 118 Money are entitled to charge between 28-58 day’s interest, depending on your loan terms |
So why not find out more about Drafty and see if we’re right for you!
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
Am I eligible for Drafty line of credit?
To be eligible to apply for Drafty you’ll need to be:
- Aged 18 or over and in regular employment
- Earning at least £1,250 a month
- A UK resident with an active bank account and debit card
If you meet the criteria and choose to apply, we’ll do some quick checks into whether you can afford it, as well as how good a credit risk you are.
If you're accepted, we'll agree on a credit limit with you and send the cash to your bank in under 90 seconds. Fast, right?
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
How can I apply for a credit line with Drafty?
Applying for Drafty is quick and easy.
- Apply: It takes minutes, and you’ll find out in no time if you've been approved
- Use your credit limit: Once approved, you could be given a credit limit of up to £3,000. Use just what you need, and you won't pay interest on the rest
- Flexible repayments: You’ll repay a minimum amount every month, or more if you want to. It couldn't be easier to pay with our app
- Quick cash transfer: Reuse your line of credit whenever you need to. We aim to send the cash to your bank in under 90 seconds
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
FAQs - 118 118 Money
Is 118 118 Money a payday loan?
No. 118 118 Money is not a classic payday loan lender, they offer short term loans.What is the maximum credit limit for 118 118?
For 118 118 loans the maximum amount you can borrow is £5000. The limit you can get on their credit cards might be different, however, it will depend on your personal situation.Can I pay back my 118 118 loan early?
Yes, you can. But you should be aware that it might come at an additional cost to you. 118118 Money Loans can charge you 28-58 days' interest if you want to repay earlier than scheduled.However, unlike 118118 Money Loan, we at Drafty don't penalize you for repaying early. In fact, we appreciate it.
How do I check my 118 118 credit card balance?
As with most lenders these days you should be able to check this via your online account or on their app.What is the interest rate of 118118 Money loans?
The interest rate for 118 118 Loans is 41.2% pa (fixed) with Representative 49.9% APR.Drafty is an FCA-authorised provider of a Revolving Line of Credit with a credit limit of up to £3000, available to borrow as and when you need it (subject to affordability checks). You only pay interest on what you draw/use.
Representative Example: Assumed credit limit: £1200. Representative 96.2% APR (variable). Annual interest rate 69.4% (variable).
There is no set minimum or maximum repayment term, so long as the minimum monthly repayment sum is met, however, you may repay back early without any fees and save on interest.