118 118 Money has received full authorization from the Financial Conduct Authority (FCA).
The lender, which launched in Cardiff in 2013, 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 an 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.
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.
“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.”