Online offering 118 118 Money launched today (30 September) and is positioned as a loan service for customers unable to lend from high street banks. Loans of between £1,000 and £5,000 will be will be available over 12 to 24 months at an APR of 35.9 per cent.
The firm is promising a more “human approach” to banking by lending to people who might have been rejected by automatic systems and fallen foul of the stricter lending requirements banks have introduced post credit crunch.
The launch will initially be backed by a digital campaign using SEO, affiliates and email. TV activity, however, is likely in the future when the brand is established and “we want to talk louder”, according to 118 118 CMO Jean-Michel Maltais. Ads for the service will use the moustache sporting runners seen its directory enquiry ads.
Maltais adds the decision to play on its directories service strapline “got your number” with the new “got your back” is an attempt to convey the positioning of the new offering, “we lend when the banks wont”.
The launch of the loans service follows research 118 118 commissioned which found almost 1 million people were rejected for loans between £1,000 and £5,000 in the past 12 months with 28 per cent not knowing why.