1Plus1 is a friendly loans company that provides guarantor loans for people who need some additional finances, but whose credit rating doesn’t quite add up.
1Plus1 is a direct lender, unlike some other guarantor loans providers, and this means you’ll always know where you’re borrowing from. As a relatively small family-run lender, 1Plus1 prides itself on being secure and trusted and has 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.
Borrow up to £10,000 within 24 hours with a guarantor
If a limited credit record is holding you back from the money you need, a guarantor loan can be a great option – allowing you to borrow money while building your credit score.
Amigo loans will not judge you based on your credit score
Loans of £500-£10,000 over 1-5 years
Loans normally paid out within 24hrs of the guarantor being accepted
Representative example: Borrow £5,000.00 over 3 years at a rate of 49.9% p.a. (fixed). Representative APR 49.9% and total payable £8,782.92 in monthly repayments of £243.97.
Warning: late repayments can cause you serious money problems. See our debt help guides.
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.
Key features of a 1Plus1 loan
From 12 to 60 months.
From £500 to £10,000. Longer loan terms are only available on loans over £1,000.
Find out how much you’re likely to pay back with their Loan Calculator. Checking the 1Plus1 website’s calculator is a good idea, as applying may affect your credit rating.
Fixed monthly repayments. The amount you repay each month won’t change for the duration of your loan.
Quick access to funds. Many 1Plus1 customers get the funds in their account the same day they apply.
No set-up fees. 1Plus1 doesn’t charge any fees if you get a guarantor loan direct from them.
Repay your loan early at any time. You can repay your loan in full at any time by paying the remaining balance. They won’t charge for this at all, but you’ll still be paying the full amount of of interest.
24-hour help available. 1Plus1 staff are available online whenever you need them, 7 days a week.
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. They cannot apply if they are a resident of the Channel Islands.
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 cohabiting spouse, but can be cohabiting parents.
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.
Frequently Asked Questions
A guarantor is someone who co-signs on your loan and agrees to pay the loan repayments should you be unable to. They provide the security so even people with poor or non-existent credit ratings can get a loan.
The loan amount will be paid into your guarantor’s bank account for them to pass the funds to you.
No, payments are fixed for the duration of your loan.
It’s best to set up a direct debit with 1Plus1 to make your repayments. There is a charge on repayments made with other payment methods.
No, there are no set-up fees for 1Plus1 loans.
There is a 14 day period after you sign your loan agreement in which you can repay the money and cancel the loan.
Yes, 1Plus1 is regulated by the Financial Conduct Authority.
As long as you make an arrangement about payments with 1Plus1 as soon as possible they won’t contact your guarantor. If you fail to do this however, they will contact your guarantor for payment and even begin court proceedings if neither of you pay.
No, 1Plus1 are a direct lender.
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Chris Lilly is a publisher at finder.com. He's a specialist in credit-based products including business and personal loans, mortgages and credit cards, and is passionate about helping UK consumers make informed decisions about their borrowing. In his spare time Chris likes forcing his kids to exercise more.
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Warning: late repayments can cause you serious money problems. See our 