Draft:118 118 Money: Difference between revisions
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{{AFC submission|d|corp|u=Remindful1129|ns=118|decliner=Tesleemah|declinets=20241223123704|ts=20241223015621}} <!-- Do not remove this line! --> |
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'''[https://www.118118money.com/ 118 118 Money]''' is the financial services business affiliate of [[118 118 (UK)|118 118]], the UK’s leading directory enquiries provider. The brand mascots, the two runners, have extended their remit to lending. 118 118 Money offers unsecured personal loans and credit cards to near-prime consumers in the UK. The service was launched in 2013 to provide fair and accessible credit to those often overlooked by traditional lenders just after Wonga pulled back from lending in the UK. The company is a subsidiary of kgb, the parent company of 118 118. |
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{{AFC comment|1=The financial company do not meet the notability guideline for companies on Wikipedia. There are no significant impact they have to stand alone [[User:Tesleemah|Tesleemah]] ([[User talk:Tesleemah|talk]]) 12:37, 23 December 2024 (UTC)}} |
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The business is headquartered in London, with offices in Milton Keynes and Cardiff, Wales as well as an office in Manila, Philippines. Over the last decade the business has grown substantially and has served over 800,000 customers.<ref>{{Cite web |title=About us |url=https://www.118118money.com/about-us/ |access-date=2024-12-20 |website=118 118 Money |language=en-US}}</ref> |
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{{Short description|Financial Services Company}} |
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{{Draft topics|business-and-economics|stem}} |
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118 118 Money sees itself as a champion for financial fitness across Britain offering products, resources and support that empower consumers in the UK to take control of their financial health and create a better future. Recently, it has added a Fitness Academy to its website with the first 9 courses published in 2024. This courses are aimed at helping consumers understand that their credit score is the result of their underlying financial behaviours rather than something to be managed on its own. |
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{{AfC topic|org}} |
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{{Draft article}} |
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118 118 Money offer unsecured personal loans of £1000 to £5000 for a term of one to five years. Its loan representative example APR is 49.9%.<ref>{{Cite web |title=Loans from £1k to £5k {{!}} Apply for a 118 118 Money loan today! |url=https://www.118118money.com/loans/ |access-date=2024-12-20 |website=118 118 Money |language=en-US}}</ref> 118 118 Money also offers near-prime credit cards with representative example APR of 49.0%.<ref>{{Cite web |title=UK Credit Cards {{!}} Build and improve your credit score today |url=https://www.118118money.com/credit-cards/ |access-date=2024-12-20 |website=118 118 Money |language=en-US}}</ref> |
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{{Multiple issues| |
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{{Promotional|date=December 2024}} |
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{{Peacock|date=December 2024}} |
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{{More citations needed|date=December 2024}} |
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}} |
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{{Infobox company |
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=== FCA regulations === |
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| name = Madison CF UK Limited |
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118 118 Money is the trading name of Madison CF UK Limited. Madison CF UK Limited is authorized and regulated by the Financial Conduct Authority. The firm received its full authorisation from the FCA in March 2017. Madison CF UK Limited is also authorised by the Financial Conduct Authority under the Payment Services Regulations 2017 for the provision of payment services.<ref>{{Cite web |last= |first= |date=2017-03-24 |title=118 118 Money Receives Regulatory Authorization from FCA |url=https://medium.com/@118118money/118-118-money-receives-regulatory-authorization-from-fca-21504c79b930 |access-date=2024-12-20 |website=Medium |language=en}}</ref> |
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| trade_name = 118 118 Money |
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| type = Private |
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| foundation = {{start date and age|2013|02|07}} |
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| area_served = United Kingdom |
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| hq_location = The Clubhouse, Holborn Circus, 20 St Andrew Street |
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| hq_location_city = London |
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| hq_location_country = United Kingdom |
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| key_people = |
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* James Fox (Director) |
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* Mark David Mayhew (Director) |
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* Robert Pines (Director) |
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* Pradipkumar Raval (Director) |
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| industry = Financial services |
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| products = Personal loans, credit cards |
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| services = Consumer finance, payment services |
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| revenue = £122.7 million |
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| revenue_year = 2023 |
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| operating_income = £23.6 million |
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| income_year = 2023 |
