118 118 Money

jdl93

Hi All,

Just to let you know before any of you comment, i have tried to contact them regarding this, and the customer service don't seem to know.


I took a loan out with 118 118 money, to clear 2 very high interest credit card's. and would force me to pay every month, instead of me paying minimum.


I tried to speak to them, regarding the interested over the term of 12 months. few things i wanted to get very simple answers to,

If i pay Well over the monthly amount, will the interest reduce? as the term will be shorter?

although this entailed, from the advisor, it will just reduce the monthly payment, but the loan term will stay the same but still no answer to the interest cost.

Does it class as a bad credit loan? and will it have any negative impact for me?



Any help would be much appreciated

thankyou.

thebritishbloke

I'd say it's a "bad credit loan" as you've put it, given that the interest rate is higher than most mainstream credit cards. Your interest rates must seriously have been horrific if 34.9% is lower?!

I can't find a direct answer online, but it does say you can make early repayments. I'd expect that this will lower the amount of interest paid, since interest is calculated daily.