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|118 118 Money Receives Regulatory Authorization from FCA|
|Monday, 03 April 2017|
118 118 Money has received full authorization from the Financial Conduct Authority (FCA) which regulates the conduct of banks, lending institutions and all other organizations that operate in the financial services arena. Since launching in Cardiff, Wales in 2013, the pioneering lender has issued more than £150m in unsecured personal loans ranging from £1,000-£5,000, to customers who are unable to receive credit from their banks.
Offering a fair and transparent alternative to payday loans, 118 118 Money provides loans with terms ranging from 12 to 24 months. Customers apply online and are typically approved under an hour with money in customers’ accounts within 24 hours. With a team of experienced underwriters, the company uses the latest technology to help hardworking customers across the UK receive financial assistance, every day.
Mark Burgess, COO and Interim CEO of 118 118 Money said, “After an extensive application process, I am delighted that we have achieved this significant milestone for our business. It shows our commitment to uphold the highest regulatory standards for our customers and I am very proud and honoured to have been part of such an incredible team over the past 12 months.” 118 118 Money prides itself on offering a more personalized approach to lending. “As a responsible lender, we look at our customers as people and not just a credit score, and we let our customers know that they’re not alone during difficult financial times. With round-the-clock service, we are always there for our customers.”
This is a notable advancement for the company that has been focused on helping its customers from the start, and they have received accolades for their dedication to their customers. In 2015, 118 118 Money won the CreditToday Award as ‘Alternative Lender of the Year – Mid/Shorterm’ and the Moneynet.co.uk Award as ‘Best Specialist Loan Provider’. With the new regulatory authorization in place, the company is committed to providing the utmost service to their valued customers, and excited about the future ahead.
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