118 118 Money is a financial services provider in the UK, offering personal loans and credit cards. They provide loans ranging from £1000 to £5000, which must be paid back within 12 to 36 months.
Their goal is to deliver a fast decision on loan applications. Once approved, customers can expect to receive their funds within 15 minutes to 2 hours, depending on their bank’s processing time.
Drafty may be able to assist those seeking faster transactions. Drafty typically provides immediate decisions on credit line applications and if successful, transfers the funds to the customer’s bank in less than 90 seconds.
Contents
- Can I get an unsecured loan from 118 118?
- Is 118 118 a credit card provider?
- What can I use a 118118 loans for?
- How much can I borrow with a 118118 loans?
- How is Drafty different to 118118 Loans?
- Why choose Drafty as an alternative to 118118 Loans?
- What interest rates and fees apply to 118118 loans?
- Are there any penalties for late payments?
- Read More
Can I get an unsecured loan from 118 118?
You can obtain a loan from 118 118 without offering any personal belongings as collateral. This is different from secured loans, where you need to provide something valuable like your house or vehicle to guarantee the loan if you are unable to pay it back.
Likewise, with Drafty, there is no need to pledge any personal items as security for your credit line.
Is 118 118 a credit card provider?
118118 loans also offers credit cards. Credit cards are more flexible than traditional loans. With a credit card, you borrow only what you need (up to your available credit limit), and you pay interest only on the amount you use.
Drafty works same as this. We provide a line of credit, like a credit card but without the physical plastic. Just like a credit card, you will need to make minimum monthly payments on the borrowed amount. You can repay the remaining balance whenever it suits you best. However, we recommend paying it off early to save on interest.
What can I use a 118118 loans for?
A loan from 118 118 Money can be utilised for various purposes. Whether it is to merge debts, fund home upgrades, or manage sudden costs, a loan can provide the necessary support. Keep in mind, getting a loan is a significant financial obligation, and careful thought should be given to its usage.
How much can I borrow with a 118118 loans?
The personal loan from 118 118 Money allows you to take out a loan ranging from £1,000 to £5,000. The specific amount you can borrow will be based on your financial reliability and individual circumstances.
Remember, it is important to only take a loan for the amount you require and are capable of repaying.
Drafty presents itself as a viable alternative. With Drafty, as long as you meet the smallest repayment requirement, you have the freedom to borrow any amount within your approved credit limit and return it by the agreed due date. You will be charged solely for the amount you utilize, with zero additional fees.
How is Drafty different to 118118 Loans?
A major difference between Drafty and 118 118 Money is that Drafty does not impose any extra charges. However, 118 118 Money may ask for additional interest for up to 58 days if you choose to pay off your loan sooner than planned.
Drafty provides a flexible borrowing option called a credit line. It allows you to take out funds up to £3000 and you only have to pay interest on the sum you use. This means you can borrow the exact amount you require, whenever you need it, and return it at a rate that is convenient for you, provided you meet the minimum monthly payments.
On the other hand, 118 118 Money offers fixed-term personal loans that you pay back in regular monthly amounts over a certain time frame.
Ultimately, the choice between the two will depend on what suits your personal financial situation and loan requirements.
Why choose Drafty as an alternative to 118118 Loans?
Choosing the appropriate loan is IMPORTANT. However, we believe you will prefer Drafty over 118 118 Money for several compelling reasons:
| Drafty | 118 118 Money |
| If you are eligible, we will approve your application and transfer the funds to your bank account within 90 seconds. | According to their website, you can expect to receive the funds within 15 minutes to 2 hours, depending on your bank |
| Once your application is approved, you have the flexibility to withdraw funds as needed | If you wish to borrow additional funds, you will need to submit a new application. Keep in mind that this will entail another credit assessment |
| We do not impose any fees whatsoever. That means no late fees, no transaction fees, and no charges for paying off your credit line early. | If you decide to repay part or all of your loan before the agreed-upon term, 118 118 Money has the right to levy interest charges for a period ranging from 28 to 58 days, depending on the specifics of your loan agreement. |
Some Questions
What interest rates and fees apply to 118118 loans?
The interest rate charged by 118 118 Money depends on your personal circumstances. When you apply, you provide this information, and the APR rate falls into one of three bands: 35.9%, 79.9%, or 99.9%. These rates are fixed, ensuring that your repayments will not increase unexpectedly. Additionally, there are no hidden fees.
Are there any penalties for late payments?
While there are no hidden charges, missed or late repayments on a 118 118 personal loan will incur a £12 charge.
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