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118 loan

edited 30 November -1 at 1:00AM in Loans
9 replies 1.3K views
Nikkiloug87Nikkiloug87 Forumite
9 posts
edited 30 November -1 at 1:00AM in Loans
Good morning all.
So I am in the process of building my credit report, slow process but I am getting there!!
I am in desperate need of some cash as my car has failed it’s MOT, and I don’t have the funds to buy a new car, or fix it and have nobody I can borrow from.
So last night I applied for a loan from 118118, through money supermarket, where it said I had a 100% chance of being approved a loan. It took me through all the details, and then 118 confirmed bank details etc and sI signed an agreement. Via email I have received something called a ‘post agreement ‘ which basically just details all the loan, the loan agreement itself and also the completed direct debit mandate.

I can log in to 118 money where it details the Lon and states my 1st payment will be taken from my account 1/4/19 and what is outstanding (obviously all of it at the minute)
However, the money has not gone into my account (only did last night so not sure when to expect it if at all?)
Basically does this sounds as though it has been completed and I am merely waiting for the money to come through?
I’ve never had to do this kind of loan before so unsure what would happen now?
Thanks for your help

Replies

  • SystemSystem Forumite
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    It might not show until Monday, it all depends on how your bank processes payments. My bank for example will show payments almost straight away on a weekend that my wife's won't show until the next working day which for anything over a weekend means Monday morning.

    You could always phone 118 and ask them?
  • Thank you for your reply, what I meant though was does it sound as though it is just a case of waiting for the money as I have been approved and the loan is completed? Or am I waiting for more checks etc?
    Sorry
  • A4445A4445 Forumite
    1.1K posts
    Why not give them a call and ask :)
  • zx81zx81 Forumite
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    I think they have a number you can call. 11 something...
  • Because I have been on hold all morning trying to get through (still on hold now!) and live chat says they can’t give me any information ����!♀️
  • A4445A4445 Forumite
    1.1K posts
    It really depends on how they send the money. If it’s a faster payment it should be quick. If they sent it by BACS it could be 3-5 working days.
  • SncjwSncjw Forumite
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    To be fair it is the weekend also so may not be there till Monday.
  • Oh I know, I wasn’t expecting the money immediately, although that would of been nice haha
    I just wondered if it sounds as though all is ok and to expect the money in due course, or am I still waiting for a decision?
    When I log in to 118 like I said the loan is quite clearly there, although on the app nothing shows at all except my profile. And I’ve had no contact from them since the post contract stuff was emailed?
  • DCFC79DCFC79 Forumite
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    Oh I know, I wasn’t expecting the money immediately, although that would of been nice haha
    I just wondered if it sounds as though all is ok and to expect the money in due course, or am I still waiting for a decision?
    When I log in to 118 like I said the loan is quite clearly there, although on the app nothing shows at all except my profile. And I’ve had no contact from them since the post contract stuff was emailed?


    Just be patient.


    Hope you have learnt your financial lesson.
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