“118 118” launch personal loans finance arm

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“118 118” launch personal loans finance arm

118118 the directory enquiries company have ventured into the personal loans market. 118 118 Money will offer loans to consumers rejected by mainstream lenders of between £1,000 and £5,000 with annual interest rate ranging from 36% – 80% repayable over 12-24 months.

 

Similarly to payday lenders these loans are aimed at borrowers who are unable to borrow elsewhere due to their poor credit records, the company however, claims it will not be in direct competition with these companies because it will offer lower rates over a longer period of time.

 

118 118 Money will be competing with a small range of providers, while mainstream lenders typically offer loans of £7,000 or more and payday lenders offering short term loans there is a gap in the market with little competition. The Standard interest rate will be at 35.9% which will be in direct competition with Amigo Loans – who offer 49.9% APR loans but a friend or family member must guarantee the loan – and also the range of credit card companies such as Vanquis with an APR of 39.9% and Aqua at 35.9% APR. 118 118 Money will also offer loans to those who have poor credit ratings on a ‘second chance rate’ of 79.9% APR.

 

Whilst 118 118 Money’s figures compare favourably to payday loans – if you took a £1,200 loan through QuickQuid over 10 months with an APR of 1,362% you have to pay back £2,831.34 including interest, whereas if you borrowed from 118 118 for 12 months you would only pay back £1411.44 including interest.

There are risks involved with taking out a loan, you need to check the fine print clearly and also assess whether you can afford the repayments. If you miss a repayment there is a late payment charge with many lenders, these combined with the interest rates can cause your debt to stack up quickly. If you struggling or are worried about your debt there is support out there to help you take control of your finances such as debt consolidation and management companies.

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