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The Top 5 118 118 Money Alternatives

Looking for a 118 118 Money Alternative?


No extra fees, no interest


Transparent and fixed pricing

Representative example: Total amount of credit £600 repayable over 13 months. 12 monthly membership payments of £10. Rate of interest 0% p.a. (fixed). Representative 83.1% APR. The first repayment for each advance is £50.00, due 45 days after drawing, followed by 5 monthly repayments of £50.00. Total amount payable £720.

118 118 Money is a financial services provider offering loans and credit cards in the UK. Launched in 2017, it offers a range of competitive personal loans, credit cards, current accounts and savings accounts.

As a trading name for Madison CF UK Ltd, 118 118 Money is registered with the Financial Conduct Authority and is one of the U.K.’s largest providers of current accounts for people with a low income or no income at all. It has over three million accounts and lends over £1 billion every year.

 The products are designed by people who really understand what customers want, which is backed up by low fees and transparent charges. There are no hidden charges or dodgy terms in an attempt to get you to stay with them longer than necessary—for example, they won’t charge you if you don’t use your account enough (this is called an “inactivity fee”).

 To apply for a loan, all you have to do is fill out the online application form which only takes about five minutes. Money can be available within 24 hours and loans are available from £1,000 to £5,000 with repayment periods of between 12 and 24 months.


Top alternatives to 118 118 Money

Below are some of the top alternatives to 118 118 Money in the UK.


1. Creditspring

Founded in 2016, Creditspring offers on-demand, no-interest loans (Rep APR 83.1%) to customers who need a cash injection fast. With a Creditspring membership, you have peace of mind knowing that you have access to no-interest  loans on demand while building your credit and getting regular financial health check-ups.

Whether you are looking to cover a small unexpected expense, or want to start building your credit - Creditspring’s no-interest loans are perfect for a variety of needs. Best of all, you only pay a small membership fee to benefit from no-interest loans that you can repay over 13 months.

Creditspring has three membership levels available, with membership fees ranging from £7 to £24 per month. With the Extra membership  you will receive two loans of £1200 per year. With the Plus membership  you will receive two loans of £500 per year, while the Core membership gives you two loans of £300 per year. The Step membership gives you two loans of £200 per year.

Get started by checking your eligibility - this is a quick process to find out if you are eligible within minutes. Once approved, your first loan  will be available to you within 14 days.

2. Drafty

Drafty.co.uk is a UK-based peer-to-peer lending platform that offers personal loans to UK residents. They offer you a line of credit with a limit of up to £3,000 and you only pay interest on the amount you use. As long as your account is in good standing, you can borrow up to your credit limit at any time.

As long as you pay your monthly minimum, the amount of time you borrow is up to you. There are no late fees and no early prepayment penalties. 

To apply for a loan from Drafty, you will need to fill out an application form on the website. This form asks for your personal information and financial history, as well as information about the loan you are applying for, such as the amount and term of the loan. Drafty will determine if you are eligible based on your credit score and other factors.

Once you have been approved for a loan with Drafty, you will be required to pay back the loan plus interest within one year. The interest rate will vary depending on the type of loan that you take out, but it is typically between 5% and 10%.

If you have any questions about the application process or what documents are required, you can contact a representative at Drafty via phone or email anytime during business hours (Monday through Friday) or use their live chat feature during non-business hours (Saturday through Sunday).

3. LendingStream

LendingStream offers loans up to £1,500 with repayment periods of up to six months. They offer fast payouts with money being available as soon as one hour after approval. Checking if you’re eligible only requires a soft credit check and the process is fast and easy.

LendingStream is owned by the same company that owns Drafty. It’s a short-term lender and a good alternative to payday loans. You can also repay your loan earlier with no prepayment penalty.

When you apply for a loan from LendingStream you will get an immediate outcome that is based on your creditworthiness, financial circumstances, and affordability. You can use their free Express Transfer option to have funds paid to your bank account within 90 seconds.

4. Savvy

Savvy is a U.K. lender that offers loans from £300 to £3,000 with repayment periods of up to 24 months. They offer fast payouts with money paid into your bank account within an hour.

The loan application process is very quick and pre-approval only takes a few minutes. 

Once approved, you can see how much money you're eligible for and how much interest will be charged on your loan. You can then select from our range of repayment methods—from monthly instalments or one lump sum at the end of your term—to decide how long it takes for your loan to be paid off.

The process will take a few minutes, and they’ll need some personal details from you:

  • Your name and address

  • Your date of birth

  • Your contact details (email address, mobile number and/or home phone number)

  • Details of your bank account (including the sort code and account number) and any credit balances or overdrafts that you have on it.

With Savvy you can get a range of loans with various repayment periods. The monthly interest reduces as your loan term increases, and rates are fixed for the duration of the loan.

5. Oakam 

Oakam is an established short-term lender with more than 150,000 active customers in the U.K. Their loans come with weekly and monthly repayment terms and new customers can borrow up to £800. 

The interest rate on your Oakam loan depends on the amount you borrow and your creditworthiness. Their loans are available from £2,000 up to £5,000 over 24 hours. There is also a mobile app that makes it easy for customers to manage their loans and it’s a good way for people with less-than-perfect credit to improve their credit scores. 

Although Oakam offers loans of only £800 to first-time customers, they offer a good 118 118 Money alternative for customers in the U.K.

Use our free eligibility checker to see if you'll be accepted