....business to cash in on consumer credit crunch


  • 118 118 Money will offer loans from £1,000 to £5,000 at an APR of 35.9 per cent
  • It promises a 'human approach' to consumer lending


It is known for its pair of hapless runners in droopy moustaches and 70s running gear. But now directory enquiry firm 118 118 is moving into a new market – personal loans. Its new business arm, 118118 Money is offering loans from £1,000 to £5,000, at an APR of 35.9 per cent. Loans will be repayable over a 12-24 month period, with fixed monthly payments from £57. Chief operations officer Paul Noble told This is Money the loans are likely to appeal to those looking to borrow money for a holiday, buy a car or make that 'special purchase'. It will not be in direct competition with payday lenders, because it will offer loans at lower rates but over a longer period of time......Read more here