1Plus1 loans review

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.

How much do you need to borrow? £

5000

How long do you need to borrow for?

3

years

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Name	Product	Total Payable	Monthly Repayment	Representative APR	Link
1plus1 Loans Guarantor Loan					Check eligibility View details	Representative example: Borrow £10,000.00 over 3 years at a rate of 47.8% p.a. (fixed). Representative APR 47.8% and total payable £17,259.12 in monthly repayments of £479.42.	Compare	loading Fetching your data...

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Key features of a 1Plus1 loan

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?

1. Go to the 1Plus1 website and fill in your details on the “Apply” page.
2. Get your guarantor to register and receive a unique guarantor code if they are accepted.
3. Apply the guarantor code to your loan application, and apply for a 1Plus1 loan.
4. 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

• What is a guarantor?

  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.

• How do I get the money from a guarantor loan?

  The loan amount will be paid into your guarantor’s bank account for them to pass the funds to you.

• Will my payments go up if interest rates rise?

  No, payments are fixed for the duration of your loan.

• How do I make the payments on a 1Plus1 loan?

  It’s best to set up a direct debit with 1Plus1 to make your repayments. There may be a charge on repayments made by other methods.

• Does 1Plus1 charge fees for their loans?

  No, there are no set-up fees for 1Plus1 loans.

• What if I decide I no longer want the loan after receiving it?

  There is a 14 day period after you sign your loan agreement in which you can repay the money and cancel the loan.

• Is 1Plus1 safe?

  Yes, 1Plus1 is authorised and regulated by the Financial Conduct Authority.

• What happens if I struggle to make the payments?

  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.

• Is 1Plus1 a broker?

  No, 1Plus1 are a direct lender.