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| net_income = −£3.1 million |
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| net_income_year = 2023 |
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| assets = £421.1 million |
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| assets_year = 2023 |
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| num_employees = 95 |
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| num_employees_year = 2023 average |
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| parent = [[Knowledge Generation Bureau|kgb]] |
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| divisions = |
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| website = {{URL|https://www.118118money.com/}} |
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| footnotes = <ref name="2023Accounts">{{cite report |
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|title=Madison CF UK Limited – Annual Report and Financial Statements |
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|url=https://find-and-update.company-information.service.gov.uk/company/08393840 |
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|date=26 July 2024 |
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|publisher=Companies House |
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|access-date=23 December 2024 |
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}}</ref> |
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}} |
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'''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 (UK)|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).<ref name="aboutus">{{cite web |title=About us |url=https://www.118118money.com/about-us/ |publisher=118 118 Money |access-date=22 December 2024}}</ref> |
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The firm is now subject to the Consumer Duty regulation which came into force for open products and services on 31 July 2023. This regulation is designed to provide good customer outcomes for UK consumers.<ref>{{Cite web |date=2024-02-09 |title=Consumer Duty implementation: good practice and areas for improvement |url=https://www.fca.org.uk/publications/good-and-poor-practice/consumer-duty-implementation-good-practice-and-areas-improvement |access-date=2024-12-20 |website=FCA |language=en-GB}}</ref> |
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== History and Background == |
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Many lending competitors of 118 118 Money have ceased operations or shrunk over the last few years due to regulatory issues. The most notable among these are [[Wonga.com|Wonga]] and Amigo Loans.<ref>{{Cite web |title=Amigo Loans {{!}} The UK's Leading Guarantor Loan Provider |url=https://www.amigoloans.co.uk/ |access-date=2024-12-20 |website=www.amigoloans.co.uk}}</ref> |
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118 118 Money was established in 2013 as an affiliate of [[Knowledge Generation Bureau|kgb]], which also owns and operates [[The Number UK Ltd|The Number UK Ltd.]], known for its [[118 118 (UK)|118 118]] directory enquiry service.<ref>{{cite news |last=Meyer |first=Harriet |title=118 118 joins the personal loans market |url=https://www.theguardian.com/money/2013/oct/02/118-118-personal-loans-market |work=The Guardian |date=2 October 2013 |access-date=22 December 2024}}</ref> 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.<ref>{{cite web |title=118 118 Money Receives Regulatory Authorization from FCA |url=https://ffnews.com/newsarticle/118-118-money-receives-regulatory-authorization-from-fca/ |website=Fintech Finance News |date=31 March 2017 |access-date=22 December 2024}}</ref> |
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118 118 Money launched its presence in the money lending business in October 2014 by bringing its moustachioed mascots along for the ride. The TV ad, by Watermill, featured [[118 118 (UK)|118 118]]’s runners – who are no bigger than dormice here – driving miniature forklift trucks loaded with £20 notes and talking about how 118 118 Money will lend to people who have been refused by banks. The "got your number" catchphrase was nowhere to be seen, but that’s probably because it sounds more sinister coming from someone you owe money to. The work was directed by Watermill through Smersh.<ref>{{Cite web |last= |last2= |title=118 118 Money "forklift" by Watermill |url=https://www.campaignlive.co.uk/article/118-118-money-forklift-watermill/1318258 |access-date=2024-12-20 |website=www.campaignlive.co.uk |language=en}}</ref> |
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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.<ref>{{cite web |last=Farrell |first=Stephen |title=118 118 Money appoints chief exec |url=https://www.insidermedia.com/news/wales/118-118-money-appoints-chief-exec |website=Insider Media |date=13 September 2017 |access-date=22 December 2024}}</ref> |
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=== Loans === |
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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.<ref>{{cite web |title=Loans from 118 118 Money |url=https://www.118118money.com/loans/ |publisher=118 118 Money |access-date=22 December 2024}}</ref> The company positions its loans as alternatives to payday loans, with a fixed interest rate and no requirement for a guarantor. |
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=== Credit Cards === |
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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.<ref>{{cite web |last=Gunn |first=Emma |title=118 118 Money launches a credit card that charges no interest – but it could work out far more expensive |url=https://www.thisismoney.co.uk/money/cardsloans/article-5673985/118118-Money-launches-new-credit-card-charges-no-interest.html |website=This Is Money |date=3 May 2018 |access-date=22 December 2024}}</ref> Designed for consumers with “near-prime” or subprime credit, it offers a credit builder function for those with limited credit histories.<ref>{{cite web |title=Credit Cards from 118 118 Money |url=https://www.118118money.com/credit-cards/ |publisher=118 118 Money |access-date=22 December 2024}}</ref> |
