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This article has multiple issues. Please help improve it or discuss these issues on the talk page. (Learn how and when to remove these messages) This article contains promotional content. Please help improve it by removing promotional language and inappropriate external links, and by adding encyclopedic text written from a neutral point of view. (December 2024) (Learn how and when to remove this message) This article contains wording that promotes the subject in a subjective manner without imparting real information. Please remove or replace such wording and instead of making proclamations about a subject's importance, use facts and attribution to demonstrate that importance. (December 2024) (Learn how and when to remove this message) This article needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. Find sources: "118 118 Money" – news · newspapers · books · scholar · JSTOR (December 2024) (Learn how and when to remove this message) (Learn how and when to remove this message)

118 118 Money is a financial services provider in the United Kingdom, offering unsecured personal loans and credit cards primarily to near-prime and subprime customers. It is part of the same group as the 118 118 directory enquiries service. The company is headquartered in London, with operations and customer support spread across multiple locations, including Milton Keynes, Cardiff (Wales), and Manila (Philippines).

History and Background

118 118 Money was established in 2013 as an affiliate of kgb, which also owns and operates The Number UK Ltd., known for its 118 118 directory enquiry service. The brand began by offering unsecured personal loans ranging from £1,000 to £5,000 over 12 to 24 months, targeting borrowers seeking alternatives to payday loans.

Originally based in Cardiff, the company appointed Ali Riaz Chaudhry as Chief Executive in 2017, after a period of growth that saw 118 118 Money surpass £150 million in total loan originations.

Products and Services

Loans

118 118 Money provides unsecured personal loans typically from £1,000 to £5,000, repayable over periods of up to 36 months. Its target market is borrowers with limited or imperfect credit histories who may not qualify for conventional bank loans. The company positions its loans as alternatives to payday loans, with a fixed interest rate and no requirement for a guarantor.

Credit Cards

In 2018, 118 118 Money introduced a credit card featuring a monthly subscription fee rather than a traditional interest rate, later transitioning to a more conventional structure with a representative APR. Designed for consumers with “near-prime” or subprime credit, it offers a credit builder function for those with limited credit histories.

Regulation and Authorisation

118 118 Money is the trading name of Madison CF UK Limited. The firm is authorised and regulated by the Financial Conduct Authority (FCA) for consumer credit and payment services. It received its full FCA authorisation in March 2017. In July 2023, it became subject to the UK's Consumer Duty regulation, requiring firms to focus on providing good outcomes for consumers.

Advertising and Brand

The company's advertising initially leveraged the well-known “118 118” runners from its directory enquiries campaigns. In 2014, it launched a television ad featuring the mustachioed characters, directed by Watermill through Smersh. In 2023, 118 118 Money relaunched the characters in a new promotional campaign intended to highlight its approach to consumer lending and financial fitness.

Data Breach Incident

In March 2020, 118 118 Money took its services offline after detecting unauthorized access to its network. Credit card functionality remained active during the investigation, with customers advised to contact the company's support lines for concerns.

References

1. Madison CF UK Limited – Annual Report and Financial Statements (Report). Companies House. 26 July 2024. Retrieved 23 December 2024.
2. ^ "About us". 118 118 Money. Retrieved 22 December 2024.
3. Meyer, Harriet (2 October 2013). "118 118 joins the personal loans market". The Guardian. Retrieved 22 December 2024.
4. "118 118 Money Receives Regulatory Authorization from FCA". Fintech Finance News. 31 March 2017. Retrieved 22 December 2024.
5. Farrell, Stephen (13 September 2017). "118 118 Money appoints chief exec". Insider Media. Retrieved 22 December 2024.
6. "Loans from 118 118 Money". 118 118 Money. Retrieved 22 December 2024.
7. Gunn, Emma (3 May 2018). "118 118 Money launches a credit card that charges no interest – but it could work out far more expensive". This Is Money. Retrieved 22 December 2024.
8. "Credit Cards from 118 118 Money". 118 118 Money. Retrieved 22 December 2024.
9. "118 118 Money Receives Regulatory Authorization from FCA". Medium. 24 March 2017. Retrieved 22 December 2024.
10. "Consumer Duty implementation: good practice and areas for improvement". Financial Conduct Authority. 9 February 2024. Retrieved 22 December 2024.
11. "118 118 Money 'forklift' by Watermill". Campaign Live. 20 October 2014. Retrieved 22 December 2024.
12. Kunert, Paul (24 March 2020). "Got your number? Maybe. 118 118 Money shutters website after spotting an intruder". The Register. Retrieved 22 December 2024.

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