Draft:118 118 Money
118 118 Money is the financial services business affiliate of 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.
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.[1]
Products
Financial Services
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.
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%.[2] 118 118 Money also offers near-prime credit cards with representative example APR of 49.0%.[3]
FCA regulations
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.[4]
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.[5]
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 and Amigo Loans.[6]
Advertising
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’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.[7]
- ^ "About us". 118 118 Money. Retrieved 2024-12-20.
- ^ "Loans from £1k to £5k | Apply for a 118 118 Money loan today!". 118 118 Money. Retrieved 2024-12-20.
- ^ "UK Credit Cards | Build and improve your credit score today". 118 118 Money. Retrieved 2024-12-20.
- ^ 118 118 Money (2017-03-24). "118 118 Money Receives Regulatory Authorization from FCA". Medium. Retrieved 2024-12-20.
{{cite web}}: CS1 maint: numeric names: authors list (link) - ^ "Consumer Duty implementation: good practice and areas for improvement". FCA. 2024-02-09. Retrieved 2024-12-20.
- ^ "Amigo Loans | The UK's Leading Guarantor Loan Provider". www.amigoloans.co.uk. Retrieved 2024-12-20.
- ^ "118 118 Money "forklift" by Watermill". www.campaignlive.co.uk. Retrieved 2024-12-20.