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== Regulation and Authorisation == |
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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.<ref>{{cite web |title=118 118 Money Receives Regulatory Authorization from FCA |url=https://medium.com/@118118money/118-118-money-receives-regulatory-authorization-from-fca-21504c79b930 |website=Medium |date=24 March 2017 |access-date=22 December 2024}}</ref> In July 2023, it became subject to the UK's Consumer Duty regulation, requiring firms to focus on providing good outcomes for consumers.<ref>{{cite web |title=Consumer Duty implementation: good practice and areas for improvement |url=https://www.fca.org.uk/publications/good-and-poor-practice/consumer-duty-implementation-good-practice-and-areas-improvement |website=Financial Conduct Authority |date=9 February 2024 |access-date=22 December 2024}}</ref> |
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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.<ref>{{cite web |title=118 118 Money 'forklift' by Watermill |url=https://www.campaignlive.co.uk/article/118-118-money-forklift-watermill/1318258 |website=Campaign Live |date=20 October 2014 |access-date=22 December 2024}}</ref> In 2023, 118 118 Money relaunched the characters in a new promotional campaign intended to highlight its approach to consumer lending and financial fitness.<ref name="aboutus" /> |
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== Data Breach Incident == |
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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.<ref>{{cite news |last=Kunert |first=Paul |title=Got your number? Maybe. 118 118 Money shutters website after spotting an intruder |url=https://www.theregister.com/2020/03/24/got_yuor_number_maybe_118/ |work=The Register |date=24 March 2020 |access-date=22 December 2024}}</ref> |
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== References == |
== References == |
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{{reflist}} |
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{{Drafts moved from mainspace|date=December 2024}} |
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Latest revision as of 12:37, 23 December 2024
Submission declined on 23 December 2024 by Tesleemah (talk).
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Comment: The financial company do not meet the notability guideline for companies on Wikipedia. There are no significant impact they have to stand alone Tesleemah (talk) 12:37, 23 December 2024 (UTC)
 | This is a draft article. It is a work in progress open to editing by anyone. Please ensure core content policies are met before publishing it as a live Wikipedia article. Find sources: Google (books · news · scholar · free images · WP refs) · FENS · JSTOR · TWL Last edited by Tesleemah (talk | contribs) 2 seconds ago. (Update)
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| 118 118 Money | |
| Company type | Private |
| Industry | Financial services |
| Founded | February 7, 2013 |
| Headquarters | The Clubhouse, Holborn Circus, 20 St Andrew Street, London , United Kingdom |
Area served | United Kingdom |
Key people |
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| Products | Personal loans, credit cards |
| Services | Consumer finance, payment services |
| Revenue | £122.7 million (2023) |
| £23.6 million (2023) | |
| −£3.1 million (2023) | |
| Total assets | £421.1 million (2023) |
Number of employees | 95 (2023 average) |
| Parent | kgb |
| Website | www |
| Footnotes / references [1] | |
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).[2]
History and Background
[edit]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.[3] 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.[4]
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.[5]
Products and Services
[edit]Loans
[edit]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.[6] The company positions its loans as alternatives to payday loans, with a fixed interest rate and no requirement for a guarantor.
Credit Cards
[edit]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.[7] Designed for consumers with “near-prime” or subprime credit, it offers a credit builder function for those with limited credit histories.[8]
Regulation and Authorisation
[edit]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.[9] In July 2023, it became subject to the UK's Consumer Duty regulation, requiring firms to focus on providing good outcomes for consumers.[10]
Advertising and Brand
[edit]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.[11] In 2023, 118 118 Money relaunched the characters in a new promotional campaign intended to highlight its approach to consumer lending and financial fitness.[2]
Data Breach Incident
[edit]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.[12]
References
[edit]- ^ Madison CF UK Limited – Annual Report and Financial Statements (Report). Companies House. 26 July 2024. Retrieved 23 December 2024.
- ^ a b "About us". 118 118 Money. Retrieved 22 December 2024.
- ^ Meyer, Harriet (2 October 2013). "118 118 joins the personal loans market". The Guardian. Retrieved 22 December 2024.
- ^ "118 118 Money Receives Regulatory Authorization from FCA". Fintech Finance News. 31 March 2017. Retrieved 22 December 2024.
- ^ Farrell, Stephen (13 September 2017). "118 118 Money appoints chief exec". Insider Media. Retrieved 22 December 2024.
- ^ "Loans from 118 118 Money". 118 118 Money. Retrieved 22 December 2024.
- ^ 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.
- ^ "Credit Cards from 118 118 Money". 118 118 Money. Retrieved 22 December 2024.
- ^ "118 118 Money Receives Regulatory Authorization from FCA". Medium. 24 March 2017. Retrieved 22 December 2024.
- ^ "Consumer Duty implementation: good practice and areas for improvement". Financial Conduct Authority. 9 February 2024. Retrieved 22 December 2024.
- ^ "118 118 Money 'forklift' by Watermill". Campaign Live. 20 October 2014. Retrieved 22 December 2024.
- ^ 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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