Late repayments can cause you serious money problems. See our debt help guides.
1Plus1 loans review
Founded in 2013, 1Plus1 Loans offers guarantor loans to people who might struggle to get approved for a loan on their own. With a guarantor loan, you apply with a friend or relative who promises to take on your debt if you default on the loan.
1Plus1 is a relatively small, family-run direct lender (not a broker) that prides itself on being secure and trusted – having received a Gold Trusted Service award from the reviews platform feefo. Although you can expect higher rates with any guarantor loan, 1Plus1 will consider anyone for a loan and offers quick access to funds. Many 1Plus1 customers get the funds in their account the same day they apply.
Our calculator lets you pick how much you want to borrow over a time frame that suits you, so you can estimate how much you would pay back each month and pay back overall. We base our calculations on 1Plus1 Loans’ representative APR, but it’s important to note that your circumstances can affect the rate you’re offered.
Key features of a 1Plus1 loan
|Loan type||Unsecured Personal Loan|
|Loan amounts||£1,000.00 to £10,000.00|
|Loan terms||1 Year to 5 Years|
|Loan rate type||Fixed|
|Same day funding available|
|Instant decisions in most cases|
|Soft-search facility available|
|Overpay without penalty|
|Concurrent loans allowed|
|Topping-up pays off existing loan and initiates a new loan|
|Repayment methods||Cheque, Direct Debit, Standing Order|
What is a guarantor loan?
Rather than lending based on your credit score or your assets, guarantor loans require a second person to act as second signatory and security. This means that someone who has a better credit rating or who owns property can apply for the loan with you, so long as they agree to meet any payments you can’t. If your credit rating is low or non-existent, this can be one of your only options for securing some extra finance. Fortunately, they also count towards your future credit rating, so if you always pay on time you may find it easier to get finance through the regular lending streams next time.
Am I eligible for a 1Plus1 loan?
As long as you are not currently bankrupt or have a IVA, 1Plus1 will consider you for a loan. However there are quite a few criteria your guarantor will have to meet for your loan to be considered. They must:
- Be 18+ or over 21 if they are not a homeowner. They must also be aged under 75 at the time the loan completes.
- Be a resident in the UK. They can be a homeowner or a tenant with a very good credit rating. Unfortunately Channel Islands residents can’t currently act as your guarantor with 1Plus1.
- Have a UK bank account and a valid UK debit card.
- Not be currently bankrupt or with an IVA.
- They must be able to meet the payment if you cannot.
- They cannot be a spouse that lives with you, but can be a cohabiting parent.
How do I apply for a 1Plus1 loan?
- Go to the 1Plus1 website and fill in your details on the “Apply” page.
- Get your guarantor to register and receive a unique guarantor code if they are accepted.
- Apply the guarantor code to your loan application, and apply for a 1Plus1 loan.
- You’ll get a quick decision and the funds could be in your account the same day.
1Plus1 staff are available online around the clock, 7 days a week.
Frequently asked questions
Read more on this topic
My application for a guarantor loan was declined. What now? We sat down with the UK's biggest guarantor lender to learn where applications can fall down.
Talk Loans Guarantor Loans Talk Loans matches borrowers with limited or poor credit histories with guarantor lenders from its panel.
Bamboo loan calculator Considering a Bamboo loan? Use our calculator to work out how much it will cost you each month and overall.
TrustTwo loan calculator Considering a TrustTwo guarantor loan? Use our calculator to work out how much it will cost you each month and overall.
Amigo loans calculator Considering an Amigo guarantor loan? Use our calculator to work out how much it will cost you each month and overall.
1Plus1 Loans calculator Considering a 1Plus1 guarantor loan? Use our calculator to work out how much it will cost you each month and overall.
Trusttwo homeowner guarantor personal loan review April 2020 If you have bad credit and are looking for a loan, digital lender Trusttwo can be a viable option that offers reduced rates if your guarantor owns a house.
Trusttwo non-homeowner guarantor personal loan review April 2020 Trusttwo is a digital lender that specialises in guarantor loans. We've looked at what it offers to borrowers whose guarantor doesn't own a house.
Bamboo guarantor loan review April 2020 Find out how Bamboo's guarantor loans hold up against the competition, how they work and how to apply.
UK Credit tenant guarantor loan review April 2020 If your credit record is less than perfect you could access better loan rates with UK Credit by applying with a guarantor.