118 118 Loans – What You Need To Know 2022

Borrowing / Credit Cards
118 188 Money Loans - What You Need To Know

Are you curious about taking out a 118 118 loan but you’re not sure what is involved? When it comes to loans, there is often lots of information that is important to consider when deciding if a loan is right for you. 

If this is the situation you’re in, this guide makes it easy for you. I have compiled the most important information about 118 118 loans to help you navigate your way through the decision-making process. 

Don’t worry, here’s what to do!

There are several debt solutions in the UK that can be used to improve your finances. Choosing the right way to tackle your debt could save you time and money, but the wrong one could cause even more harm

It’s always best to find out about all your options from a professional before you take action.

Fill out the 5 step form to get started. 

Who are 118 118 Loans? 

118 118 Money is a trading name of Madison CF UK Limited registered on Companies House (08393840) and the company is also authorised and regulated by the Financial Conduct Authority (741774). 

118 118 money offers unsecured loans of amounts between £1000 and £5000. 118 118 loans are designed to be paid back in fixed monthly instalments over 12, 18, 24, 30 or 36 months at a fixed interest rate. This means, unlike many other loan providers, you will be certain about your payment total each month.

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  • Affordable repayments
  • Reduce pressure from people you owe
  • Stop interest and charges from soaring
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The Key Details About 118 118 Loans

Above you will see an overview of some of the details regarding 118 118 loans but let’s break down the details further. 

Below are in-depth details about fees, interest rates and repayment periods so you can be sure that when you make a decision on 118 118 loans you will have all the necessary information.



The representative APR for a 118 118 Loan is 49%. However, the actual APR you receive will depend entirely on your credit history and the information you provide during your application. 

Loan Amount and Repayment Period

A 118 118 loan allows borrowing between £1000 and £5000. 

The loan repayment period is 12, 18, 24, 30 or 36 months. 


Here is the representative example they provide on their website:

Representative example: Amount of credit: £2,000 for 24 months. Interest rate: 41.2% pa (fixed). 24 scheduled monthly payments of £123.64. Total amount payable: £2,967.43. Representative 49.9% APR.

Information correct as of 31/03/22 (118 118 Money)

Who Do They Lend To?

118 118 money claim to lend to those who need financial help meaning they offer loans to those who have a less than perfect credit score. Ultimately, they do not base their loan eligibility on anything other than your capability to make regular monthly payments. 

How Do I Apply for a 118 118 Loan?

The application process for a 118 118 loan is relatively simple and you can apply on mobile, phone, computer or tablet. It is a 4 step process whereby you decide how much you want to borrow, how much you want to pay per month and how long you want to loan term to be. 

There is also a personal loan calculator which can work out your monthly repayments and it won’t affect your credit score.

Your application will be reviewed as quickly as possible and you may get a decision within an hour. After you have received your decision the money will be transferred to your account within 24 hours.

118 118 Loans Reviews

Before applying, it is always worth looking through a company’s reviews to see if customers have had a positive experience with the company. Whilst there are always bound to be SOME negative experiences, a general overview will provide you with a confident understanding of whether a company is right for you.

Check out 118 118 Money Reviews here.

Information correct as of 31/03/22 (TrustPilot)

How to Complain about 118 118 Money?

Should you need to make a complaint about 118 118 Money, then your first step should be to contact the company directly using the details below to either write to them or call them.

3 Alexandra Gate

Ffordd Pengam



CF24 2SAC F 2 4 2 S A


02920 548000

If 118 118 Money does not respond to your complaint then you should contact the Financial Ombudsman Service. They should be able to handle your complaint.

Information correct as of 31/03/22 (FCA)

Loan interest and charges – the caps!

The Financial Conduct Authority decided it was appropriate to put some measures in place to try and protect borrowers. These include caps being put on loan interest and charges. These are some of the caps:

  • A 0.8% daily cost cap on the amount you have borrowed – this includes interest and fees.
  • A default fee cap of £15 – Interest may still be charged after a default is placed on the account, but it cannot exceed the original rate of 0.8% per day.
  • A complete cost cap of 100% – the lender must not charge you more than 100% of the money borrowed.

The limits are relevant to credit agreements with an interest rate of 100% or more yearly, and that will be repaid within a year, either fully or substantially.

Other regulations to be aware of are those that were brought into force in 2017.

Lenders now have a responsibility to provide information on their products via an FCA authorised price comparison website.

In addition, borrowers should receive a summary of their borrowing.

The Changes to the Continuous Payment Authority

You will usually be asked to repay a loan using a CPA or Continuous Payment Authority.

New regulations were put in place recently regarding the CPA. These include the loan company being unable to attempt to take the funds on any more than two occasions.

They are also no longer permitted to take partial payments. If there are insufficient funds in your account to cover the entire debt, they must not take any funds at all.

You can speak to them and give them permission to take partial payments if you’d prefer the debt to be taken bit by bit.

Lenders’ Responsibilities

118 118 Money should always try to help and should allow you to reschedule the repayments.

These are some rules that 118 118 Money must adhere to:

  • They must provide you with information on where you can get free independent debt advice
  • They have a responsibility to put a hold on debt recovery for a reasonable period; allowing you to set up an alternative repayment plan that suits your current situation.
  • They must give you ample time to pay back your debt, freezing interest and charges where possible.

Company Information

After researching Companies House and their website, we found the following information about 118 118 Money:

Date of incorporation: 7 February 2013

Company status: Active

Company number: 08393840

Company type: Private Limited Company


Address: Euston House, 24 Eversholt Street, London, United Kingdom, NW1 1DB

Opening Hours: Mon to Fri 8 am-7 pm. Sat, Sun and Bank Holidays 9 am-5 pm.

Phone number: +442922789152

Information correct as of 31/03/22 (Companies House)

Is 118 118 Money Legit?

Yes – 118 118 Money is legit.

118 118 Money is a registered trading name of Madison CF UK Limited, and they’re an FCA-approved and regulated company which indicates that they are legitimate. The details of the Madison CF UK Limited FCA registration are as follows:

FCA regulated: Yes

FCA Status: Authorised

FCA reference number: 741774

Trading names: Madison CF UK Limited, 118118 Money

Place of business

3 Alexandra Gate

Ffordd Pengam



CF24 2SAC F 2 4 2 S A


Information correct as of 31/03/22 (FCA)

Are you struggling with debt?

  • Affordable repayments
  • Reduce pressure from people you owe
  • Stop interest and charges from soaring
Get started

Where to Find Debt Help?

These are some of the organisations that are able to provide free independent advice on debt:

Contact Citizens Advice

Contact StepChange Debt Charity

Contact National Debtline

Good luck!


Are you struggling with debt?
Are you struggling with debt?
  • Affordable repayments
  • Reduce pressure from people you owe
  • Stop interest and charges from soaring